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Nifty has recovered from the negative note, trades at 21,463.35, up by 6.70 pts or 0.03 per cent as of 12:15 pm, while the BSE Sensex trades at 71,472.57, down by 11.18 pts, or 0.02% as of 12:17 am on Monday.
Commenting on mid-day market trading flat, Shrey Jain, Founder and CEO SAS Online, Deep Discount Broker, has said, “Nifty, which went up by 500 points last week, almost reached 21,500. This boost was mainly because Foreign Portfolio Investors (FPIs) put a lot of money into the market. Right now, the market seems quite positive. But, there’s a chance that in the next few sessions, things might slow down a bit or there could be a small correction.”
Shiju Koothupalakkal - Technical Research Analyst at Prabhudas Lilladher Pvt Ltd, said, “Nifty index after witnessing the decent spurt in the last 2 sessions has taken a breather and has halted near the 21500 zone finding resistance and has got 21400 levels as the near-term support for the day. The major support would be positioned near 21000 levels from here on and with the overall bias and sentiment maintained strong, we anticipate further upward movement in the coming days once a breach above 21500 zone is confirmed.”
For Nifty, the support range is identified at 21,000-21,075, with resistance evident at 21,500. A breach of this resistance level could potentially trigger a further rally in the Nifty. Meanwhile, for the banking index, we anticipate the levels between 47,575 - 47,750 to serve as mid-term support,” Jain added.
On the BSE, 3,916 stocks were traded as of 12:21 pm on Monday, of which, 2,278 stocks advanced, and 1,481 declined, and 157 stocks retained unchanged. The number of stocks that hit 52-week high were 341, while those that hit 52-week low were 20.
Stocks that gained on the NSE at 12:22 pm were Bajaj Auto, Sun Pharma, Reliance Industries,Eicher Motors, and Adani Ports. Meanwhile, stocks such as Power Grid, ICICI Bank, JSW Steel, ITC and Coal India were the top losers. Nifty Pharma, IT, metal and auto sector stocks remained positive.
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