More than 70 smallcaps gain 10-31% even as market fall continues
For Nifty the crucial support zone on the downside is placed at 19350 – 19290 and on the upside, resistance is placed at 19530 – 19500.
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For Nifty the crucial support zone on the downside is placed at 19350 – 19290 and on the upside, resistance is placed at 19530 – 19500.
Stocks of small- and mid-cap companies continued to gain ground in July, notwithstanding analysts sounding caution on these two market segments given the sharp run thus far in calendar year 2023 (CY23). Sanjeev Prasad, co-head of Kotak Institutional Equities, in a note co-authored with Anindya Bhowmik and Sunita Baldawa in June-end, had cautioned against the sharp run in small- and mid-caps. 'We do not see any particular reason for the excitement in small- and mid-cap stocks.
If Nifty slips below its 20-DMA of 19,600, it might indicate a correction towards 19,300-18,888 levels.
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BSE's barometer hit 66,000-levels for the first time but dropped more than 500 points from the day's high, while NSE's Nifty50 also topped 19,550-mark but lost more than 150 points from day's high.