According to analysts, the 21-day simple moving average provides significant support and resistance levels for NSE Nifty 50, guiding traders with a purchase-on-Deeps strategy.
“21-DSMA (for Nifty) is placed near 23,270 levels, which will serve as immediate support for the index, followed by 23,000 levels, while 23,640 will serve as short-term resistance to the index,” Hrishikesh Research analyst of Yedve, Asit C. , “If the index keeps 23,000, traders are advised to follow a purchase-on-dips strategy.”
Since the Nifty looks weak, according to the DE, Senior Technical Analyst of LKP Securities, it may soon break its support levels. “NSE Nifty 50 Bhav Bhavna appears delicate, and support in the near period. At the lower end, the support is placed at 23,200/23,100, while at high end, resistance is placed on 23,400,” he said. .
According to Srikanth Chauhan, head of equity research in Kotak Securities, level-based business is ideal for an unstable and non-directional market.
Chauhan said that the 20-day simple moving average for the Nifty 50, as well as the support levels of 23,270 and 23,220 will be served as major support areas, while resistors for the bull are around 23,500 and 23,550, he said . “However, if the market falls below 23,220/76,800, it can re -establish a level of 23,100/76,500.”
Recurrence of market
NSE Nifty 50 and BSE Sensx settled on Monday as the risk-closing Bhavna withdrew money from domestic markets on the possibility of possible trade wars in view of the US imposing tariffs. Larsen & Toubro Limited and Reliance Industries Limited share prices pulled benchmark Nifty the most.
The Nifty was finished at 50 121.10 points or 0.52% at 23,361.05, and the sensex finished 319.22 points or 0.41%, below 77,186.74.
FII/DII Activity
Foreign portfolio investors on Monday stopped the net sellers of Indian equities for the 23rd straight session as they sold shares worth about Rs 3,958.4 crore.
According to provisional data from the National Stock Exchange, domestic institutional investors were pure buyers for the 34th consecutive season, as they had increased equity of Rs 2,708.2 crore.
F & o cues
The Nifty February futures were below 0.49% to 23,440 at a premium of 78.95 points, with a decline of 0.51% in open interest.
Nifty February 6 6 The Open Interest Distribution for the 6 expiry series indicated the highest activity on 24,000 call strikes, with maximum open interest in 21,100.
To see stock
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Welspun enterprise:The company approved the sales of 19% stake of Velasore to the Rakshak Secureitas.
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Cipla:The company will invest 900 million South African Rand, which will be at the equity share capital of Cipla Medpro South Africa Proprityary Limited, a fully owned subsidiary. Investment will be used to reduce the inter-group loan and improve the capital structure of the assistant.
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Ganesh Ecosphier:The company’s arm will set up a 67,500 tonne per year greenfield project in Odisha. Hand plans to increase the capacity of Warangal plant from 42,000 TPA to 64,500 TPA.
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HFCL:The company has decided to temporarily stop its planned optical fiber cable construction project in Poland. Instead, it will avail its competitive advantage by serving European customers directly from its Indian manufacturing facilities.
Money market update
In the previous season, the Indian rupee shut down 58 money at 87.195 against the US dollar on Monday as compared to 86.61.
After opening, the local currency grew to 87.17 in 55 money against the Greenback, before it fell from 65 money during the day, according to Bloomberg’s data, 65 money fell in the Tored record of 87.26 against the dollar.
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