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Nifty Prediction for Tomorrow, 23 February: The stock markets witnessed highly volatile trading last week. On the final day of the week, Friday, bullish momentum returned, with the BSE Sensex closing up by 316 points and Nifty ending above 25,550. Buying in banking and metal stocks, optimism over progress in trade agreements, and news of India’s participation in “PAX Silica” supported the market.
The BSE’s 30-share benchmark index Sensex rose 316.57 points, or 0.38 per cent, to close at 82,814.71. During the session, it had climbed as much as 633.94 points to touch an intraday high of 83,132.08. The NSE’s 50-share benchmark index Nifty gained 116.90 points, or 0.46 per cent, to close at 25,571.25. During trading, it surged by 209.2 points to reach an intraday high of 25,663.55.
Nifty Prediction for Tomorrow: Strength in All Sectors Except IT
Except for the IT sector, almost all sectors showed a positive trend. Buying was seen in energy, FMCG, auto, real estate, and pharma stocks. The energy index recorded a weekly gain of about 2.5 per cent, while the FMCG index rose nearly 2 per cent. Stocks like ITC and Thermax supported the sector. Now, as investors enter the market tomorrow (Monday), what strategy should they follow and which key levels should they watch? On ET Now Swadesh’s special show, market expert Laxmikant Shukla shared his views.
Nifty Prediction for Tomorrow: Expert Opinion
The expert said that when comparing last week’s chart session with this week’s chart, not much has changed. The 200-day moving average (200 DMA) support that existed last week is still visible. Currently, the support lies around the 25,300 level, where Nifty’s 200 DMA is positioned. As long as the market holds this level, a pullback move can be expected. However, a major breakout will only occur when Nifty trades above the 25,000-26,000 zone.
He further added that whenever Nifty approaches the 26,000 zone, selling pressure emerges, and the lower-level support has been visible around the 200 DMA for the past two weeks. Therefore, the support remains at 25,300, while resistance is at 26,000. Only if Nifty breaks above this level will a meaningful upside move be seen.
In a latest development, US President Donald Trump on Saturday announced hike in tariffs on all countries to 15 per cent from 10 per cent, which was imposed a day earlier. Following a Supreme Court verdict against his earlier sweeping tariffs, Trump on Friday imposed a 10 per cent tariffs on all the countries, including India from February 24 for 150 days.
Commenting on the 10 per cent tariff, the Indian government on Saturday said it is studying these and their implications.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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