Indian Market Closes Strong on Tuesday: Review by TradingBells
Indian market closed strong on Tuesday after two days of correction. Stock markets have ignored BJP's loss in the New Delhi elections. Markets had already factored in the results from exit polls. As the results declared so far have been positive, the strong momentum is expected to remain in the upcoming weeks.
A review of Indian Stock Market by Mr. Santosh Meena, Senior Analyst, TradingBells follows....
The Indian market is continuing its bullish momentum after 2 days of correction. Positive global markets and a fall in crude oil prices led a decent rally in the Indian market. The market ignores the actual outcome of Delhi's results as APP victory was already discounted in the market. The metal sector did well today due to strength in the global market while there was no major loss in any sector. The global cues will continue to dominate in the coming days where the Indian market may outperform due to weakness in crude oil prices.
Technically, Nifty witnessed decent pullback from a psychological mark of 12000 after 2 days of correction but it needs to cross the level of 12170 for any meaningful strength. If it manages to cross 12170 level then it may head towards 12300/12500 levels in the coming days while if it slips below its 20-DMA of 12086 level then we can expect some weakness towards 11900-11850 zone.