The market was bullish today on the back of good global cues. Nifty climbed 128 points to close at 16,625. Sensex also managed to close at 56,000 level with a gain of 403 points. Along with this, a gain of about 590 points was recorded in Nifty Bank. In today’s session, good buying was seen in metal, oil-gas, banking, power, realty and pharma stocks.
Good global cues cheered the market. Record closing of Sensex, Nifty was seen. Big rise in Nifty Bank after 4th August
doing. There was buying in Power, Realty, Pharma shares. 35 out of 50 Nifty stocks were up. At the same time, 19 out of 30 Sensex stocks gained. 10 out of 12 stocks of Nifty Bank were up.
The Sensex climbed 403 points to close at 55,959. At the same time, Nifty climbed 128 points to close at 16,625. Nifty Bank climbed 588 points to close at 35,712. Midcap climbed 384 points to close at 27,277.
S Ranganathan of LKP securities says that today Bajaj Twins strongly supported the Sensex once again to bring it to 56,000. Apart from this, the stocks that were sold at higher levels in the broader market were once again seen returning. Metal stocks also saw buying again today. Even today Nifty Bank has given good support to the market.
Nifty formed a Bullish candle with long lower shadows on the Daily Scale today to indicate that buying is taking place on each downside. Motilal Oswal’s Chandan Tapdia It says that Nifty will have to stay above 16,600 to know in the all-time high zone of 16,700-16,750. On the downside, support is visible for Nifty at 16,500 and 16,380.
How will the market move tomorrow?
Ashish Biswas of CapitalVia Global Says that some positive momentum was seen in the market today and Nifty was seen trying to hold its support level located around 16,600. It is very important for Nifty to stay above 16,600 for the short term. If Nifty manages to stay above 16,600, then it can see the level of 16,700 tomorrow. Technical indicators are indicating that there will be volatility in the small range of 16,500-16,700.
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