Today mixed signals are visible in the market. GIFT NIFTY opened with a marginal gain of 15 points, indicating a flat opening. Yesterday Nifty closed at 24,078 with an increase of 26 points. Under Zee Business’ show ‘Traders Diary’, know which 20 stocks have been selected by analysts Ansh Bhilwar and Pooja Tripathi for trading in this sluggish market. Asian markets are in turmoil; Japan’s Nikkei is down 3% and Korea’s KOSPI is down 7.5%, reflecting weakness across the region. At the same time, Dow rose 0.3% and Nasdaq rose 0.6% yesterday due to less possibility of increasing interest rates.
5 important things for the market
Trump says Iran eager for deal; attacks continue
Crude oil steady at $85, near one-month high
Asian markets under pressure; KOSPI, Nikkei fell by up to 7.5%
FIIs sold shares worth ₹735 crore yesterday, while DIIs bought shares worth ₹705 crore.
Nifty stuck in the range of 24,200–24,000; waiting for breakout
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What is positive for the market?
Strong growth in US markets
FII selling was very less
Full support from purchase of domestic funds
Continuous buying seen in the support range of 23,800–24,000
PCR has come down to comfortable levels
Fall in VIX is also good for the market
The market is no longer reacting much to news related to Trump and war.
What’s negative today?
FII selling – although this is normal
Crude oil near $85; no signs of softening
Rupee at its lowest ever level
Heavy selling in Asian markets
Discount has reduced, but Nifty futures are still trading at a discount of 11 points
Important levels for Nifty today? Nifty is currently stuck in the range of 24,200-24,000. There is no clear direction or strength visible in the market. There will be a new rise or fall only after this range is broken. Currently, Nifty is getting support at 24,000, and beyond that at 23,800.
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Om Mehra, Technical Research Analyst, SAMCO Securities, said that the rupee is trading at its lowest ever level of 96.25 against the dollar. From a technical point of view, the first resistance for Nifty is at 24,220, and after that at 24,260. If there is a correction, there is strong support at 23,800; If Nifty closes below this level, it will signal the beginning of a downtrend.