Bad global cues spoiled the mood of the market in the business of Thursday, May 19. There was heavy selling in the market on the day of weekly expiry. Whose Sensex, Nifty saw a fall of more than 2.5%. Midcap, smallcap stocks were selling in yesterday’s trade. All sector indices of BSE were selling. Inflation, interest rate hikes and fear of recession are dominating the markets around the world. Yesterday BSE Sensex fell 1416 points or 2.6 percent and closed at the level of 52792. At the same time, the Nifty50 index closed at 15809, down 431 points or 2.65 percent. Nifty formed a bearish candle on the daily chart yesterday.
On the other hand, if we look at the movement of the market today, then there is a great rally in the market. Sensex is showing a gain of 1000 points. At the same time, Nifty has also crossed 16100. BSE Midcap and Smallcap index is jumping more than 1.51 percent.
What is the opinion of experts on the market
Subash Gangadharan of HDFC Securities Lets say that if you look at the 15 minute chart, it is clear that Nifty has reversed from the recent pull back rally and closed near the recent low of 15735. The 20 – Period Moving Average (MA) on the 15 minute chart has now moved below the 50 – Period Moving Average indicating a negative moving average cross over. After breaking the support at 15735 for Nifty, fresh weakness can be seen.
He further said that even on the daily time frame, there are signs of weakness in the Nifty in the coming sessions. Nifty has been witnessing weakness for the past few weeks. In this process it is making lower top and lower bottom. After slipping below the trading range of 16824-17415, the Nifty is seeing further downside.
Bet on these stocks to earn in intraday
Mehul Kothari’s intraday call by Anand Rathi
ITC: Buy at Rs 273 level, Target Rs 292, Stop loss Rs 262
IOC: Buy at Rs 115 level, Target Rs 126, Stop Loss at Rs 110
Intraday call by Rohit Singhre of Bonanza Portfolio
MindTree: Sell Current Level, Target Rs 2750, Stop Loss Rs 2900
Intraday Call by Avinash Gorakshakar of Profitmart Securities
Ambuja Cements: Buy current level, target Rs 380, stop loss Rs 355
Intraday pics of Sumeet Bagadiya of Choice Broking
Voltas: Sell current level, target Rs 910- Rs 900, stop loss Rs 975
Royal Orchid Hotels Limited or ROHLTD: Buy current level, target Rs 140, stop loss Rs 125
(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)