Metals shining & Finance stocks are gaining momentum by Mr. Rahul Sharma, Equity99
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Below are Views On today`s post market report by Mr. Rahul Sharma, Co- Founder, Equity99.
Markets continue their growth trajectory with Nifty50 making a fresh all-time high of 16588. RIL was in focus post news on Reliance Aramco Deal update, Stock was up 1.3%. Metals, Fertilizers & Sugar stocks were in focus. Tata Steel was the top performer among the Nifty50 pack up 3.95%. Nifty Bank however was flattish and is not performing in line with Nifty50.
India`s July WPI Inflation is at 11.16% vs 12.07% in July 2020. The estimated was 11.30%.
The growth in the market is expected to continue in the coming days with Metals shining & Finance stocks also gaining momentum.
Nifty Advance-Decline Ratio – 1: 2.3 with 785 advancing & 1813 stocks declining
Nifty has once more formed a bullish candle at closing, with gaining intraday 33.95 points it managed to close at new record high levels, now going ahead 15500 will act as a psychological level for immediate support followed by 15475 -16425-16375 levels. Similarly on the upper side 16600 will act as resistance followed by 16675 levels.
Nifty Bank which underperformed Nifty50 which lost 74.85 points and closed at 36094.50 has immediate support at 35900 & if it breaks this level then 35700----35550 will be the next support. On the upside 36300 will be the hurdle above which 36550-36700 will act as the resistance level.
Above views are of the author and not of the website kindly read disclaimer
