Stock market today: Trade setup for Nifty 50 to US Fed rate, eight stocks to buy or sell on Wednesday — June19
Stock market today: Following strong global cues, the Indian stock market ended higher for the fourth straight session on Tuesday. The Nifty 50 index went up 92 points and closed at 23,557, while the BSE Sensex shot up 308 points and finished at 77,301.
The Bank Nifty index surged 438 points and ended at 50,440. Cash market volumes rose another 6 percent to ₹1.43 lakh crore.
The small-cap index outshined the frontline indices even as the advance-decline ratio fell to 1.22:1, remaining above 1:1.Speaking on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty continues to be positive with range-bound action. Having sustained above the hurdle of 23,515, one may expect Nifty to move towards the next resistance placed at 23,950 soon.
Immediate support for Nifty today is placed at 23,450."On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened on a positive note and maintained strength throughout, settling the day on a bullish note at 50,441 levels. Technically, daily, the Bank Nifty has broken the short-term consolidation of 49,530-50,250 and has remained above it, indicating strength.
According to this breakout, the index may test the levels of 50,800-51,000. On the downside, immediate support is near the 50,000 mark."Asked about the outlook of the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "We expect the momentum in equities to continue driven by positive global cues, strong domestic macros, and focus on increased government spending in the upcoming budget.""The US retail sales data released
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