Nifty Wrestles Congestion Pulls Amid Tug of War in Stock Market
Stock Market on Thursday.. (Image credit X.com)
Stock Market Sees Sharp Pullback in Beaten Stocks Amid Bottom Fishing
By S Jha
New Delhi, February 20: Stock market on Thursday remained in the bear grip. Nifty traded in a narrow band. The tug of war between the foreign and the domestic institutional investors continued on Thursday.
While indices closed the day with losses, sharp rally was seen in beaten down stock. Traders sighted bottom phishing in beaten down small and midcap stocks on Thursday.
A sharp loss in shares of the banking giant HDFC Bank pulled down the indices. Sensex closed the day with loss of over 200 points. Nifty recovered the deep losses in early trades to close with minor losses.
The satellite communication stock Avantel sharply climbed on Thursday. From the high of ₹240, the shares of Avantel had slumped to the level of ₹110 in recent days. It climbed by 14 per cent on Thursday amid frenetic buying in the stock.
India Stock Market Sinks while China Rises in Trump Tariff Shadow
“Financials pulled down the markets today with heavyweight stock HDFC Bank Ltd. falling over 2% being the top Nifty 50 and Nifty Bank loser,” said StockEdge in a post-market commentary. The Kolkata-based brokerage said that “Nifty 50 however, consolidated around 23900 continuing to face hurdle from 23000 levels”.
It stressed that “22700-23000 is now the range of the index and a move beyond this will bring in fresh momentum”. The 50-share index is witnessing buying around 22800 and selloff over 23000 levels for past few days.
Shares of Voltamp Transformers also rose sharply by 11 per cent on Thursday. The sharp corrections in shares of Voltamp Transformers had pulled it to the level of ₹6187 from the high of over ₹14000 in recent months.
“Nifty Bank was one of the weakest sectoral index today due to weakness in financials and private banks. Despite that, the index has been able to hold above the level of 49000 which is acting as a strong support,” added StockEdge. It added that “21DEMA level of 49486-49500 is the resistance”.
The Kolkata-based Amit Seth, a stock market analyst, said in his Telegram channel that “Nifty is spending too much time in 22750-22950 zone”. He added that a close below the zone could bring more stress in the market.
“As this has become purely an intra-day market both on long and short side… if you don’t have any trading position by 3.30 PM, then you are a winner,” said Seth. He added, “I like more of positional stuff, will wait for that regime to come once again.”
(This article makes no recommendation for buy or sell of shares of any company)
Join the WhatsApp Channel of The Raisina Hills
Follow on Google News https://news.google.com/publications/CAAqBwgKMNK2vwsw39HWAw?hl=en-IN&gl=IN&ceid=IN%3Aen
About The Author
