July 9, 2024 / 9:12 AM
Sensex Today | Nifty faces immediate resistance at 24,400: Aditya Gaggar, Director, Progressive Shares
The range trade ended slightly lower at 24,321. DOJI candlestick patterns near record levels indicate indecisiveness between bulls and bears. The index witnessed volatile trading with downside protection at 24,220 and immediate resistance set at 24,400.
As suggested yesterday, BankNifty has limited the upside for the index.The 51,900-52,000 zone is considered as a strong support area and 52,900 will be a key hurdle.
Railway and fertilizer stocks regained momentum in yesterday’s trade with some stocks already showing strong breakouts on significant volumes, suggesting a continuation of the uptrend.
In the energy sector, we continue to maintain a bullish outlook on ONGC and Reliance. The FMCG sector rose over 1.60% to a record close, marking a fresh all-time high breakout, but follow-up buying is a must for confirmation.
Selective buying was seen in the metals space with HindCopper and Nalco delivering solid breakouts, while stocks like Kopran, Olectra Greentech, Sadhana Nitrochem, Sunteck Realty and Ultramarine Pigments in the small and midcap segment performed strongly.
