Stock market today: After the profit-booking trigger on Friday, the Indian stock market snapped its five-day winning streak in the previous session. The Nifty 50 index lost 150 points and closed at the 22,419 level, the BSE Sensex shed 609 points and finished at the 73,730 mark whereas the Bank Nifty index corrected 293 points and ended at the 48,201 level. However, the broad market continued to rally northward even as the advance-decline ratio remained firm at 1.06:1.
The small-cap index gained 0.27 percent whereas the mid-cap index shot up 0.83 percent. On the outlook for Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, "The Nifty witnessed selling pressure throughout the day and closed weak for the day down ~120 points. On the daily charts, we can observe that the Nifty has faced selling pressure from the resistance zone of 22560 – 22625.
Until this zone is not taken out decisively, we can expect the consolidation to continue. On the downside, crucial support is now placed at 22240 – 22200 where support parameters in the form of the 40-day moving average and the 50% Fibonacci retracement level of the rise from 21777 – 22626 are placed." Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 29 On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta said, "The Nifty Bank index opened with a gap up but failed to sustain at higher levels, settling the day on a negative note at 48,201. Over the past couple of days, the index has crossed 48,500 levels but has been unable to close above it.
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