2024-03-25 12:03:38
New Delhi: There was a lot of ups and downs in the stock market last week. The market had closed with gains on the last day of the trading week i.e. Friday. Sensex and Nifty closed with gains for the third consecutive day amid record gains in US markets and strength in major stocks like L&T, ITC and Maruti Suzuki. There is a positive atmosphere in the stock market after the US Federal Reserve indicated three rate cuts this year. After the decline in early trade, the markets had registered a spectacular recovery. During this period, the 30-share BSE Sensex rose 190.75 points or 0.26 percent and closed at 72,831.94. NSE Nifty closed at 22,096.75 points, up 84.80 points or 0.39 percent. However, a sharp fall in IT and technology stocks limited the gains. Among Sensex stocks, Sun Pharma, Maruti, IndusInd Bank, Titan, ITC, Tata Motors, Larsen & Toubro and JSW Steel had significant gains. On the other hand, Infosys, Wipro, HCL Technologies, Tata Consultancy Services, Tech Mahindra and Bajaj Finserv were among the gainers. There was a decline in shares. A decline of two percent was recorded in the BSE IT index. In other markets of Asia, South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng closed down while Japan’s Nikkei closed with gains. There was a mixed trend in European markets. American markets closed with gains on Thursday.
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How will the market move?
Next week there will be trading in the market only for three days. According to experts, due to the monthly expiry of derivatives next week, there may be some volatility in the market. The market will keep an eye on US GDP data and other important economic data. Nifty is likely to consolidate at upper levels. Two days of recovery has been seen in Nifty. These are signs of the return of bulls in the market. Nifty will have to cross the level of 22,100 to move towards its life time high of 22,525.
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These are important levels
According to experts, Nifty is trying to recover. In case of any decline, buying has been seen returning in the zone of 21,900 to 21880. This is also a 20 hour moving average. The retracement process is not complete yet. In such a situation, the rally in the market may continue. Daily and hourly indicators are giving different signals on the technical charts.
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