The market is shaken by the recession. After the initial gains, once again the market mood deteriorated. Sensex, Nifty have been experiencing a continuous decline for 5 days. The Sensex closed near 51,400 today, down 1046 points. On the other hand, Nifty closed near 15300, down 332 points. All BSE sector indices closed in the red today. The metallurgical and pharmaceutical indices closed at the lowest of the year. The biggest drop was seen in metals and real estate stocks. The IT, energy and auto indices also fell more than 2%.

Sensex, Nifty closed at 52 weeks low. Sensex closed at 51,496, down 1,046 points. While Nifty closed 332 points lower at 15,361. Nifty Bank closed at 32,617, down 722 points. Meanwhile, the midcap fell 629 points to close at 26,180. Today, 47 out of 50 Nifty shares fell. At the same time, 29 out of 30 Sensex shares were sold. All 12 shares of Nifty Bank remained under pressure.

Nifty Bank slid more than 20% from record highs. At the same time, the mid-cap index slipped 20% from record highs. 9 Nifty shares closed at a 52-week low. Sensex, Nifty slipped almost 17% from record highs. The Rupee weakened 1 paisa against the Dollar today to close at 78.08.

How will the market be tomorrow?

Deepak Jasani of HDFC Securities Says Nifty has broken the important 15660-15700 support. This level has now become resistance for Nifty. On the downside, Nifty may get support at 15315. If this support is also broken, then Nifty may head towards 14340 in the next few days or weeks. Fear of rising interest rates has weakened the future outlook for the equity market. This made debt instruments like bonds more attractive. Rising inflation has a negative impact on sentiment. Due to which fear of recession has arisen.

Shrikant Chauhan of Kotak Securities Says Nifty has finally broken its big support at 15,650. Which has been done since March. It’s a big event in itself. In the medium term, we could see further market weakness. With Nifty slipping below 15,400, we now expect further near-term weakness. We can see Nifty touching the 15,100 and 15,00 levels over the next few trading sessions. He added that the support at 15,650-15,730 has now turned into resistance. In such a situation, traders would be advised to take a short position with a stop loss of 15,800 on the upside of Nifty. On the other hand, if Nifty slides towards 15,100 and 15,000, then take a buy trade with a stop loss of 14,950.

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Osho Krishnan of Angel One Said that now the market is seen in the oversold zone. However, in the 15,000 to 15,200 area bears may have opportunities. On the upside, resistance is seen for Nifty at 15,600-15,700. The market will remain volatile in the near term. Its direction will be decided by global signals. Given the recent drop, market participants would be advised not to take unnecessary risks. Keep your position light. Keep an eye on the evolving geopolitical situation. Don’t bet too aggressively until the market is stable.

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.

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