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Below is the Views On quote on today's market closing By Mr. Santosh Meena, Senior Analyst, TradingBells
Indian equity market continuing its bull run by hitting a fresh all-time high for three consecutive sessions. We can say that it is a pre-budget rally where global tailwind is also supporting the current bull run. Global markets are in risk-on mood after escalation between US-Iran cooled off where they were cheerful today ahead of the signing of the US-China trade deal. The US lifts currency manipulator tag on China currency manipulator which led to positive sentiments across the global market today. Indian market ignored the sharp rise in inflation and moved higher though Banknifty is underperforming. The undertone of the market is very strong where Midcap and Smallcap space is doing very well. Indusind bank witnessed sell-off after initial rally post its Q3 results because prima facie numbers look good but higher slippages and slowest loan growth were the cause of concern.
Technically, Nifty is in important supply zone of 12350-12400 but it is not showing any signs of weakness where if it manages to take out this resistance zone then we can expect a rally towards 12545/12700 levels in coming days while in the downside 12300 will act as an immediate support level; below this 20-DMA of 12205 will be next important support.
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