Good Evening Everyone, Though Nifty started flat in the morning and went on to fall in the first half, the Metal sector along with HDFC & Kotak bank went on to support Nifty from the fall and closed the day with just 13 points fall.
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On the daily chart, the Nifty has made a candle that shows the Bulls trying to overpower the bears, which is a positive sign. And as I have been telling you, the Indian market has started to perform in an entirely new league of its own in the past few weeks as Nifty is still holding up to its all-time high levels in spite of the US markets falling for the entire last week.
The FIIs have again gone in for a buying spree today with a net buy of Rs. 1419 Crores while DIIs booked profit to the tune of Rs. 559 crores.
The Metal sector went on to support the Nifty alone with some support from the IT sector today. Banks were looking weak, and I am still waiting for the Banks to support Nifty in the coming days.
Coal India went on for a splendid rally today after news of its price hike, followed by the steel stocks that supported the Nifty today.
The big daddy "Reliance" played the spoil sport today after it announced that there is a delay in the launch of the Jio phone due to the Chip shortage, which already has been a concern for the auto Industry across the globe.
But It was confidence-inspiring to note that in spite of Reliance being the top loser, Nifty did not fall as expected. Lets look forward to another fruit full day tomorrow.