The stock market witnessed a day of fluctuations, ultimately
closing in the red.
After an initial dip, both the Sensex and Nifty ended the day
lower, with investors closely monitoring market movements.
The Sensex closed 65.25 points lower at 65,958.44, while the Nifty
was down 6.05 points, ending the day at 19,668.50. The market sentiment
appeared cautious, with 26 advancing and 24 declining among the Nifty
companies.
From the Nifty companies, several stocks stood out in terms of
gains and losses.
Eicher Motors, Hero Motocorp, Nestle India, Bajaj-Auto, and ONGC
were among the top gainers, while IndusInd Bank, Tech Mahindra, CIPLA, Adani
Enterprises, and Kotak Bank saw losses.
Varun Aggarwal, founder and Managing Director of Profit Idea, noted
that the market continued its consolidation and remained range-bound.
Aggarwal recommended accumulating selected blue-chip stocks like
HDFC Bank, Bandhan Bank, Reliance, INFY, and Kotak Bank on dips. He also
expressed optimism about market sentiment during this consolidation phase.
Varun Aggarwal, founder and Managing director Profit Idea said, “On
expected line, market continues to consolidate and remains range bound.
Selected blue chip stocks like HDFC Bank, Bandhan Bank, Reliance, INFY, Kotak
Bank looks good to accumulate on dips. Market sentiment looks good in this
consolidation. Many mid and small cap stocks are looking good and giving
breakout”.
Aggarwal highlighted the strength in open interest (OI) data,
suggesting support at the 19,500 levels on Nifty. Looking ahead, he anticipated
market stabilization and a search for a bottom.
The medium-term target, as per the Elliot Wave theory, remains
intact, with a larger target in the range of 20,466 to 21,234.
In conclusion, market analysts like Varun Aggarwal remain bullish
on India’s prospects and expect positive inflows to continue. Despite
fluctuations, the market continues to be closely watched by investors as it
navigates through these movements.
ANI
