Quote on Post Market by Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company
Below the Quote on Post Market by Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company
"The Nifty rose 0.5% and settled at 23114, a much-needed bounce after yesterday's plunge. The Bank nifty however ended largely flat at 53427. That said, even though the nifty rebounded, it couldn't hold onto the day's highs and generated a "doji" candle with a long upper shadow. This simply means that the area of today's highs is where supply exists, for now. The weekly candlestick has also become a doji showing intense selling pressure for the week. Elsewhere, the India VIX ended flat.
Speaking derivatives, the front-month nifty saw a build up of fresh longs, while the bank nifty saw a small build up of short positions.
Speaking sectors, seven of the 12 main NSE sectors rose. IT was the best performing sector and jumped 2.2%, while Realty stocks were the worst hit, as they ended down 0.9%."
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