Market Trend: On August 19, the hold of Tejadis on Dalal Street was strengthened. The Indian share indices maintained the lead in the fourth consecutive trading session and the Nifty managed to cross the 25,000 level. At the same time, Nifty Bank also saw recovery. Midcap, smallcap shares were quite fast. Talking about stocks, there was a purchase in oil-gas, auto, FMCG stocks while PSU bank, energy, metal index closed on the edge. So there was a lot of pressure in defense, pharma shares in today’s market.
At the end of the trading, the Sensex closed at 81,644.39 with a gain of 370.64 points, or 0.46 per cent. The Nifty closed at 24,980.65 with a gain of 103.70 points, or 0.42 per cent.
Tata Motors, Adani Ports, Reliance Industries, Hero MotoCorp, Bajaj Auto Nifty were the top gainer. At the same time, Dr. Reddy’s Laboratories, Cipla, Hindalco Industries, Bajaj Finserv, M&M joined the top loser of Nifty.
LKP Securities Senior Technical Analyst Roopak Day Says that the Nifty was firm after positive start. At the upper level, it reached 25000 where it faced an initial registration. The RSI indicator is in the crossover of fast, indicating strong positive motion. Later on, the index may remain strong and this strength will be seen growing even more above 25000. There is support at 24800 in the Nifty at the bottom, as long as the Nifty remains above its support level, the market will give positive signal.
Choice Broking Senior Technical and Derivative Analyst Mandar Bhojne Said that the Indian stock market manage to shut down with positive notes. The Nifty re -achieved the 25,000 mark. The Sensex rose by 370.64 points or 0.46 per cent to close at 81644.39, while the Nifty rose 103.7 points or 0.42 per cent to close at 24,980.65. Except for Pharma, all other sectoral index are trading in green mark, media, auto, oil and gas have increased by 1%.
After a gap-up opening on the technical front, the Nifty remained in Sideways-to-Bulish trend for 2 sessions. Nifty supported 20, 50, 100 and 200 EMAs, which is a sign of strength. If the Nifty remains above 25,050, it is expected to move towards 25,250 and 25,500 in the coming sessions.
He further said that overall, there is a fast trend in the market. And any decline in the market should be seen as a purchase opportunity. The RSI located at 55 is moving upwards, which is a sign of positive momentum.
However, bank Nifty’s performance remains weak and is still trading below its recent breakout. The bank is immediate registration at 56,000 in Nifty, if the bank Nifty crosses this level then it will be seen. At the same time, there is support at 54,995 (100 EMA) at the bottom. As long as the bank Nifty remains below 56,000, its trend is likely to be from limited scope to weak compared to the Nifty.
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