Budget The Indian stock market opened in the green today. In early trade, the BSE Sensex opened at 80,724.30 points, up 222.22 points. At the same time, the NSE Nifty rose 63.90 points to reach 24,573.15 points. If we look at the sectors, banking, metal, power and FMCG are seeing good growth. Among the companies listed on the Sensex, UltraTech Cement, Mahindra & Mahindra, ITC, Larsen & Toubro and NTPC were the biggest gainers. HCL Tech, Power Grid, JSW Steel and Tata Steel were the losers. In Asian markets, China’s Shanghai Composite was in profit while South Korea’s Kospi, Japan’s Nikkei and Hong Kong’s Hang Seng were in loss. US markets closed with a positive trend on Monday. Global oil benchmark Brent crude futures closed at 0.02 percent increase to 82.The US dollar was trading at 42 US dollars per barrel. According to stock market data, foreign institutional investors (FIIs) were buyers in the capital market on Monday and invested a net Rs 3,444.Bought shares worth Rs 06 crore.
What to do if you are a trader
Shrikant Chauhan, Head of Equity Research, Kotak Securities said that expect volatility in the market on the budget day. The level of 24500/80400 is an important support for the bulls. At the same time, 24850/81600 will act as resistance. If the index falls below 24500/80500, there will be further decline. As long as the market is trading below 24850/81600, it is advisable to reduce long positions during rallies. From the mid and long term perspective, buying is recommended only at key support levels (24150/79500 and 24000/79000). If the market crosses 24850/81600, it has the potential to move towards 25000/82000 and 25300/83000 levels.
The market was closed in red yesterday
Let us tell you that on Monday, a day before the presentation of the general budget, the stock market closed in the red due to heavy selling in the shares of Reliance Industries and Kotak Mahindra Bank. The 30-share BSE index Sensex closed 102.57 points lower at 80,502.08. The National Stock Exchange (NSE) index Nifty closed 21.65 points lower at 24,509.25. This was the second consecutive session of decline in the stock markets. Earlier on Friday also, both the indices closed with a decline.
Investors are adopting a cautious stance
Vinod Nair, Head of Research, Geojit Financial Services, said that although the budget to be presented on Tuesday is expected to be favourable, investors will keep a close eye on it given the high valuation of the market and the risk of decline in corporate profits.
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