Market today: Today on 24th November, profit booking has been seen in the market from the upper levels and it has closed at the low level of the day. Nifty has slipped below 26,000 and closed. Sensex-Nifty closed on the decline. Bank Nifty has also closed slipping from the upper level. There has also been selling in midcap and smallcap stocks. The Nifty IT index has slipped 1% from upper levels. There has been pressure in defense and realty stocks. There has also been selling in metal, energy and oil-gas stocks.
Sensex fell 331 points and closed at 84,900. At the same time, Nifty fell 109 points and closed at 25,960. Bank Nifty fell 32 points and closed at 58,835. Midcap fell 195 points and closed at 60,082. Today, selling was seen in 25 out of 30 Sensex stocks. Whereas, there was selling in 38 out of 50 stocks of Nifty. 9 out of 12 shares of Bank Nifty declined.
How can the market move on 25th November?
Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Says that due to there being no major domestic macro announcement till the GDP data comes on Friday, the market will remain sensitive to US inflation data, comments on rate trajectory, dollar index and foreign flows.
Choice Broking Opinion: On the weekly chart, the index has retested the cup-and-handle pattern and continued its uptrend, but this week it has seen a correction from upper levels indicating profit-booking and a temporary pause in the uptrend. On the downside, the first important support for Nifty is at 26,000 and after that the second important support is at 25,900. A breakdown below 25,850 may bring further pressure. Given the current structure, a “buy-on-dips” approach would be good. However, traders should remain disciplined with strict stop-loss considering the ongoing fluctuations in the market.
meanwhile, SAMCO Securities Says the 25,900 mark still remains an important make-or-break level. Major weakness in the market will emerge only when the index goes below 25,900. Unless this important support is broken, any price movement will remain in a sideways zone.
Axis Securities Said that the level that determines the market trend is 26,100. “If Nifty trades above this level, it may rise further till 26148-26227-26275 levels. However, if it trades below 26100 levels then we may see profit booking in the market, and the index may correct till 26021-25973-25894 levels.
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