How will the stock market move next week, will it continue to rise or will it decline
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During this period, the BSE’s 30-share index Sensex closed at its all-time high of 64,718.56 with a jump of 803.14 points, or 1.26 percent. At one stage during trading, it had jumped to a new high of 853.16 points, or 1.33 per cent. NSE’s Nifty also climbed 216.95 points, or 1.14 percent, to close at a record high of 19,189.05. At one point during trading, it had also reached its all-time peak of 19,201.70, rising 229.6 points, or 1.21 per cent.
In other Asian markets, South Korea’s Cospi and China’s Shanghai Composite closed with gains, while Japan’s Nikkei and Hong Kong’s Hangseng declined. Europe’s stock markets were trading with gains in the afternoon. A day earlier on Thursday, a significant boom was seen in the American markets. Many stocks have given excellent returns to the investors this week. Know how the market may move next week. At the same time, which are the stocks that can give profits.
There was a boom in these stocks
Mahindra & Mahindra was the biggest gainer of four per cent among the companies included in the Sensex group. Shares of IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance and Reliance Industries were also successful in registering gains. On the other hand, even in this boom phase, ICICI Bank and NTPC suffered losses and their shares were down.
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How will the market move next week?
According to experts, Nifty’s support has become stronger with the market closing on Friday. The momentum indicator Relative Strength Index i.e. RSI has broken the lower high formation on its daily chart. This is a positive sign for the index. On the other hand, Nifty has given higher closing on the daily chart in the last three consecutive trading sessions. Nifty may face resistance near 19200 due to more call writing than put writing. However, activity at the strike price of 19200 will give an indication of the intraday direction of Nifty on Monday. There has also been a strong closing in Bank Nifty. Support for Bank Nifty has shifted to 44500. Talking about the next target of Nifty, according to experts, it is visible at 19500-19400. There is a strong support for Nifty at 19000-19050 levels. There is resistance at 19380-19400.
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