Stock market today
Stock market after yesterday’s pullback consolidated for a while before continuing its upward journey and after so much fall this pull back was expected, rupee breached 65 levels. Which everybody was fearing and selling equities, after such events generally comes and go the panic comes to halt as the worst has come and gone .The FOMC minutes outcome was also not helpful in determining future course of action but next week Q1 GDP numbers are expected and it will be the trigger which markets will be waiting for and volatility will remain next week too.
Indian Rupee recovered in today’s trade and closed at 63.2 and profit booking seems to set in and. There was RBI intervention to keep the rupee rise at control and in the next week at the most rupee can touch 62 levels but that is when Q1 GDP numbers are on positive side otherwise the volatility is intact.
Nifty after stabilizing at 5400 levels today continued the up move and closed at 5472 but crossing 5500 will be a hurdle for nifty at the current market conditions even if it crosses 5500 then 5550 will again act as a resistance and selling can come at these levels and support is at 5400.
NSE sectorial Indices
Bank Nifty closed near the 9500 levels and it will cross this level in the next week but staying above these levels will be difficult for the bank nifty as it has been going to higher levels and again falling back if it crosses 9500 then 9800 will be resistance and 9200 will be the support.
CNX IT Index today closed near 7900 backed by stocks like HCL Tech which were near there all time highs and the index after going through brief correction is back into its uptrend mode only closing below 7700 for two or three days will get the momentum down.
CNX Metal index will try to consolidate around 1900 levels and there is uptrend in this index as it was displaying strength in previous sessions and support is at 1740 levels next resistance is at 2060 and it will take time to cross it.
CNX Energy Index even after markets have been strong for the past two days has failed to cross the 7550 levels clearing telling that there is weakness in the index.
CNX Mid-cap index is near the resistance zone of 6650 and it will take in the next week and the support is at 6550
CNX Small Cap index is still consolidating at these levels of 2600 and it is a good sign but next step will be to break out on either side and resistance comes in it at 2700 and support is at 2550.