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Today nifty saw a healthy rebound with the BSE Sensex
climbing more than 1,000 points, following a recovery in global peers. This
followed the rout in the previous session caused by the Ukraine-Russia conflict
that eroded more than Rs 13.4 lakh crore of investors’ wealth in a single day.
But the number of stocks that hit the lower circuit remained higher than those
at the upper circuit.
The market, after hitting lows of September 2021 in the
previous session, recovered by more than 2 % driven by short covering and
value buying in beaten -down quality stocks. The nifty jumped 413 points
to 16,661, and sensex rallied 1,355 points to 55,885.The recovery in
the broader market was also sharp as the nifty Midcap 100 and Smallcap 100
indices gained around 4 % each, while sectors including banking, financial
services, IT, metal, pharma, auto and realty gained 2-5%.Despite the rally, nearly 300 stocks hit their lower
circuits against 250 stocks hitting the upper circuit . Most of the
stocks that hit the lower circuit are from the ‘B’ Group and lower category stocks.Companies
traded under the permitted category on the BSE, listed mutual funds and scrips
objected to by the surveillance department of the exchange are kept out of the
ambit of the group ‘A’. Generally, ‘A’ group stocks are the most liquid ones
and are traded in the normal rolling settlement process, while ‘B’ group stocks
are also in the normal rolling settlement process but are ranked below ‘A’
group shares on certain parameters including liquidity. ‘T’ Group shares are
not available for intraday trading.
Important level for nifty
SUPPORT: 16490, 16312, 15998
RESISTANCE: 16804, 16940, 17254
The market is not out of woods yet given looming concerns of Ukraine-Russia tensions and elevated oil prices, which could delay the global economic recovery. In fact, the higher oil price is the major concern for a country like India that imports 82-85 % of oil requirement. For long-term investors who can ignore the short-term gyrations in the market, there are buying opportunities in high-quality stocks that have corrected significantly. Financials, IT and real estate stocks have the potential to bounce back smartly in a favorable environment.
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