The Nifty50 index closed at 24,194.50, recording a slight dip of -0.11%. The market experienced a neutral trend, with 49 out of 50 stocks ending in the green. Top-performing sectors included Banking, Auto, and Finance, while the Media sector was the sole laggard.
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FII & DII Performance Today
- Foreign Institutional Investors (FIIs): Net buyers with a total acquisition worth ₹1,157.70 crore.
- Domestic Institutional Investors (DIIs): Net sellers with total offload worth ₹1,910.86 crore.
This divergence highlights FIIs as buyers and DIIs as sellers, contributing to the market’s subdued performance.
Which Sectors Drove the Market in the Last Session?
In the last trading session, the Software & IT Services sector emerged as the top performer, achieving a market capitalization of ₹4,921,101 crore and an advance-decline ratio of 153:92. This sector showcased strong momentum, with most stocks closing in the green. On the other hand, several sectors underperformed, notably the Power sector, which had a market capitalization of ₹1,627,872 crore and an advance-decline ratio of 20:23. The Construction Materials sector also lagged, recording a market capitalization of ₹862,892 crore and an advance-decline ratio of 58:51. Similarly, the Media & Entertainment sector struggled, closing with a market capitalization of ₹112,128 crore and an advance-decline ratio of 46:34. These underperforming sectors faced widespread declines, with a majority of their stocks ending in the red.
Nifty50 Prediction : Technical Analysis for Tomorrow
The Nifty50 continues its uptrend, forming higher highs and lows, signaling bullish momentum. A bullish flag pattern observed on the 4-hour chart suggests potential upward movement.
Support and Resistance Levels:
- Support: 24,050, 23,980, 23,900
- Resistance: 24,350, 24,500, 24,650
Indicators:
- RSI: 72.14 (Overbought)
- Bollinger Bands: Trading near the upper band, indicating possible reversal.
- Moving Averages: 50-day and 200-day averages are bullish, affirming the uptrend.
Trading Strategy for Tomorrow
- Buy: If Nifty50 breaks 24,350, target 24,500-24,650.
- Sell: If it dips below 24,050, target 23,980-23,900.
Key Takeaways
The Nifty50 prediction for tomorrow remains cautiously bullish, contingent on key resistance levels being breached. Sectors like Software & IT are expected to sustain momentum, while cautious monitoring of underperforming sectors is advisable.
