By Ajit Mishra Come from Sports betting site VPbet
Markets traded volatile amid mixed cues and gained nearly half a percent. The beginning was subdued and pressure on select heavyweights pushed the index lower in the middle. However, buoyancy on the global front triggered a rebound in the final sessions, which aided the index to close in the green.
Consequently, both benchmark indices, Nifty and Sensex, closed a tad higher at 22,096.70 and 72,831.94 levels. Meanwhile, a mixed trend on the sectoral front kept the participants occupied wherein realty, auto and metal posted strong gains while IT and FMCG settled in the red. The broader indices also witnessed respite and gained ~1.5% each.
Also Read
The coming week is a holiday-shortened one and we expect volatility to remain high due to the scheduled expiry of March month derivatives contracts. Besides, participants will continue to take cues from the global indices, especially the US markets, which are moving from strength to strength with every passing week.
Market rally leads to higher regulatory fees for stock exchanges Raksha Bandhan 2024 Date: Know the history, significance, and importance of the festival Ceigall India allotment to be finalised on August 6; Here are 8 things to know ahead of listing SEBI’s new F&O rules to hit retail-focused exchanges and brokers hard: Here’s What Jefferies Says
The major index, the Dow Jones Industrial Average (DJIA) is set to test a new milestone of “40,000” and the support base has shifted to 39,200 in case of any profit taking.
Also Read
The recent rebound in the Nifty can be largely attributed to the favorable global cues however it is still facing a hurdle around the short term moving average i.e. 20 DEMA. We reiterate our cautious view on Nifty until it decisively reclaims the 22,200 zone otherwise profit taking may resume.
On the downside, 21,500-21,800 would continue to offer a cushion. Since we are seeing mixed trends across sectors, participants should focus on stock selection and risk management. We reiterate our preference for index majors & large midcaps and suggest utilizing rebound in the smallcap space to reduce positions.
(Ajit Mishra, SVP- Technical Research, Religare Broking. Views expressed are the author’s own. Please consult your financial advisor before investing.)
