Quote on Market Movement on 23rd march by Mr. Akshay Chinchalkar , The Wealth Company.
Below Quote on Market Movement on 23rd March by Mr. Akshay Chinchalkar - Managing Partner and Head of Markets Strategy, The Wealth Company.
Market Movement Quote
Over to stocks, and the nifty closed 0.5% up at 23114, but not before giving up a reasonable amount of intraday gains. The India VIX finished flat. Mid- and small caps rose more than the nifty. Nearly three stocks rose for every stock that fell on the Nifty 500. Seven of the 12 NSE sectors advanced, with IT stocks rising 2.2% and becoming the day's best performers. Realty stocks fell the most, dropping 0.9%. Speaking nifty stocks, JSW Steel was the day's best stock with a 3.4% gain while Hindalco was the worst as it fell 2.5%. Technically speaking, Friday's candle became an "inverted hammer" with a long upper shadow which means sellers remain active near 23350. Unless the market is able to break through this area, the trend will remain weak.
Immediate resistance lies in the 23345 - 23379 zone, while support lies between 22680 and 22923.
Talking flows, based on provisional data, foreigners withdrew over 5500 cr while domestic players invested around 5700 cr. FIIs have now withdrawn money for 16 straight days through Friday.
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