Wednesday’s trading session is going to be very important for the Indian stock market. This is not only the last trading day before Thursday’s holiday, but also the new month, the new series and the first trading day of the second half of the current financial year. Therefore, Nifty’s sharpness is very cautious.
How was Tuesday’s trading session?
Tuesday’s monthly termination session remained in a limited range, but the situation remained the same. The Nifty opened with an edge, but could not maintain the edge. Every intrade recovery was sold and the index created a new low. The process of decline of Nifty has now increased to eight trading sessions. On Tuesday, the Nifty closed close to the lower level of the day. On Tuesday, a new intraday of 24,591 was created after going below the low of 24,604 on Monday. This has now become the first important level of decline.
Now RBI Governor’s eye
All eyes will be on RBI Governor Sanjay Malhotra in the first half -business session of Wednesday. To see if they will re -cut the repo rate or keep the current situation stable and wait for the impact of the earlier decisions. Most investors hope that interest rates will remain stable. But the future policy will be monitored by the governor’s comments. If there is a change in development or inflation estimates, the market will keep a close watch on it. The RBI policy will be particularly affected by interest rate-sensitive shares like bank, auto, NBFC and real estate.
Auto sales and quarterly results
Auto companies will start presenting the sale figures from Wednesday to September and second quarter. After the GST rate reduction, auto shares had a record bounce, causing cars to become cheaper and increase demand. It remains to be seen whether the eight -day Navratri will be able to balance the weak quarters of most auto companies.
Tuesday was the last day of the quarter and now companies will start presenting their quarterly results. Public sector companies like banks, FMCG shares, Coal India, NMDC, Moyal will present their updates in the rest of this week. It will also be a new trigger for the market, as investors are in a state of waiting and surveillance from the last two trading sessions.
Important levels for Nifty
The scope of 24,650 – 24,700 will be important for the Nifty. The Nifty Bank helped reduce the loss of the index and pursue the day. The Nifty Bank closed above its significant 54,500 levels and will ensure that the new series starts positively for Nifty.
Expert opinion on Nifty
Rajesh Bhosle of Angel One says that the situation remains weak from a technical point of view, as the improvement trend continues for the eighth consecutive day. Technically, a major resistance to the 89-day DEma benchmark index remains. Bhosle said, ‘Talking about the support level, the next important level is around 24,500. The support is then on the recent swing of 24,400. At the same time, there is a major resistance between 24,750-24,800. ‘
Nagraj Shetty of HDFC Securities says that the Nifty’s trend is still unstable. The further decline can pull the index to a lowest level of 24,500 or recent 24,400. Over 24,750-24,800, a consecutive increase can indicate further growth.
