Nifty crosses 23,600, will the rise be sustainable tomorrow? Know tomorrow’s important levels from experts
Nifty Prediction for, 18 March : After the huge fall in the stock market in the last few days, a good strength was seen in Tuesday’s trading session. Nifty closed near 23,600 and Bank Nifty closed at 54,900. However, crude oil prices (Brent crude crossed $113) and tension in the Middle East still remain a matter of concern in the global market. In a special discussion on ET Now Swadesh, market experts have shared their opinion about tomorrow’s market. So without any delay let us know what should be our strategy regarding the market tomorrow.
Opinion of Pradip Halder (Founder & CEO, PHD Capital)
Pradeep Halder has advised to be cautious regarding this rise in the market. Pradeep ji believes that the market trend was quite negative for the last one and a half to two weeks. It would be premature to call the rise seen in the last session a complete ‘up-trend’. According to him, the rise in the market is mainly due to ‘short covering’ (cutting of deals by sellers).
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Nifty and Bank Nifty levels: According to him, as long as Nifty is holding the level of 23,000, it can go from 23,800 to 23,950 in the next one-two trading sessions. Whereas in Bank Nifty, levels ranging from 55,250 to 55,400 can be seen.
Global risk remains: He cautioned that tensions in the Middle East and rising crude oil prices are still a big threat. There is also selling pressure from FIIs.
Pradeep ji’s advice is to make a positional view only on large cap shares and selected sectors. Unless Nifty sustains above 24,200, there will be risk in the market.
current market action
During the discussion, Mansi Dave said that in the last session, while there was tremendous buying in auto, metal, and EMS shares, there was selling pressure in IT and PSU bank shares. Pharma and quick commerce companies also showed good momentum.
What to do for tomorrow?
Experts are of the opinion that the market has certainly tried to stabilize itself, but global uncertainties have not ended yet. Investors should adopt stock specific strategies with caution in tomorrow’s session. 23,000 will act as a strong support for Nifty, but for a big rally it is necessary to cross the level of 24,200.
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