The market started with an increase today and the Sensex-Nifty touched a new fresh record high in intraday during the trading session. But profit-booking dominated the market during the trading hours and finally closed flat. Mid and smallcap stocks also saw gains in today’s trading. BSE Midcap index managed to close with a gain of 0.58 per cent and Smallcap index 0.68 per cent. At the same time, buying was seen in oil-gas and power.
At the end of trading, the Sensex closed at 55,944.21, down 14.77 points, or 0.03 per cent. On the other hand, Nifty closed at 16,634.65 with a gain of 10.05 points or 0.06 per cent.
Adani Ports, HDFC Life, Hindalco, Coal India and ONGC were the top gainers of Nifty in today’s trade. While Bajaj Finserv, Titan Company, Maruti Suzuki, Bharti Airtel and JSW Steel remain the top losers.
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Manish Hathi Ramani of Deen Dayal Investments Says that Nifty is above 16,600, it is a good sign for the market. To know the direction of 16,800-16,850 Nifty has to stay above it. Any dip or intraday correction should be capitalized as a buying opportunity. There is good support for Nifty at 16,400. As long as Nifty holds this level, there is no threat to the current market trend.
On the other hand, the Nifty realty index declined by about 0.75 percent in today’s trade. Indiabulls Real Estate created the most pressure. Today the stock is down about 2 percent. Apart from this, there was weakness in DLF, Godrej Properties and Oberoi Realty.
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The volatility in the market was seen increasing today. India VIX rose by 2.58 percent to around 13.53. BSE 126 stocks hit a 52-week high amid today’s volatility in the market. TCS, Hindustan Aeronautics, Bajaj Electricals, Nestle India and Tech Mahindra are among those who set a new 52 week high on BSE today.
Nifty formed Bearish candle on Daily Scale today. But it has been making higher higher-higher losses for the last three trading sessions. Motilal Oswal’s Chandan Tapdia It says that Nifty has to stay above 16600 to know towards its life time high zone of 16700-16750. On the downside, support is visible for Nifty at the level of 16500 -16380.
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Ashish Biswas of CapitalVia Global It is said that there was some lethargy in the market today. Nifty tried to hold the level of 16650 today. Now it will be very important for Nifty to stay above 16500. If Nifty is not able to stay above 16500 in tomorrow’s trade, then it can fall till 16350. Technical indicators are indicating that a downside movement is possible in the smaller range of 16350-16700.
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