The last trading session of the week started with a big fall in the Indian market, mainly due to heavy selling in IT stocks. This morning Nifty opened 177 points lower at 23,991, while Sensex fell 557 points at 76,852. It is noteworthy that on Thursday, Nifty had closed at 24,168 with an increase of 82 points and in the last five sessions it had gained more than 100 points.
Main factors affecting the market:
Hormuz oil supply news in discussion again
Crude oil prices fell to $79
Accenture shares fall 19% after guidance cut
Infosys ADR fell by 9.6% and Wipro by 3.6%.
As a result, IT stocks will be under watch
Other main reasons:
Today is Reliance’s AGM; All eyes are on this event
Nikki increased by 0.5% and Kospi increased by 2%
FIIs sold shares worth ₹1,025 crore in cash market yesterday
DIIs bought shares worth ₹3,516 crore in cash market yesterday
Is Nifty breakout at 24,125 confirmed? Nifty has closed the gap at 24,126 on May 8 and May 11.
The 100-day moving average (DMA) of Nifty stands at 24,225.
A close above 24,250 would signal a new, bigger rally.
Today the market will open weak, but the closing level will be important.
To confirm the breakout, it will need to close above 24,125 again today.
The news of Hormuz oil supply is in discussion again.
Crude oil prices have fallen to $79.
Accenture shares fell 19% after the guidance cut.
Infosys ADR fell 9.6% and Wipro fell 3.6%.
As a result, IT stocks will be under watch. Nifty technical support and obstacles
Om Mehra, Technical Research Analyst, SAMCO Securities, said that Nifty’s 100-day SMA is at 24,220, which will act as an initial resistance today. Both the technical setup and momentum of the market are improving. If Nifty crosses the range of 24,220–24,250, it will move towards 24,500. At the same time, immediate support levels are at 23,990 and 23,880.