Stock market closes in red after fluctuations
Sep 26, 2023
Mumbai (Maharashtra) [India], September 26 : The stock market witnessed a day of fluctuations, ultimately closing in the red on Tuesday.
After an initial dip, both the Sensex and Nifty ended the day lower, with investors closely monitoring market movements.
The Sensex closed 65.25 points lower at 65,958.44, while the Nifty was down 6.05 points, ending the day at 19,668.50. The market sentiment appeared cautious, with 26 advancing and 24 declining among the Nifty companies.
From the Nifty companies, several stocks stood out in terms of gains and losses.
Eicher Motors, Hero Motocorp, Nestle India, Bajaj-Auto, and ONGC were among the top gainers, while IndusInd Bank, Tech Mahindra, CIPLA, Adani Enterprises, and Kotak Bank saw losses.
Varun Aggarwal, founder and Managing Director of Profit Idea, noted that the market continued its consolidation and remained range-bound.
Aggarwal recommended accumulating selected blue-chip stocks like HDFC Bank, Bandhan Bank, Reliance, INFY, and Kotak Bank on dips. He also expressed optimism about market sentiment during this consolidation phase.
Varun Aggarwal, founder and Managing director Profit Idea said, “On expected line, market continues to consolidate and remains range bound. Selected blue chip stocks like HDFC Bank, Bandhan Bank, Reliance, INFY, Kotak Bank looks good to accumulate on dips. Market sentiment looks good in this consolidation. Many mid and small cap stocks are looking good and giving breakout”.
Aggarwal highlighted the strength in open interest (OI) data, suggesting support at the 19,500 levels on Nifty. Looking ahead, he anticipated market stabilization and a search for a bottom.
The medium-term target, as per the Elliot Wave theory, remains intact, with a larger target in the range of 20,466 to 21,234.
In conclusion, market analysts like Varun Aggarwal remain bullish on India's prospects and expect positive inflows to continue. Despite fluctuations, the market continues to be closely watched by investors as it navigates through these movements.
