On September 29, the Indian share index almost closed in the ups and downs in the ups and downs. At the end of the trading session, the Sensex fell 61.52 points or 0.08 percent at 80,364.94 and the Nifty fell 19.80 points or 0.08 percent to close at 24,634.90. Today around 1837 shares rose, 2163 shares declined and 171 shares remained unchanged.
The BSE Midcap index rose 0.3 percent. While the smallcap index declined slightly. Axis Bank, Maruti Suzuki, L&T, Apollo Hospitals, Dr. Reddy’s Labs were among the highest falling shares on the Nifty, while the shares of Eternal, India Electronics, IndusInd Bank, Titan Company and Wipro rose. Oil and gas, PSU banks, energy and realty indices saw a rise of up to 1 percent. While the media index declined by about 1 percent.
How can the market move forward?
Vatsal Bhuva, technical analyst of LKP Securities, says that a slight bounce in the Nifty was seen in early Monday, but the 20-EMA remained selling a selling pressure per hour, which led to the end of the day on the daily chart with weakness. Derivative data shows that put writing occurred on 24,600 and 24,500 strikes. It can now serve as immediate support. While call writers have indicated resistance to 24,700 and 24,800. Depending on these technical and derivative signals, the Nifty is expected to be traded in a short-term range of 24,500–24,850 and trading with a sideways-to-beer undertone. To catch a new boom trend, it has to show a strong trick above the 50-day EMA.
Anand James of Geojit Financial Services says that the Nifty slipped from its high level in the middle of July in the seventh consecutive season, leading to the September-March recession. As dull stochastic moves towards the oversold zone, we expect a sideways movement or pullback earlier this week. The Nifty can increase to 24,720–24,830 or 24,970, then falling to 24,500.
VK Vijaykumar, the main investment strategist at Geojit Financial Services, said that in the last one year, FPIs have withdrawn $ 21 billion from India, the largest outflow in the emerging markets during this period. Due to this, the rupee has also fallen by 3.5 percent against the dollar. Expensive evaluation and dull income growth in India remain the main cause of market pressure. The market is undergoing a decline from six consecutive sessions, and the Nifty has come down from the support zone of 24,800. Technically, the market is definitely weak, but now it is oversold and may see a short -term boom. However, to maintain any speed, positive signs such as progress on trade agreement with the US are required.