Nifty has to hold above 15,000 level to continue the bullish momentum towards 15,200 - Market Talk | Alice Blue Blogs – Get Latest Stock Market updates from Our Experts in Online Trading Platform
Tuesday , March 2 2021
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Nifty has to hold above 15,000 level to continue the bullish momentum towards 15,200

The Nifty futures closed positive at the level of 15157 with a gain of 0.34%. On the shares front, Motherson Sumi NSE 7.73%, Indiabulls Housing Finance NSE 5.62%, Muthoot Finance, Page Industries, MRF, PEL, Cipla, Cummins India, Apollo Tire, Chola Finance, Bharat Forge, Titan NSE saw a spurt in trade setup Has gone. 0.21% and Grasim while weak

The Nifty opened flat on Wednesday after setting record highs in the past seven sessions and caught positive momentum. The index broke the previous day’s low and took a breather to close on a flat to negative note. This formed a doji candle with a long lower shadow on the daily scale, indicating that every dip is being purchased. The Nifty has to keep above 15,000 to continue the momentum at the 15,200 and 15,250 levels, while the major support on the downside can be seen at the 14,850 and 14,750 levels.

The bank opened the Nifty flat and went sideways during the session. Banking stocks have also seen a stagnation, and consequently the rate-sensitive index sank to its 35,500 level with its key support. It settled the day with a loss of around 270 points. The index formed a bearish candle on a daily scale with a long low wick. The index has been stuck in the 35,500-36,600 range for the last few seasons.

Now, it will have to stay above the 35,500 level to move towards the 36,500 and 36,500 levels, while negative support has been seen at the 35,500 and 35,250 levels.

Asian stock markets gained momentum on Wednesday after Wall Street broke its six-day win streak.

Shanghai, Tokyo, Hong Kong and Seoul all advanced.

Wall Street’s benchmark S&P 500 index ended up 0.1% as investors looked to Washington, where President Joe Biden’s Democrats planned to move without Republican help on an incentive plan.

“Investors naturally thought it was worth mitigating some equity market risk following the recent volatility,” said Stephen Innes of Axi in a report. But optimism about the stimulus, US central bank support and the rollout of the coronavirus vaccine “should all eventually come to the rose”.

The Shanghai Composite Index rose 0.7% to 3,629.54, while the Nikkei 225 in Tokyo was down just 0.1% to 29,531.58. Hang Seng in Hong Kong rose 1.6% to 29,958.51.

Cospi rose 0.2% to 3,091.02 in Seoul and Sydney’s S&P-ASX 200 rose 0.6% to 6,891.50 points.

New Zealand and Singapore retreated to Bangkok and Jakarta.

On Wall Street, the S&P 500 index slipped to 3,911.23. The Dow Jones Industrial Average fell 0.1% to 31,375.83. Nasdaq rose 0.1% to 14,007.70.

The trio reached record highs on Monday.

A mix of companies dealing with consumer services and products was the biggest pull on the broader market, achieving gains in communications, industrial and healthcare stocks.

US stocks have risen on optimism The worst economic impact of the epidemic may be past.

In Washington, Democrats have rallied around Biden’s $ 1.9 trillion stimulus plan for the struggling economy. It includes lump sum payments for Americans and is likely to increase the federal minimum wage to $ 15 per hour.

In energy markets, the benchmark US crude price fell 12 cents to $ 58.24 a barrel in electronic trading on the New York Mercant Exchange. The contract rose 39 cents to $ 58.36 on Tuesday. Brent crude, which is used to price international oils, sheds in London from 7 cents to $ 61.02 a barrel. It added 53 cents to $ 61.09 per barrel in the previous session.

The dollar rose to 104.60 yen from Tuesday’s 104.55 yen. The euro advanced from $ 1.2120 to $ 1.2128.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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