RBI’s decision supported the market, Sensex-Nifty made a strong comeback after the initial fall.
highlights
- RBI’s decision supported the market, Sensex-Nifty made a strong comeback after the initial fall.
- Repo rate remains at 5.25%, Nifty closed above 25,694, Bank Nifty strengthened
- Market recovery after RBI policy, ITC-Kotak-Airtel top gainers
Nifty Prediction For Next Week: Friday’s trading session was very important for the stock market because the Reserve Bank of India (RBI) did not make any change in the repo rate in the monetary policy and kept it at 5.25 percent. After this decision of RBI, the market which was initially under pressure, registered a strong recovery. There was weakness in the market at the beginning of trading on Friday, but the decision to keep the repo rate stable increased the confidence of investors and buying returned in the second half of the day. Recovering from the initial fall, Nifty 50 crossed the important level of 25650 and closed at 25694.
Sensex closed at 83,580 with a rise of 266 points. Banking shares also witnessed strength and Nifty Bank closed at 60120 with a gain of 57 points. However, midcap stocks remained under pressure and the midcap index closed at 59,503, down 14 points.
Which shares saw action?
ITC, Kotak Mahindra Bank and Bharti Airtel were the top gainers from Nifty 50 pack in Friday’s trade, with a rise of up to 5 percent. Tata Consultancy Services (TCS) and SBI Life Insurance Company were the biggest losers and recorded a decline of about 2 percent.
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Among the Sensex stocks, ITC, Kotak Mahindra Bank, Hindustan Unilever, Bharti Airtel, Bajaj Finance and Shriram Finance were among the gainers. On the other hand, TCS, Tech Mahindra, Adani Ports & SEZ, Asian Paints, Bajaj Auto and Grasim Industries witnessed the biggest decline.
Market expert opinion
Market expert Laxmikant Shukla says that the way the market seems to be stabilizing around its mid-point, it indicates stability in the coming sessions. He said that Nifty has been defending its 100-day moving average (DMA) for the last three days and on Friday also it closed above 100 DMA.
According to him, the level of 25500 remains immediate support for Nifty. As long as Nifty remains above this level, a pullback move can be expected. However, there is resistance at the level of 25800 and if Nifty crosses it then levels of 26000 to 26200 can be seen.
Talking on Bank Nifty, he said that the index has maintained its lower levels and for this the level of 58200 is being seen as an important support.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice in any way. ET NOW Swadesh recommends its readers and viewers to consult their financial advisors before taking any money-related decisions.
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