Buying support in the stock market halted the fall

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After three consecutive days of decline, the Indian stock market saw a boom. The market improved due to buying at low prices. In which the benchmark Sensex closed at 61,730 with a gain of 298 points, while the benchmark Nifty closed at 18,203 with a gain of 73 points. However, selling in the broader market continued and market breadth remained soft. Of the 3,595 counters on the BSE, 1,892 closed with losses. While 1,576 showed positive closure. 108 counters hit the annual peak. While annual bottoms were made on 35 counters. At 12.30, the volatility index India VIX closed at 4 per cent.

In the final session of the week, Indian benchmark Nifty slipped into the negative territory due to early selling after a positive opening amid a mixed trend in global markets. However, he returned after the first hour and a half and remained a reformed supporter throughout the session. At the end of the day, it closed near a height of 18,218. Nifty futures closed at 18,231 at a premium of 28 points to Nifty cash.

Which shows a decline in comparison to the premium of 50 points seen in the previous session. Which means that the better long position has been diluted. According to technical analysts, the Nifty will come out of the decline only when it crosses the level of 18,330. However, it is currently in a consolidation zone. The strength in the global markets can take it to a new high. With the results season almost over, the market is now eyeing external triggers like the US debt ceiling. RBI is expected to maintain the stance in June. While the US Fed is also likely to hold off on rate hikes. Major counter gainers that supported the Nifty on Friday included Adani Enterprises, Adani Ports, Tata Motors, Tech Mahindra, Infsys, HCL Technologies, M&M, Axis Bank, UltraTech Cement, Wipro and ICICI Bank. On the other hand, Divis Labs, Britannia, Tata Consumer, NTPC, ONGC, Power Grid, Hero MotoCorp, UPL saw significant decline.