On Thursday, heavy selling was seen in Indian stock markets. The start of business in the morning was weak. The market remained limited in early trade, but then the decline began at the end of the day. With today’s weakness, the Nifty has been falling for five consecutive days. The Nifty also broke the support level of 25,000 during the day. The Sensex fell 555 points to close at 81,159. The Nifty fell 166 points to close at 24,890. The bank Nifty fell 150 points to close below 55,000. Metal and select defense stocks were accelerated today. All other regional index closed in red mark.
Anil Singhvi’s opinion on market move
Should we expect recovery or not?
– Market weakened for fifth consecutive day, scope limited
– Nifty is spending time around 25000
– Meanwhile, Bank Nifty received support at an important level of 55000
– Bank Nifty once again performed better than Nifty today
– But still not strong enough
Where are the major support and resistance levels?
– 24800-24950 strong support for Nifty
– Upper scope of 25085-25175 for Nifty
– 54825-55000 strong support for bank Nifty
– Upper scope of 55350-55500 for Bank Nifty
Which areas should you focus on?
– Strong shopping in metal shares
– Improvement from lower levels in select defense stocks
– pressure on IT shares remains intact
Vedanta:
– Support with a rapid increase in copper prices
Voda Idea:
– Telecom companies will meet Telecom Minister today
– AGR dues can be discussed
– Strength in shares continues
The Sensex opened with a decline of 190 points and was trading around ₹ 81,523. The Nifty fell by 40 points to trade around 25,015. Bank Nifty also fell 81 points to close at 55,040. The midcap select index was trading stable.
The auto index also declined today. The PSU Bank and NBFC index also declined. Meanwhile, FMCG, IT, Pharma and metal stocks increased. Hindalco, BEL, Nestle, Bharti Airtel, Apollo Hospital and Tech Mahindra were trading on the Nifty 50. Meanwhile, Tata Motors, Hero MotoCorp, Maruti, Titan and SBI declined. Wall Street collapsed for the second consecutive day due to high evaluation concerns, while the Asian markets are also giving mixed indications.
Major trigger for the market today
Dow dropped 171 points for the second consecutive day, Nasdac drops 75 points
Gold and silver recorded record breaking lead
Crude oil jumps 2% to cross $ 69
Shine in metals, LME copper at 15 months high
FII: Pure seller of ₹ 3497 crore, DII has been buyers for 22 days
Block deal possible today in polycab
Under US market pressure
Dow Jones closed down 171 points below the highest level of its day, 330 points below. Nasdaq remained 75 points, in red mark. Uncertainty over high evaluation and interest rates weakened the perception of investors.
Asian signs are mixed.
The gift Nifty is trading around 50 points to around 25,070. Dow futures are 70 points up, while Japan’s Nikkei index is trading stable.
Gold and silver fall
Recently, record breaking speed in precious metals has stopped. Gold closed ₹ 1,300 to ₹ 1,12,550. Silver also fell ₹ 1,000 to ₹ 1,34,000.