Share Market Update: There is victory in front of fear, you must have heard this line often. This is the situation in the market at the moment. After the war scare, there is a strong boom in the Indian stock market. After Tuesday’s boom, the markets have opened with an increase on Wednesday as well. Sensex is trading above 580000 with a gain of about 40 points. On the other hand, Nifty is trading around 17400 after gaining about 40 points.
GLOBAL signs are looking good with hopes of averting the Russia-Ukraine crisis. Deep greenery was seen in Asian markets. SGX NIFTY is trading marginally higher. Yesterday there was a jump of up to 2% in US INDICES. Crude and gold softened.
Palak Kothari of Choice Broking says that Nifty has taken support from 200 DMA on the daily chart. Nifty has closed with a positive cross over above 21*50-HMA on the Overly chart. Which is a sign of bullishness in the next trading sessions. Currently there is support for Nifty at 16800 while resistance is seen on the upside at 17500. On the other hand, there is support for Bank Nifty at 37300 and resistance is seen at 39000.
Shrikant Chauhan of Kotak Security says that Nifty has formed a long bullish candle on the daily chart which indicates continuation of pullback rally in near term. Immediate hurdle is visible for Nifty at 17450-17550, as long as Nifty remains above 17200, it will likely go up to 17450-17550. On the other hand, if Nifty slips below 17200, then we can also see the level of 17100- 17,050 in it.
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