BSE Sensex recovered 76,000, while Nifty was headed by finances over 22,900. Nifty rose significantly from the day’s low, driven by purchasing interest at the lower end of the range. With volatility, I settled down 30 points higher at 22,960.
HDFC Bank, Reliance Industries, and Indusind Bank were the best contributors.
Intray’s Nifty Bank Index, which fell by 1.2%, recovered sharply, driven by HDFC Bank profits. HDFC Bank shares rose 1.4%, with Indusind Bank, IDFC First Bank, Punjab National Bank, Bank of Baroda, State Bank of India and Federal Bank also earning profits.
The wider index followed a similar trend, with midcaps closed with modest profits and small caps finished flat.
The Nifty Smallcap index defeated its seven-day winning streak as it recovered nearly 2.5% from its early morning low and ended the day with a profit of 0.04%.
The Nifty Midcap 100 index also recovered almost 2.8% from its midday low, eventually finishing with an increase of 0.39%.
Among the sector’s indexes, clever media and automobiles achieved the most clever healthcare, pharma and consumer durability.
In terms of stock-specific terms, Manappuram Finance’s shares have continued to look at short covers. Stock has skyrocketed by 9%. I also finished my F&O ban list on Monday.
Despite ongoing outflows of foreign investors and global economic concerns, analysts believe stable asset quality and resilient revenue from large banks support the financial sector. It’s there.
“The low-key revenue growth in the third quarter, coupled with sustained sales from FII, limits the possibility of short-term market rebounds. The weakening of the rupee and widening trade deficits have brought investors’ attention It could increase. However, mitigation of the first signs of US trade uncertainty and discretionary spending could help support market rebounds.
Sentiment remains weak as it failed to regain the critical retracement level of Fibonacci. According to LKP Securities’ Rupak De. Additionally, the NIFTY50 continues to trade below the important moving average, strengthening the overall bearish undertone.
In the short term, DE said it is expected to remain a candidate for sale unless the index exceeds 23,150 on an end or sustained basis. On the downside, the support will be located at 22,800.
According to HDFC Securities’ Nandish Shah, from a technical standpoint, the short term seems to be in place. “As long as Nifty holds on a closing basis above the 22,800 level, bearish bets should be avoided. The advantage is that the 23,235 level can serve as a significant resistance in the short term.”
Keeping an eye on the future, strong support is apparent at every 100-point interval, ranging from 22,800 to 22,700 (the bottom edge of the wedge) to 22,600 to 22,500. .
Bosar said he did not anticipate any significant downside risks and that the Bulls may attempt to recover in the short term. Therefore, he advised traders to avoid panic sales and refrain from starting fresh short positions. Instead, he said, any dip can be seen as an opportunity to accumulate quality names in a staggering way.
“The immediate resistance is placed at 23,250, ranking at the top of the 20-day EMA and hourly charts, but the falling wedge cap of nearly 23,400 remains an important hurdle,” he added.
