Page 9 - Senior Technical News Today

During the week, 67 smallcap stocks had a good run with double digit gains, higher than that of the previous week. In the preceding week, about 50 smallcaps rose in double digits.

“However, other PSU stocks may require a correction of 5-10% for an ideal buying opportunity. Investors are advised to consider adding more of the mentioned stocks during any dips,” he says.

​The Nifty Bank fell over 100 points on Friday as traders preferred to book profits at higher levels, but it closed with gains of nearly 1% for the week ended 23 February.

The banking index fell nearly 100 points and formed a Long-Legged Doji kind of candlestick pattern on the daily charts. The Nifty50 rose over 160 points to hit a fresh record high.

Stock market today: Nifty bounced back into positive territory and made yet another new high above 22200 zone.

The Indian market is facing stiff resistance at higher levels; the valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits, said Vinod Nair, Head of Research ...

The Nifty Bank snapped a six-day winning streak on Wednesday as traders preferred to book profits at higher levels. The Nifty Bank fell 74 points to close at 47,019 while the Nifty50 witnessed a cut of 141 points to close at 22,055.

The Nifty Bank remained in consolidation mode as it moved in the range of 47,363.40 - 46,886.95, intraday, before closing with minor losses at 47,019.70.

Nifty Bank index is anticipated to reach the short-term target of 48,000, with any dip viewed as a buying opportunity, said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Nifty Bank rallied for the fifth consecutive day in a row on Monday to close above 46,500 levels but profit-taking at higher levels suggests that the momentum could be fading out.