Stock market: The market has closed on the last day of the week on the last day of the week. The Sensex-Nifty is closed with a decline. Midcap and smallcap stocks have seen vigorous selling. PSE, oil-gas and metal index have fallen and closed. IT, FMCG and banking stocks have seen pressure. At the same time, the pharma index has closed on the edge. The Sensex fell 721 points to close at 81,463. The Nifty fell 225 points to close at 24,837. The Nifty Bank has fallen at 56,529 falling 537 points. The midcap 951 points have fallen to close at 58,009.
The Sensex declined in 29 shares out of 30. 43 out of 50 shares of Nifty declined. All 12 shares of Nifty Bank saw a decline.
Bhavik Joshi, Business Head of Invasst PMS Said “Today’s selling in Indian stock markets goes to a sense of vigilance in domestic re-regulation and global market instead of any structural weakness. Further market direction will be determined by the results of macro figures and companies. Investors will not just grow growth, but the direction’s clarity”.
Santosh Meena, research head of Swastika Investmart Said, “The main reason for today’s decline is the continuous selling by foreign institutional investors (FIIs) in equity and futures markets. Despite the improvement in macro and micro economic indicators, FIIs remain uncomfortable about the valuation of the Indian equity market.”
Apart from this, he also said that the weather of the current results is not disappointing, but nothing has been encouraging. Uncertainty in the trade agreement between the US and India has increased uncertainty.
From a technical perspective, experts said that new selling is possible only after going below the level of 25,000. Srikanth Chauhan, Equity Research Head of Kotak Securities, said, “Since the Nifty has gone below this level during today’s business, the market can go towards 24800. Conversely, if the market goes above 25,150, then technically it can bounce back to 25,255. It can continue even further, so that the market can continue further, which can reach the market up to 25,350.”
Ajit Mishra of Railways Broking The recent decline is a sign of growing concerns about disappointment and management’s vigilant comments from the recent decline. This has weakened the confidence of investors. In addition, foreign institutional investors are further enhancing the continuous selling pressure. With the Nifty going below 24,900, now immediate support is visible around 24,700. While the next major support is in the zone of 24,450-24,550. Traders advise them to decide their positions in view of the current trend and avoid averaging down in deficit trades.
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