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The current situation for the market has become like taking one step forward and then two steps back. There is no special action on Dalal Street during the festive season. At least such a situation is not seen at all for the bulls. Nifty Bank had shown a rise in the first two sessions of this week, but on Wednesday this index also started sluggish. After yesterday's fall, Nifty is now closed at the same level as it was on Monday.
Even after slipping nearly 2,000 points from the record high, Nifty is still up nearly 25% in Samvat 2080. This has been the best Samvat for the index in the last few years. BEL and Trent proved to be the best performing stocks in this Samvat. Both stocks were recently included in the index. Trent has tripled during this period, while BEL has almost doubled. There will be a break on the results for some time amid the festivals. However, the impact of the results of L&T, Biocon, Tata Power, New India Assurance, TCI Express and other companies will be seen today. The results of no big company are going to be released today. Foreign institutional investors are once again selling in the cash market yesterday. Whereas, buying was also seen in the cash market from domestic institutional investors yesterday. Rupak Dey of LKP Securities said on Nifty that there is resistance for Nifty at the level of 50-DEMA i.e. 24,300. He estimates that the Nifty will be seen operating in the range of 24,250 - 24,500 for some time. Only after breaking out and sustaining above this, the index will be able to reach the level of 24,500 and 24,750. Rajesh Bhosale of Angel One said that the daily chart of Nifty is indicating uncertainty in the market. On the expiry day, he is seeing strong resistance at the level of 24,500. Whereas, after going above this, there may be a potential to go up to 24,600. On the other hand, there is support at the level of 24,200 and 24,100. Aditya Agarwal of Sanctum Wealth says that the short term trend of Nifty is oversold and short covering can be seen in the index from the current level. He said that there will be resistance at the level of 24,480 - 24,520. Only after closing above this level, the index can go up to the level of 24,680 - 24,740. On the downside, there is support at the level of 24,280 - 24,240. Rishikesh Yedve of Asit C Mehta Investment Intermediates says that there is support for Nifty Bank at the level of 51,140. There is resistance for this index at the level of 52,280. Yedve says that Nifty Bank can show consolidation in this range for some time. The future direction of the index will be decided only after the breakout in either direction of these two levels.
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