Nifty closes at day's low on profit booking

by IANS |



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.



Latest News
After 10-yr stint in BJP, Haryana's Jat leader Birender Singh rejoins Congress Tue, Apr 09, 2024, 02:50 PM
PM Modi to address first public rally for LS polls in MP's Maoist-hit Balaghat Tue, Apr 09, 2024, 12:52 PM
Why India is seeing a rising trend of diseases Tue, Apr 09, 2024, 12:40 PM
IPL 2024: 'Chennai Super Kings should be called Chepauk Super Kings', says Aakash Chopra Tue, Apr 09, 2024, 12:37 PM
Real Madrid request UEFA permission to play Manchester City under a closed roof: Report Tue, Apr 09, 2024, 12:36 PM
IPL 2024: Jonny Bairstow ready to put best foot forward' vs former side SRH Tue, Apr 09, 2024, 12:36 PM
Two killed in road accident in J&K's Udhampur Tue, Apr 09, 2024, 12:33 PM
MVA cracks seat-share formula, Uddhav Thackeray grabs maximum Tue, Apr 09, 2024, 12:31 PM
Toronto, other Canadian cities go dark as millions watch total solar eclipse Tue, Apr 09, 2024, 12:28 PM
MSCI India index rebalancing could see inclusion of 18 stocks with inflow of $2.7 bn Tue, Apr 09, 2024, 12:18 PM
South Korean Prez vows to be among top 3 nations in AI technology Tue, Apr 09, 2024, 12:10 PM
Mobile messenger KakaoTalk's users fall below 45 million for 1st time: Report Tue, Apr 09, 2024, 12:09 PM
X employees facing arrest in Brazil: Elon Musk Tue, Apr 09, 2024, 12:06 PM
Sectors like capital goods, auto lead Sensex to new high Tue, Apr 09, 2024, 12:04 PM
Egypt, Jordan, France urge immediate ceasefire in Gaza Tue, Apr 09, 2024, 12:03 PM