Broad-based selling pressure as declining stocks exceed advancing by over two
The Nifty 50 Index is currently trading within a well-defined range, with a resistance level at 24,400 and support at 23,880
The Nifty 50 Index is on a bullish trajectory with key resistance at 25,050 and 25,336.
On the weekly charts, the Nifty 50 Index has closed down, relinquishing all recent gains, indicating substantial selling pressure at higher levels
In 2024 so far, the Nifty MidCap and SmallCap indices have slid to the 100-DMA in times of a market correction, show charts; check key levels here
A total of 131 stocks from the Nifty MidCap 150 index, and 211 stocks from the Nifty SmallCap 250 index are seen trading above the long-term moving average as of date.
The Nifty Index is currently trading at 23,465.60. On near-term charts, the index is positioned in the oversold zone, suggesting that selling pressure will likely emerge on any rise
The NIFTY 50 Index is currently trading at 23,290.15. Although the overall trend remains bullish, recent volatility has disrupted the near-term pattern, evidenced by large candlestick formations
Stock Market LIVE on June 04: As of 11:30 AM, Narendra Modi-led BJP was seen leading in 237 seats, and Congress was seen with 98 seats, as per Election Commission of India
The Nifty 50 Index is currently trading at 22,952.00 and has rallied significantly in the near term, bringing it close to a stiff resistance zone around 23,050
That said, the reality so far Wood believes, a repeat of the shock BJP defeat in 2004, remains unlikely in the extreme.
Here's why the stock market rallied on Thursday, May 23: PSU bank stocks cheered RBI's dividend move; Optimism over election outcome coupled with ease in bond yields lifted NSE Nifty to a new high.
In the past six trading days, the index has outperformed by surging 5.4 per cent, as compared to 2.4 per cent rise in the Nifty 50.
By 2035, India's market-cap can touch $18-20 trillion as compared to around $4 trillion right now, Vikas Khemani said in this interview.
According to Ravi Nathani, an independent technical analyst, the 22,527 level on the upside and 22,170 on the downside are the key levels to watch out for on the Nifty 50 index.
This particular technical indicator on the weekly charts suggests that the Nifty PSE, CPSE and PSU Bank indices could consolidate or dip in the near-term
Analysts raised 2023-24 (FY24) earnings estimates for 49 per cent of 162 companies
The NSE Nifty50 has strong supports placed around at 20,920 and 20,750 levels. Meanwhile, the broader indices are seen testing support at respective 20-DMAs, show charts.
A prudent trading strategy in the Nifty Realty index would involve booking profits, and adopting a cash position
The NSE Nifty may face some resistance around 20,130; above which the index can potentially hit a new all-time high soon.