Bad global cues spoiled the mood of the market today. Nifty today closed below 16,450, down 120 points. On the other hand, metal and bank stocks created the biggest pressure. Nifty Bank lost nearly 550 points today. Mid and smallcap stocks also witnessed strong selling.
Nifty closed 118 points lower at 16,450. The Sensex also closed near 55,330 with a fall of 300 points. Along with this, a fall of 521 points was recorded in Nifty Bank. In today’s session, all sector indices except FMCG dominated selling.
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The market closed at a week’s low. Today there was a sell-off in midcap, smallcap stocks. Barring FMCG, all sector indices witnessed a sell-off. Metal stocks fell sharply. The index closed at a one-month low. Realty, banking, pharma stocks were also selling. Auto and PSE stocks were also under pressure. But the FMCG index closed at a record high.
39 out of 50 Nifty stocks were selling. 23 out of 30 Sensex stocks fell. 12 out of 11 stocks of Nifty Bank saw a decline. The rupee also weakened by 15 paise to close at 74.39/$ against 74.24/$ against the dollar.
Sensex closed 300 points lower at 55329. At the same time, Nifty fell 118 points and closed at 16450. Nifty Bank has closed at 35034, down 521 points. Midcap has fallen 552 points and closed at 27125.
The volatility in the market also seems to be increasing. India VIX has seen an increase of 8.64 percent and it is seen increasing from the level of 12.90 to the level of 14.01. The sudden rise in volatility triggered profit-taking in the market.
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Vinod Nair of Geojit Financial Services It says that in today’s volatile trading session, the reins of the market were in the hands of the bears. Weak global cues today triggered selloff in all sectors except FMCG.
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Nifty was seen closing in the red mark for the second consecutive day today. This created a small size bearish candle on the daily chart. Nifty has closed below its crucial 5-day EMA located at 16,495 on the daily charts.
Chandan Tapadiya of Motilal Oswal Financial Services Says that VIX is showing at the highest daily close of the last 39 trading sessions which is indicating that further volatility may be seen in the market. Nifty formed a Bullish candle on the Daily scale but a Bearish candle similar to that of Shooting Star on the Weekly frame.
Nifty has rejected the higher highs-higher lows formation of its last 5 trading sessions. Now Nifty will have to stay above 6,450-16,500 to move towards 16,600 and 16,700. On the downside, support is visible for Nifty at 16,350-16,200 levels.
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