The Indian stock market witnessed a volatile week, with the BSE Mid and Smallcap indices outperforming the main indices. Despite high volatility, the market showed signs of recovery towards the end of the week.
The BSE Sensex index fell 338.3 points or 0.39 percent at 84,929.36, while Nifty50 index shed 80.55 points or 0.30 percent at 25,966.40. Among sectors, Nifty Private Bank and Media indices lost 1 percent each, while Nifty PSU Bank and IT indices added 1% each.
Foreign Institutional Investors (FIIs) turned net buyers for the last three consecutive sessions of the week, but remained net sellers for the week. Domestic Institutional Investors (DII) continued their buying, purchasing equities worth Rs 12,061.92 crore.
The underlying trend of Nifty is positive, with a sustainable move above the key overhead resistance of 26000-26050 levels potentially opening the next upside target of around 26300 levels. Important lower supports to be watched at 25800-25700 levels.
The Nifty has witnessed a breakout from a falling wedge pattern, indicating improving market sentiment. Additionally, the index has reclaimed the 21-day EMA on the daily chart.
Remember, this is a perspective, not a prediction. Do your own research before making any investment decisions.
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