Indian markets remained range ahead of the US Fed’s interest rate decision. Today, Sensex-Nifty closed slightly lower. Sensex closed 152 points lower near 52500 and Nifty fell 40 points to close near 15600. There was some light buying in mid and small cap stocks today. While buying auto stocks, real estate stocks, energy stocks, metal stocks declined. The greatest pressure in the current market was in IT and FMCG stocks. 26 out of 50 Nifty shares were sold. At the same time, 17 out of 30 Sensex shares fell. Out of 12 shares of Nifty Bank, 8 shares fell.

Sensex closed down 152 points at 52541. Meanwhile, Nifty closed 40 points at 15692. Nifty Bank climbed 28 points to close at 33,339. While the midcap climbed 93 points to close at 26809 On the other hand, the Rupee weakened by 9 paise to close at 78.08 today.

Vinod Nair of Geojit Financial Services He says that due to fear of stagflation and volatility ahead of the Fed meeting decision, the market closed in the red again today.

How will the market evolve tomorrow?

Deepak Jasani of HDFC Securities It indicates that after the decision of the US Fed meeting, Nifty will either open a gap below 15500 or open a gap above 15886. Any dips to the downside could signal further weakness. On the other hand, in the event of a bullish breakout, pressure can be observed on the upper levels.

Ajit Mishra at Religare Broking Said that now the eyes of the market will be on the US Fed’s decision. The market is divided on the rise in interest rates of 0.50% and 0.75%. Besides the rate hike, the market will be watching comments from the US Fed. As such, market participants should keep their positions light until clarity comes.

Kunal Shah of LKP Securities The market is said to remain volatile ahead of the FOMC meeting decisions. Support is seen at 15500 on the downside for Nifty. Here we have to see the new writing put. If Nifty fails to hold above this level, we could see further selling. On the upside, resistance can be seen for Nifty at the 16000 level. Here we see the highest open interest (permanent trades) on the call side.

LIC investors need to be patient, stock crashed due to market drop: LIC chairman

In Bank Nifty, we saw trading within a range. After the FOMC meeting, we can see a sudden movement on both sides. Bank Nifty might see the first upside hurdle at 34,000. If Nifty crosses that, we can see new short cover there. On the downside, support is seen in the 33000-32500 area for Nifty, which previously acted as a demand area for Nifty.

Disclaimer: The opinions expressed on are the personal opinions of the experts. The website or the management are not responsible for this. Money Control advises users to consult a certified expert before making any investment decision.

(Disclaimer: Network 18 Media & Investment Ltd. is owned by Independent Media Trust. Its beneficiary company is Reliance Industries.)

#stock #today #market #closed #red #mark #develop #tomorrow

Leave a Reply

Your email address will not be published.