Stock Market Opening: On Wednesday, the Indian stock market opened with a slight increase. Nifty opened at 17,025.55. The BSE Sensex opened with a rise at the level of 57,312. HCL Technologies, Coal India, Infosys, Asian Paints and PowerGrid were included in the Nifty which saw gains. On the other hand, ICICI Bank, Hindalco, ONGC, Reliance Industries and SBI Life saw a decline.
On Tuesday, the BSE Sensex closed at 57,147, down 844 points or 1.46 percent. At the same time, Nifty also closed at the level of 16,983 after losing 257 points.
Which sectors can see bullishness or weakness?
According to Dr. Ravi Singh, Vice President – Head of Research, Share India, Nifty was expected to open between 16,950 to 17,000 today. According to him, the day trading can be between 16,800 to 17,200. The first support for Nifty is at the level of 16,870 and the second support is at the level of 16,750. Resistance can be seen in Nifty at 17,180 and 17,375. Financial services, banks, pharma and energy sectors can see strength today. At the same time, weakness can be seen in realty, metal, media, IT, FMCG and mid-cap sectors today.
What is the strategy for Bank Nifty?
According to Dr. Ravi Singh, Bank Nifty was expected to open between 38,700-38,750 on Wednesday and may go up to 38,500 to 39,000 levels during the day’s trading session. Bank Nifty will get support at 38,500 and 38,285.
On Tuesday, Foreign Institutional Investors (FIIs) sold Rs 4,612 crore. At the same time, domestic institutional investors (DIIs) made purchases of Rs 2,430 crore. Despite this, the Nifty saw a decline of 257 points.
Asian market in red mark
The International Monetary Fund (IMF) has lowered its global growth forecast for 2023 to 2.7 percent, which has affected global sentiments. On Tuesday, America’s Dow Jones Industrial Average rose 36 points to 29,239. At the same time, the S&P 500 fell by 24 points to 3,688.
Talking about the Asian markets, Japan’s Nikkei declined 0.06 percent, South Korea’s Kospi 0.09 percent and China’s Shanghai Composite Index declined 1.23 percent.