Quote on Market Movement by Mr. Akshay Chinchalkar - Managing Partner and Head of Markets Strategy, The Wealth Company
Below the Quote on Market Movement by Mr. Akshay Chinchalkar - Managing Partner and Head of Markets Strategy, The Wealth Company
Speaking stocks, and the nifty finished 1.6% down at 23867, underperforming regional peers. The India VIX jumped over 11% and closed just above 21. Mid- and especially, small caps outperformed the nifty. Eleven of the 12 NSE sectors fell, with Automobiles the top losers as they dropped 3.2%. Pharma stocks were the best performers, gaining 0.4%. Speaking nifty stocks, Jio Financial was the day's best performer with a 1.1% gain while Bajaj Finance was the top loser as it fell 4.9%. Technically speaking, yesterday's candle became a "tweezer top" as it failed to break the previous day's high near 24300, That makes 23700 immediate support and 23930 immediate resistance, with an extended hurdle at 24300. Should this week's low of 23700 break, then the next support zone lies inside the 23640 and 23430 area.
Coming to net index options positioning, foreigners and prop traders flipped to firmly bearish, while retail investors went bullish.
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