The Indian share index continued to rise in the second consecutive week that ended June 27 after the trade tension was reduced on June 27 after the reduction of geopolitical stress, continuous purchases of FIIs, continuous purchases of FIIs, good monsoon forecasts, reduced by the scheduled deadline. This week, the BSE Sensex rose by 1,650.73 points or 2 per cent to 84,058.90 and the Nifty increased by 50 525.4 points or 2.09 per cent to close at 25,637.80.
In such a situation, talking on the front direction of the market Amol Athawale, Vice President of Kotak Securities Said that last week there was a rapid trend in benchmark indices. The Nifty closed up 2 percent, while the Sensex saw a gain of 1650 points. Talking about sectoral indexes, the capital market and metal index performed better. Both recorded an increase of more than 5 percent. Despite the strong market sentiment, there was profit booking in reality and defense. The reality declined by 1.80 percent and the defense index fell by about 1 percent.
He added, “During the last week, the market successfully crossed the important resistance zone of 25,300/82700 and has further increased its boom after the breakout. On the weekly chart, it has created a long bullish candle on a weekly chart, which is a very positive signal on a very extent. In addition, the market has a very extent. Maintaining and currently trading above short term average, this is a positive sign. “
“For Trend-Following Traders, the level of 25,500-25,300/83300-82700 will serve as an important retracement support zone. As long as the market remains above these levels, the faster trend is likely to continue. The market will work as an immediate registration level for 25,850/84400 bulls. Is.”
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“The market design looks rapid for the short term, but the purchase on the decline and selling on the boom will be the best strategy. However, if the market falls below 25,300/82700, the rapid trend may weaken.”
Athawale further said, “For bank Nifty, a breakout formation on the Daily and Weekly Chart is indicating further faster than existing levels. In a short term, 57,000-56,700-56,500 will be important support zones. While 57,500-57,800-58,200 will be worked as a significant resistance level.”
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