Global cues will be important for Indian Market as Covid cases are rising in the US and China by Mr. Santosh Meena, Swastika Investmart Ltd
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Below is the post market report by Mr. Santosh Meena, Head of Research, Swastika Investmart Ltd
Nifty and Sensex ended with a minor gain after a volatile trading session but the real pain was in the midcap and smallcap space as Nifty midcap index ended with a cut of 1.1% and BSE Smallcap index ended 2% lower while many stocks fell between 5-10%. IT stocks outperformed where the Nifty IT index ends with a gain of 0.87%. The pain in midcap and smallcap baskets can be attributed to DIIs selling and lack of HNIs inflow due to multiple IPOs at the same time.
Technically, Nifty ends with a Doji formation which is a sign of indecisiveness but 16200-16170 is an immediate strong demand zone while 16000-15950 is a critical demand zone, and 'buy on dip' texture will be continued till Nifty trades above this zone. On the upside, 16350-16400 is acting as an immediate resistance area; above this, we can expect a move towards 16500/16600 levels.
It will be important to see midcap's behavior from here as the Nifty midcap index made a low at 50-DMA today and if it manages to hold this level then we can expect some buying in this space otherwise selling can be accentuated.
Global cues will be important as covid cases are rising in the US and China while the dollar index is rising amid talk of tapering.
Above views are of the author and not of the website kindly read disclaimer
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