OCTOBER 13, 2022 , 9:45 am ist
How can the market move today
Shrikant Chauhan of Kotak Securities It is said that Tejdia was seen breathing a sigh of relief today. After beating the last few trading sessions, a relief rally was witnessed in the market today. However, it seems that this recovery will not prove to be sustainable as many negative factors are seen in it.
From a technical point of view, Nifty took support near its 200-day SMA today and saw a strong bounceback from here. As long as Nifty holds above 17000, there is a possibility of pullback in it. If Nifty manages to stay above this level, then the level of 17,225-17,275 can be seen in it. On the other hand, if Nifty slips below 17000, then this decline can go towards 16900.
Ajit Mishra of Religare Broking Says that after the recent fall, the market saw a bounce again and it managed to gain about 1 per cent amidst mixed signals. In the early trading hours, it was again seen sliding down. But due to the buying in select indices giant stocks, the decline of Sensex-Nifty gradually stopped and at the end of trading Nifty closed at the level of 17,123.6. which is near the high of the day.
If you look at different sectors, then banking, FMCG, energy, are the top gainers. On the other hand, there was pressure on Pharma, Metal. We believe that today’s rally is on the side of an immediate respite from the downtrend. The overall trade in the market will remain negative till the Nifty regains the 17400 level once again. Amidst all this, the rise of banking stocks is still saving the market from any major losses, while the trend of other sectors is mixed. We believe that in the current market conditions, we should lighten our positions and also hedge our current positions.