Expert Technical views on Nifty: Slips below 9,940 level
Expert Technical views:
Yesterday (June 4th), the Nifty 50 Index traded with the bearish trend and formed a Doji pattern of the daily charts. Meanwhile, the index showed good profits above the levels of 10,100. Experts observed that in the last six trading sessions, the index was in consolidation and is likely to continue.
Yesterday, Doji candle formed, and today it trading with the bullish trend, this shows bulls and bears. The experts say Nifty close above the level 10,176 which was intraday high noted on June 3rd.
Meanwhile, it opened at the level of 10,054 and reported an intraday high of 10,123 level. Later the bears entered and pushed down below the 10,000 level, but Nifty helped by the buyers so it closed above 10,000 level. Finally, the index closed with 32 points lower at 10,029 level.
The index settled with Doji yesterday with a range of 179 points. and at the same time, it closed below 100-Day EMA, said the expert Mazhar Mohammad.
He said, if the sellers try to push below the 10,000 level in coming sessions, then the range will be between 9,950-10,176 levels.
The expert also stated that, if the index closes 10,000 level then the bearish sentiment will be in the short term and it can down towards 9,700 level.
Meanwhile, the bulls can come back strong at the 10,176 level, the targets can place at around 10,350 level.
In addition, the expert suggested to the traders that right now be neutral, and check the correct signs.
Stock Market June 5th Update Sensex and Nifty
Stock Market June 5th: On the fifth day of the week, the stock market trading with the bullish trend. The Sensex trading with a gain of 248.43 points reached 34,229.13 level with 0.73% up. Whereas, Nifty trading with a gain of 92.95 points reached 10,122.05 level with 0.93% up.
In the border market, the S&P BSE Midcap trading with a gain of 212.43 points reached 12,545.72 level with 1.72% up. Whereas, S&P BSE SmallCap trading with a gain of 273.20 points reached 11,837.99 with 2.36% up. At the same time, Nifty bank trading with a gain of 571.20 points reached 20,961.65 level with 2.80% up.
Top Gaining Stocks: Tata Motors, SBI, Tata Steel, Bharti Infratel, and Hindalco Industries Ltd.
Top Losing Stocks: Tata Consultancy Services, Hindustan Unilever, Vedanta, Bajaj Auto, and Cipla Ltd.