Trading plan: There has been a good recovery in the market on the basis of banking shares. Nifty has improved by more than 150 points from lower levels and has crossed 25500. Bank Nifty has recovered more than 700 points from the bottom and is trading above 57800. Strong recovery has also been seen in midcap shares. There is a strong rise in capital market and metal shares. Both sector indices have increased by about two percent. Besides, government banks are also trading with an increase of about one percent in the index. Whereas, slight pressure is being seen in IT, consumer durable and FMCG.
The entire EMS space is seeing a sharp decline. Abanar Enterprises is deeply hurt by weak results in the second quarter. This stock has become the top loser of FNO by slipping more than 10 percent. At the same time, strong pressure has been seen in PG Electroplast and Keynes also. On the other hand, strong momentum is being seen in NBFC shares today. Due to good guidance from management, L&T Finance has become the top gainer in futures with a jump of 10 percent. Bajaj Finance and Shriram Finance are among the top gainers of Nifty with a rise of more than 3 percent. Piramal Finance has also gained momentum after listing with a premium of 13 percent.
Great recovery in the market
In such a situation, while talking about the further movement of the market, CNBC-Awaaz Managing Editor Anuj Singhal said that the big question is whether this recovery is sustainable. There has been a recovery of 200 points in Nifty and 1000 points in Midcap. Excellent recovery has also been seen in Bank Nifty. There is tremendous growth in banks and NBFCs. ICICI Bank has led the recovery. A big rally has been seen in NBFCs led by Bajaj Finance.
Market: What next?
Now today’s low may be a confirmed bottom. The market has taken out the weak players. Now it has to be seen from here that the recovery does not fail. Maybe good news will come from Bihar elections.
Talking about the strategy on Nifty, Anuj Singhal said that there are still opportunities on both sides. There is resistance in the zone of 25,550-25,650. Support now lies at 25,350-25,400. At the same time, Bank Nifty is showing signs of a big rally again. Keep an eye on ICICI Bank and HDFC Bank.
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