After falling below the 200-day moving average, India’s benchmark stock indices recovered sharply in the late afternoon trade.
At the close, the benchmark Nifty-50 closed at 5,059.90, down 33.60 points (0.7 per cent) and the Sensex was 159.04 points (0.9 per cent) lower, at 16,835.56. The 200-day average for the Sensex was 16,719.83 and the intra-day low was 16,551. The Nifty touched a low of 4,966.25, below its 200-day average of 4,985.15.
Engineering major, Larsen & Toubro, along with a slightly positive European market helped domestic bourses to recover from the day's low.
Technically Nifty has once again bounced back from 200 DMA, but unless it crosses 5200 decisively, upside is limited and downside risk exist below 4950. If global problem persists, nifty can go to 4500-4600. but for today, one can go long with the target of 5100 and stop loss at 4970.
At the close, the benchmark Nifty-50 closed at 5,059.90, down 33.60 points (0.7 per cent) and the Sensex was 159.04 points (0.9 per cent) lower, at 16,835.56. The 200-day average for the Sensex was 16,719.83 and the intra-day low was 16,551. The Nifty touched a low of 4,966.25, below its 200-day average of 4,985.15.
Engineering major, Larsen & Toubro, along with a slightly positive European market helped domestic bourses to recover from the day's low.
Technically Nifty has once again bounced back from 200 DMA, but unless it crosses 5200 decisively, upside is limited and downside risk exist below 4950. If global problem persists, nifty can go to 4500-4600. but for today, one can go long with the target of 5100 and stop loss at 4970.
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