The Market Remained Bullish for the 6th Consecutive Day

 

In today’s market news, several prominent stocks displayed notable movements. Power Grid Corporation, HDFC Bank, Axis Bank, NTPC, and Kotak Mahindra Bank emerged as the top gainers, showcasing positive momentum in today’s trading session.

Conversely, Hero MotoCorp, Coal India, Bajaj Auto, Eicher Motors, and TCS experienced declines, marking them as the top losers.

The broader market saw a significant uptrend on February 20, marking the sixth consecutive day of gains.

Nifty, for the first time, surpassed the 22,200 mark, while the Sensex closed at 73,057.40, recording a gain of 349.24 points or 0.48 percent.

Simultaneously, Nifty closed at 22,197.00, registering a gain of 74.70 points or 0.34 percent.

The day witnessed 1661 shares rising, 1667 shares falling, and 65 shares remaining unchanged. However, BSE Midcap and Smallcap indices closed with marginal losses.

Analyzing sectoral indices, there was a rise of 0.8-2 percent in Bank, Media, Power, and Realty sectors, while Auto, IT, and Metal sectors witnessed declines of about one percent.

Looking ahead to February 21, market experts provide insights into potential movements. Kunal Shah of LKP Securities notes the continued dominance of bulls on Bank Nifty, highlighting its closure above the 47000 level as a strong buying signal.

The immediate support for Bank Nifty is identified at 46700, with a short-term target of 48000. Any dips are suggested to be viewed as buying opportunities.

Rupak De from LKP Securities observes Nifty’s upward trajectory after a consolidation breakout on the daily chart.

The index remains robust above the psychological level of 22000 and 21EMA on the daily timeframe.

De anticipates that, upon decisively crossing the 22200 mark, Nifty may aim for levels around 22400/22600, with support at 22000.

Aditya Gaggar, Director of Progressive Shares, highlights Nifty’s record high close at 22,196.95, underlining a breakout from the Ascending Triangle formation with a bullish candle. According to this pattern, Gaggar projects a target of 23,120 for Nifty.

Bank Nifty’s recent movements are also noteworthy, crossing its 50DMA barrier and breaching the 46,580 level.

The next resistance for Bank Nifty is identified at 47,730, while support is positioned at 46,340 on the downside.

These analyses collectively suggest a cautiously optimistic outlook for the market, emphasizing potential buying opportunities and positive trends in key sectors.

Source:

http://tiny.cc/qf4zwz

https://www.sharemarket.org.in/nifty-closed-at-22197-nifty-prediction-for-tomorrow/