Mumbai, Feb 23 (IANS) Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day’s low due to profit booking on Friday, said Rupak De, Senior Technical Analyst at LKP Securities.
The Nifty 50 closed at 22,212.70 on Thursday, down 4.75 points or 0.02 per cent, while the Sensex ended flat by 15.44 points lower or 0.02 per cent at 73,142.80.
However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips, De said.
Vinod Nair, Head of Research at Geojit Financial Services, said the domestic market paused momentarily on Friday after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services.
As the earnings season winds down, the market is eagerly awaiting new catalysts. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs, Nair said.
–IANS
san/arm
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
