Subscribe to enjoy similar stories. The Nity50 opened with a significant gap up of 102 points at 23,306.20. However, sellers intervened and pulled the index down 136 points to 23,170.65.
Nevertheless, it found strong support at 23,170 and rebounded 215 points to close at 23,337.05. The BSE Sensex closed at 77073.44, up 0.59%. The Nifty Auto, Nifty India Consumption and Nifty FMCG indices underperformed the market and closed in red.
The top performers among Nifty50 stocks were KOTAKBANK (+9.06%), WIPRO (+6.5%), BAJFINANCE (+3.42%) and BAJAJFINSV (+3.25%). The top losers were SBILIFE (-2.65%), TRENT (-2.20%) and SHRIRAMFIN (-1.98%). As mentioned in an earlier report, the market was expected to bounce back to the 23,350–23,400 range.
Today, the market is trading near this level, which also corresponds to the 38% retracement from the recent swing high and swing low. For the next few days, 23,400 will be a key level. If the market fails to sustain above this, we anticipate a fresh sell-off.
Also read: Metro Brands had a decent Q3 but remains in the slow growth lane The stock has crossed its lifetime high after a prolonged consolidation phase. Additionally, the surge in volume confirms a bullish trend in the near term. Also read: Wipro fights its way back into the game The chart of Biocon has been showing a strong bullish trend for a long time.
Today, the stock closed at a lifetime high. Taking a long trade with a small stop-loss could be a good strategy. Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way
. Read more on livemint.com