Today, on Wednesday, weakness was again seen in the stock market. The markets closed with losses for the third consecutive day. There was good buying in IT stocks, but despite this, the overall market trend appeared negative. Sensex fell 102 points to close at 84,961. Nifty fell 38 points to close at 26,141. Nifty Bank fell 128 points to close at 59,991. In the currency market, the rupee strengthened by 29 paise and closed at 89.88/$. During the day, Nifty slipped below 26,100, showing a weakness of about 100 points. Sensex was also trading around 84,787, down by about 280 points. Bank Nifty saw a decline of half percent. The auto index also recorded a weakness of more than 1%.
Anil Singhvi’s Editor’s Take:
What are the reasons for the market decline?
1. Light selling by FIIs in the last two days
2. Decrease in purchases by domestic funds
3. Profit booking trend near lifetime high
4. Profit booking in major banks including HDFC Bank
5. Profit booking in auto sector
Which levels are important now?
– Nifty is showing more weakness below 26100
– Next support for Nifty is in the range of 25875-26000
– Bank Nifty fell below 59850 after two days
– Next strong support for Bank Nifty is in the range of 59575-59750
– If Nifty closes below 26100 and Bank Nifty closes below 59700 then weakness will increase.
– During recovery, lighten positions in the range of 26150-26250 for Nifty and 60100-60300 for Bank Nifty.
stock in action
Kalyan Jewellers:
– Stocks firm on strong quarterly updates
– Buying signals and strong short covering in the stock
– The stock was featured in this morning’s ‘Stock Insights’
Titan:
– Stocks firm on strong quarterly updates
– This morning in ‘Stock of the Day’ it was told that Titan will be the hero today
Avenue Supermart:
– Results will be declared on Saturday
– Good rally ahead of results despite weak quarterly update
Tata Motors PV:
– Fast profit booking in auto shares
– Recommended to sell in ‘Stock of the Day’ yesterday after quarterly update
The market opened with weakness. At opening, Sensex was trading 180 points down and Nifty 60 points down. Bank Nifty was trading 151 points down at the level of 59,967. Trading appeared sluggish in the broader market. Titan was the top gainer on Nifty with a gain of 3%. Meanwhile, HDFC Bank continued to fall today. Apollo Hospitals, Hindalco, Infosys, HCL Tech and Wipro witnessed good gains on Nifty. Cipla, TMPV, Bharti Airtel, Bajaj Finserv and ONGC were trading down.