Wednesday Current state of the stock market : know which share to buy
Nifty and sensex data
Due to muted global cues, the domestic equities market benchmarks, such as the Nifty 50 and the Sensex, ended their four-day winning streak on Tuesday, March 5. By the end of the trading day, the Nifty 50 had dropped 49 points, or 0.22 percent, to close at 22,356.30. Similarly, the Sensex closed at 73,677.13, down 0.26 percent, or 195 points.
BSE smallcap index
The BSE Smallcap index performed worse than the benchmark Sensex, falling by 0.63 percent, while the BSE Midcap index suffered a slight dip of 0.17 percent.A four-day winning streak was ended by Nifty due to profit booking. Depressingly, India’s service PMI dropped to 60.6 in February. At 22356 levels, the index closed down 49 points. It was a mixed bag in terms of sectors, with purchases witnessed in PSU Bank, Auto, and Oil & Gas.
Today’s IPO market
Today’s excellent launch of the IPO market included Exicom and Platinum listing at premiums of 87% and 33%, respectively. Prior to the release of important US economic data like the US Service PMI today, the markets were likewise drab, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
A guide to day trading on the stock market today
Rupak De, Senior Technical Analyst at LKP Securities, provided the following prediction for the Nifty 50: “Bulls and bears saw another day of little battles without reaching a decisive conclusion. The index continues to be above the short-term moving average, indicating that mood is still favourable. The RSI momentum indicator has crossed bullishly. Nifty must clearly break over the 21400 barrier in order to open up a possible climb towards 22600 and higher. Support for the downside is located at 22200.”Senior Technical & Derivative Analyst Kunal Shah of LKP Securities provided the following analysis on the Bank Nifty’s outlook today: “The Bank Nifty bulls maintained their control, holding firm above the crucial support level of 47400.” The index’s immediate resistance is located at 48000, and an effective break of this mark is expected to drive the index closer to its peak. The general view is still positive, and any drops in the direction of the indicated support level are regarded as purchases.”
“The domestic market experienced range bound movement post hitting new record high in the preceding day, influenced by cautious trend in global peers ahead of the Fed Chair’s congressional testimony and key U.S. jobs data,” said Vinod Nair, Head of Research at Geojit Financial Services, regarding the outlook for the Indian stock market today. Sentiment was further soured by the fact that China has not announced any substantial stimulus plans. The greater valuations of mid- and small-cap companies continued to cause them to underperform. Concerns over the US Fed’s potential delay in rate decreases have resulted in recent losses for the IT industry. PSU banks did better, though, while auto stocks saw a surge in demand from rural areas and strong volume figure