Stock Market Today: What is SGX Nifty, other factors indicate for Monday’s trading

“Behind most of the major events, India VIX has cooled significantly to 22.6 levels, thus supporting the overall bullish sentiments. Another major support for the market came from FIIs, who have turned positive after a prolonged period of net selloff. While largecap was participating in the recent rally, we are now seeing strong interest in the broader market as well,” said Siddharth Khemka, Head – Retail Research, Motilal Oswal.

Some underperforming sectors like insurance, real estate, durables, building materials, beverages, chemicals etc were also active, indicating buying in the broader market. We expect the current momentum in the market to continue over the next week as well, with wider participation,” Khemka said.

The crucial overhead resistance at 16800-17000 level has been decisively broken on the upside on Thursday and Nifty closed above it. Nagraj Shetty, Technical Research Analyst, HDFC Securities, said this market action can be considered a sharp upside breakout of the key hurdle and is likely to have a positive impact on the market going forward.

“Previously, the area of ​​16800-17000 levels has acted as a strong support for the market in the past and its downside recently resulted in a 1000 point drop in the short term. Hence, the current trend of this area A decisive upside breakout may indicate continuation of the bullish momentum in the near term. A possible uptrend may be seen in the next few weeks at the level of 17800-18000. Immediate support is placed at the level of 17050,” Shetty he said.

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