Thursday was another tough day on Dalal Street as the equity market extended its losing streak to a third straight session, with broader markets taking the bigger hit. While the benchmark Nifty 50 managed to slip just 0.08%, it was a different story in the mid- and smallcap segments, where the pain was sharper.
Stocks including Quality Power, M&M, NTPC Green, Tata Steel, Cipla, RVNL, Delta Corp, HG Infra and Berger Paints will be in the spotlight on Friday, February 21.
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Nifty soared to a new record high on Tuesday, forming a bullish pattern on the charts. After breaking through the 24,400 resistance level, the next target for the index could be 24,960. The momentum indicator showed bullish trade on the counters of BASF India, Kaynes Technology, Hindustan Aeronautics, Britannia Industries, and Colgate-Palmolive (India).
The Nifty experienced a decline of 183 points, closing near the 22,700 level, and formed a "dark cloud cover" candlestick pattern, a bearish signal. The Indian market saw its worst session in nearly three weeks on Wednesday, dragged down by losses in heavyweight financials and IT stocks.
India's benchmark Nifty 50 index hit an all-time high for the fifth time this year on Friday, led by gains in Reliance Industries and IT stocks, and as the government's fiscal prudence in its budget also boosted sentiment.
ITC Ltd, Vodafone Idea Ltd, Indiabulls Housing Finance, KNR Constructions Ltd, AstraZeneca Pharma India, Wockhardt Ltd and Saksoft Ltd are among a handful of companies that will announce their quarterly results today.
The momentum can take the Nifty50 towards 18,500-18,700 in coming sessions, if it sustains 18,200 mark which can be near term support, followed by 18,000 being crucial support, experts said
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Here’s a look at how the year shaped up for market pockets, best performing stocks, as well as the disappointing laggards, the IPO segment, and much more