Marginal rise in stock market, stock specific action increased, Nifty may get resistance at these levels.
At present, the bullish trend is intact for Nifty and any consolidation and slight decline of Nifty till the mark of 25 thousand level can be considered as a buying opportunity.
The stock market started trading on a positive note on Thursday and the Nifty opened at a level of 25250, up 50 points. The Sensex also opened near the level of 82470 with a gain of 114 points. Stock specific action has increased in the market after yesterday’s correction.
Buying is being seen in the oil and gas, metal sectors in early trade. UltraTech Cement, Shriram Finance, Tata Steel, ITC and Wipro are seen as top gainers from the Nifty 50 pack, while counters like HDFC Life, Nestle India, Bharti Airtel, SBI Life from the Nifty 50 index itself are seen under selling pressure.
Nifty may get resistance at 25300 and 24350 levels.
Indian stock markets closed with a slight decline on Wednesday amid global concerns after the rise in the last two weeks. However, analysts said that buying at lower levels reflects the flexibility of domestic equities in the face of global volatility.
Siddharth Khemka, Head of Research, Wealth Management, Motilal Oswal said, “We expect Nifty to consolidate in the higher zone with occasional volatility. Defensive sectors like FMCG and pharma are likely to remain in focus.
He said that the bullish trend for Nifty is currently intact and any consolidation and slight decline of Nifty towards the 25 thousand level mark can be considered a buying opportunity. It is expected that Nifty will soon move towards new all-time high levels around 25350-25400.
oil price
Oil prices are trying to stabilize in early trade on Thursday after overnight decline. There is a possibility of low demand in the market and excess supply in the market next month.