Quanx News

Nifty’s Smart Recovery: Will 23,800 Be the Game-Changer?

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In this episode of QuanX News, host Prasann Koli delves into a volatile day in the Indian stock market where the Nifty 50 witnessed a sharp rebound from its intraday low of 23,496 to close at 23,688.95. We explore the late-hour buying spree in FMCG, IT, and oil & gas sectors that drove the recovery, with top performers like ONGC, ITC, and Reliance Industries taking the lead.

Key highlights include:

  • Analysis of Nifty's hammer candlestick pattern, hinting at a potential trend reversal.
  • Crucial support and resistance levels: Can Nifty sustain above 23,800 for a breakout?
  • Bank Nifty’s recovery from below 50,000 to close at 49,835.05.
  • A look at the broader market as midcap and smallcap indices shed 1% amidst volatility.
  • Winners and losers: 140+ stocks hit 52-week highs, while nearly 100 hit 52-week lows.
  • Sectoral outlook: The strength in FMCG, IT, oil & gas, and the struggles in pharma, PSU banks, and metals.

    • Join us as we unpack the insights from the day’s market trends, technical analysis, and expert opinions, highlighting the opportunities and risks ahead. Stay curious, stay informed!

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    Quanx NewsBy Quanx News