NSE Nifty 50 faced resistance in 23,780, according to Aditya Gaggar, director of progressive stocks, affected by both falling veg patterns and 50-day moving averages.
Aditya Gaggar said that 23,780 would serve as immediate support, while on the negative side, 23,520 will continue to act as support.
He said that this approach suggests the “Dips on Dips” market, which has a good chance to break resistance and increase to 24,000, he said.
Since the market design is non-directional, Srikanth Chauhan, the head of equity research in Kotak Securities, suggested level-based trade for day traders.
On the negative side, 23,600 and 23,500 will be the major support areas, while 23,800–23,900 can act as important resistance areas for traders. However, traders may prefer to get out of their long positions below 23500, ”he said.
Bank Nifty faced resistance near its previous breakdown point, resulting in profit booking and a spinning top candlestick pattern, which according to Assistant Vice President, Technical and Derivative Research, according to Hrishikesh Yedve, C. Mehta Investment in Intermediate Limited.
Mehta said that the support for the index is placed near 50,000, while the resistance for this is around 50,600. “Will set the next step for a breakout index in any direction.”
Recurrence of market
The NSE Nifty 50 and BSE Sensx ended with a marginal deficit on Wednesday as ITC Limited and Larsen & Toubro Limited dragged the share prices. The index erased most of its morning’s gains, as the earnings reports greatly reduced the investor feelings.
The Nifty 50 was finished at 42.95 points, or 0.18% at 23,696.30, and the sensex ended at 312.53 points, or 0.40% 78,271.28.
FII/DII Activity
Foreign portfolio investors on Wednesday replaced pure vendors of Indian equity after a session of purchasing on Wednesday as they sold shares worth about Rs 1,682.8 crore.
According to provisional data from the National Stock Exchange, domestic institutional investors replaced the net buyers after the sales session as they had increased equity of Rs 996.3 crore.
F & o cues
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The Nifty February futures were below 0.12% to 23,757 at a premium of 60.7 points, with a decline of 0.5% in open interest.
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The 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 23,000.
To see stock
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Azad Engineering:The company entered a long-term agreement with a roll-reproce for the aircraft engine parts.
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Welspun corp:The company approved the sales of 19% stake in Valasore to Rakshak Secureitas. It also approved investment of up to Rs 250 crore in ARM Wells Pun Specialty Solutions.
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Ultratech Cement:The company commissioned an additional 0.6 MTPA grinding capacity in the existing unit at Sonar Bungalow in West Bengal. Additional capacity to meet cement demand in the East India region.
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ICICI PRDENIL Life Insurance Cum.:The company gets the approval of the International Financial Services Center Authority to establish life insurance operations in Gift City.
Money market update
The FII exhaust of the rupee US-China trade stress ends 38 money lower in a low record of 87.46 against the US dollar. It closed at 87.08 on Tuesday.
The Indian rupee reduced a fresh record after the weak opening today as global funds continued to sell the currency amid global stresses.
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