Stock market today
Today rupee opened on a weak note mainly attributed to passage of food security bill, and rising crude oil prices on the back of Syrian crisis stock market opened on a weak note and slipped in the opening trade, but it was not falling much from that point and recovered owing to short covering, going forward stock market will be under pressure from rupee, and geopolitical tensions.
Indian rupee even today continued its slide and wasn’t showing any conviction to recover and was continuing sell of even today ,till the macroeconomic condition, external pressure continues Indian rupee will continue to be under pressure, and going by the steady decline by the Indian rupee it can even touch 70.
Although nifty touched an intraday low of 5110 it again recovered from there on and closed at 5285 above the critical support zone of 5225.And the trend in nifty will be choppy resistance is at 5400 and support is at 5225.
NSE sectorial Indices
Bank Nifty is near 52 week lows and at these lower levels 8250 can be taken as support zone and resistance is all the way at 9500 and bank nifty will trade in this range until the rupee fall is halted.
CNX IT Index has been on good run owing to rupee appreciation and it is touching all time highs in the past few sessions ,and if rupee stops to gain then the index may consolidate or have a healthy consolidation and at that point support comes in at 7750.
CNX Metal index is consolidating at 1900 and on the back of the gains made by metal index consolidating is a good sign before renewing its uptrend and support is at 1750 levels and resistance is at 2000 levels.
CNX Energy Index looks set to go further down and go down below 7000 levels and there is only strength if it trades above 7350 levels.
CNX Mid-cap index has gone below the support of 6500 closing at 6456 and it is only a 50 point difference and if the trend in overall market change then it may get back above 6500 and support is 6350 and resistance is at 6550.
CNX Small Cap index is closing 50 point up or down around 2600 levels and the trend is of consolidation and in this market scenario it is a healthy sign and resistance is at 2700 and support is at 2550.