2 weeks rally in the market ended but 40 smallcap stocks gave double-digit returns, know how its move may be ahead.
Ajit Mishra of Religare Broking says that mixed global cues and volatility in crude oil prices are causing trouble for the market.
In the week ended March 25, the market was seen trading in the range and it closed down about 1 percent, breaking the two-week bullish sequence. FII selling is being seen once again amid rising geopolitical tensions, which has put pressure on the market. Apart from this, rising crude oil prices and the outcry caused by new variants of Corona in China have affected the market sentiment.
In the week ended March 25, the Sensex closed at 57,362.2, down 501.73 points, or 0.86 percent. On the other hand, the Nifty has closed at 17,153 with a loss of 134.05 points or 0.77 percent.
If we look at different sectors, the Nifty Media Index has seen a rise of 7 percent. The Nifty Metal index is up 5 percent and Oil & Gas up 3 percent. On the other hand, Nifty FMCG declined 3.4 percent. On the other hand, the Nifty Bank index lost 2.8 percent.
Last week, FIIs sold Rs 5,344.39 crore in the Indian markets while DII bought Rs 2,820.72 crore. On the other hand, in the month of March so far, FIIs have sold Rs 46,961.57 crore while DII is buying Rs 34,440.74 crore.
In the midst of this decline, there were more than 40 such smallcap stocks, which saw an increase of 10-38 percent. These include Goa Carbon, Tata Teleservices (Maharashtra), Brightcom Group, Ganesh Housing Corporation, Ashapura Minechem, Vishnu Chemicals, Mangalore Chemicals, and Fertilisers, NIIT, Paisalo Digital, Sterlite Technologies, GFL, PTC Industries, and Meghmani Organics.
On the other hand, Dhanvarsha Finvest, Aptus Value Housing Finance India, Future Enterprises, Reliance Capital, MTAR Technologies, Take Solutions, SREI Infrastructure Finance, AAVAS Financiers, Rane Brake Linings, Sadbhav Infrastructure Projects, Sunteck Realty, KBC Global declined 10 -17 percent. Got to see
How will the market move next week
Ajit Mishra of Religare Broking says that mixed global cues and volatility in crude oil prices are causing trouble for the market and this problem will continue in the coming week as well. can. If we look at the index, Nifty is circling between 17,000-17,350. A break coming either way towards either end will clear the direction of the market. In such a situation, market participants would be advised to focus on select stocks and sectors and also do adequate risk management.
Amol Athawale of Kotak Securities says that Nifty is facing continuous selling pressure around 50-day SMA or 17400. Nifty has formed a small bearish candle on the weekly frame. Which is showing signs of further weakness in it. We believe that as long as Nifty is trading below 17325, there will be a possibility of weakness in the near future and Nifty may touch the level of 17000. If weakness further increases, Nifty can also go to the level of 16900-16870. On the other hand, if Nifty shows strength by crossing the level of 17000, then a pullback rally of 17400-17500 cannot be ruled out.