Nifty -bank nifty trend: On August 14, the benchmark index closed with a slight lead in the ups and downs. Yesterday, the second consecutive trading session witnessed an edge. Today, the market has seen vigilance before the Trump-Putin summit to be held on August 15. At the end of the trading session, the Sensex rose 57.75 points or 0.07 percent to 80,597.66 and the Nifty rose 11.95 points or 0.05 percent to close at 24,631.30. The BSE Midcap index closed down 0.2 percent. While the smallcap index fell 0.6 percent. On the weekly basis, this week, BSE Sensex and Nifty gained one per cent. Due to which the process of decline has been broken for the last six weeks.
In such a situation, while talking on the market, Rahul Sharma of JM Financial said that the tweezer bottom on the weekly chart is definitely indicating a good trend for the Nifty Pharma Index. However, recently this stock has broken down from its Rising trend line and has faced resistance near the level of 22,200, giving signs of volatility in short term. Although the setup of many shares of this sector looks good, any new purchase for the short term should be done keeping in mind the tariff’s uncertainty for this sector.
Hindalco Industries Talking on the shares of, Rahul Sharma said that from the beginning of July, Hindalco kept trading in a certain range between Rs 660 and Rs 710. Its alltime high is Rs 772, which is about 12 per cent above the current market price. Any decisive breakout above Rs 710 can open the way to touch this height again.
Talking on the banking sector, Rahul Sharma said that The level of 54,500 remains technically an important support ster for bank Nifty, which was firmly resting before reaching the previous high between April and June. If you look at historical figures, such levels are important for medium -term positions. If this level is seen again, then the risk-revolution will be good for long-view deals around it. Bank Nifty has shown better strength than Nifty and if the overall market sentiment is strong, the bank Nifty has the ability to reach its record high in the coming months and possibly cross it.
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