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Market research suggests that sustaining above 17400 will be an important level to stay positive in the short term.”
Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Limited said, “The market witnessed some swift recovery after a reversal from the support at 17200. On the other hand, Bank nifty has support at 36300 levels while resistance at 38000 levels,” the research associate said. “At present, the Nifty has immediate support at 17200 while resistance comes at 17600 levels, crossing above the same can show 17800-17900 levels. Kothari added, “An Hourly Momentum indicator MACD & Stochastic were trading with a positive crossover which suggests bullish movement is intact.” On an hourly chart, the Index has confirmed a Hammer kind of candle which further adds strength to the upside,” Palak Kothari Research Associate at Choice Broking said in post-market comment. “The Index has taken support from 89 DMA, which suggests a bounce back in the counter. For Sensex support and resistance is 3670 respectively.” On the technical front, Mohit Nigam, Head - PMS, Hem Securities said, “Immediate support and resistance in Nifty 50 is 1720 respectively. US markets witnessed a late sell-off yesterday despite the re-nomination of Jerome Powell as the Fed chair.” Vinod Nair, Head of Research at Geojit Financial Services said, “Domestic equities clawed its way out of the recent downslide boosted by metal, PSU bank and pharma stocks with mid and small caps outperforming the benchmark indices. The counter witnessed a profit booking and closed nearly 8 per cent lower to Rs 488 per share on the BSE. It started its market journey at Rs 530 per share as compared to the issue price of Rs 197 per share at the upper end. Latent View Analytics shares witnessed a stellar listing around 169 per cent higher premium on exchanges earlier today.
And, in the latter, Airtel and Vodafone Idea initiated a rate hike. The former remained under pressure amid reports of the US releasing its emergency oil reserves to keep the rising crude oil prices under control. Sectors such as Oil and Gas as well as Telecom were in focus during today’s market.