The index saw a sloppy candle formation on the papers. The 50 core is defending the 17,000 mark due to a slight recovery in late trading, so if the index manages to reach the same level, the market could see a temporary rally, according to analysts. .. However, experts believe that if the index fails to reach this level, then there is a high probability that in the future the index will break through the level of 16,900-16,800 points.
The Nifty50 lost more than 300 points for the second straight session as polar bears tightened their grip on Dalal Street after going south relative to global peers amid growing slowdown fears in the western world… Currency Weakness with Investment Selloff Continues in the industry and the strengthening of the dollar also weakened in the opinion of the forum.
The index saw a sloppy candle formation on the papers. The 50-part target is protecting 17,000 with a slight pullback late in the day, so if the index manages to get the same big name, the market could experience a temporary back-to-back rally after the bottom, but if the index fails. to maintain this level, there is a good chance that the index will break from 16,900 to 16,800 in the coming days, experts say.
- ICICI Bank shares hit an all-time high as the market rallied after two trading sessions.
- Oil is recovering from a six-month high, slowing weekly declines
- Sensex and Nifty gained 1%; IT and banking stocks shine.
- MM Forgings made a profit after announcing the acquisition of an 88% stake in Abhinava Rizel.
Negative trading is observed in all sectors except IT. Automobiles, metals, real estate, and oil and gas lost the most, 3-4%. The Nifty Midcap 100 and Smallcap 100 came under strong selling pressure, both up more than 3%.
The Nifty 50 started to drop about 150 pips and was under pressure throughout the session to reach 16,978 pips on the day, although it tried to recover a bit. Finally, the index fell 311 points, or 1.8 percent, to 17,016 points, continuing its fourth straight session of decline.
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As the market is oversold, we may see a quick rally,” said Srikant Chauhan, head of equity research at Kotak Securities.
For investors, the 200-day simple moving average (SMA – 16,992) and the 16,850 levels are important. On the other hand, 17,150 and 17,200 can be an immediate bullish grid, inserters say.
Increased volatility has created a bearish trend. The INDIAN VIX, which measures expected market volatility, edged up 6.31% to hit 21.89.
For options, we saw a high open percentage at 18,000, a strike at 17,500, a discount at 17,200, 17,100, and 17,300 strikes, a high open percentage at 16,000, then 17,000, and a strike at 60,000.
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Past option data suggests Nifty is likely to stay in the 16,800-17,500 range in the near term.
Nifty Bank also corrected sharply, losing more than 500 points to 39,028 and correcting to 38,492. The bank index defended the 38,500 level and closed at 38,616, losing 930 points, forming a candle with highs and pullbacks on the daily charts.
Bank Nifty has crossed key support levels and the pullback rally should be used to open new short positions,” said Kunal Shah, senior technical analyst at LKP Securities.
According to him, the upper resistance level is in the 39,500-40,000 area, and the next support is at 38,000.
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Sensex finishes above 59k, and Nifty adds 87 points. Bank, automobile, metal payment; new
Stock Market Close: The index closed the volatile day in positive territory with a gain of around 0.5%. Both Sensex and Nifty managed to break the 59,000 and 17,500 levels in today’s session. M&M, Bicher Motors, and Bajaj Finserv shares performed well.
Asian markets were dragged down by efforts by central banks to rein in inflation, raise interest rates and slow the global economy. Europe opened lower but essentially flat, but rising fuel prices kept traders on their toes.
The indicator turns green after a late rally. Sensex added around 250 points and Nifty around 90 points.
Indian benchmark indices had a choppy day but a late rally in today’s session led to a 0.5% gain. The Sensex recovered 59,000 points, adding 257 points to 59,031. The Nifty ended the trading day 87 points higher at 17,577.
TI shares had a rough day, falling more than 1 percent. All IT stocks ended in the red except for TCS, Infosys, Tech Mahindra, and HCL Tech Sh. India also fell.
Banks, autos, and metals feature prominently among the volatile conflicting indices. M&M led the way with a 4 percent gain. Richer Motors, Titan, and Bajaj Finserv are also in the green.
In Asia, Japan’s Nikkei fell for a fourth straight session on Tuesday as airlines and retailers learned to lift Covid-19 restrictions. The Nikkei fell 1.19 percent.
Chinese stocks also fell as investors worried recent moves might not be enough to turn around the real estate sector. The Shanghai Composite Index decreased by 0.1% and the pending Seng Index decreased by 0.8%.
The European Communities extended its losses as investors awaited key economic data to assess the health of companies in a hyperinflationary environment amid concerns about rising energy prices and a weak economic outlook.
India’s crude output fell 3.76% in July
According to official data released on Tuesday, India’s crude oil production in July 2022 was 2,453.19 tonnes (MTT), 3.76% below July 2021 production and 5.57% below the month’s goal.
According to data published by the Ministry of Petroleum, the accumulated production of crude oil in April-July 2022 reached 9,912.42 TMT, which is 2.17% less than the target period and 0.50% less than the production for the same period last year. & natural gas (AND ME)