Post-market comment by Mandar Bhojane, Choice Broking
Below the Quote on Post-market comment by Mandar Bhojane, Research Analyst, Choice Broking
On February 14, Indian benchmark indices concluded the highly volatile market session on a positive note, with the Nifty closing at 21,800.
SBI, Axis Bank, Maruti Suzuki, Tata Steel, and IndusInd Bank emerged as top gainers on the Sensex, while Tech Mahindra, Sun Pharma, Infosys, TCS, and UltraTech Cement were among the losers.
The daily chart of Nifty reveals the formation of a Bullish Engulf candlestick pattern with substantial volume, indicating bullish momentum in the index. There is an anticipation that the Nifty could reach an all-time high in the next few sessions, especially as the earnings season progresses into the second week.
Presently, the 21,500 level serves as immediate support for the Nifty. On the upside, resistance levels are identified at 22,000 and 22,100. The overall chart pattern, combined with positive market breadth and sectoral performance, suggests a favorable outlook for the Nifty, with the potential for further upward movement.
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