Mumbai: The Nifty 50 Index opened with a decline on the first day of the week. It had closed at 17,604.35 in the previous session and opened at 17,541.95 today. It declined despite strong global cues. On Friday, the US stock market had closed sharply on the expectation of a softening of inflation. On Friday, the Nasdaq Composite gained 0.95%, the Dow Jones Industrial Average gained 0.08% and the S&P 500 index gained 0.25%. Despite this, today most of the Asian markets saw a decline. Only China’s SSE Composite index gained momentum.
At 10:40 am, the Nifty 50 index was trading at 17,575.45 points, down 28.9 points, or 0.16%. Broader market performance was mixed. The Nifty Mid-Cap 100 index declined by 0.12 per cent while the Nifty Smallcap 100 index was trading up by 0.26 per cent. Technically Nifty 50 is trading above its 200 day moving average. It is trading near strong support levels of 17,535 to 17,580 levels. If it goes below this, then it can be in the grip of lethargy. Due to this, the market can come to the level of 16,750 to 17,050. The India VIX, which has shown volatility in the last five sessions, has rallied nearly 55%. That’s why there is a need to trade carefully. Here is the list of stocks which are undergoing price volume breakout.
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