Indian Stock Market: Sensex, Nifty 50 Trade Flat after Rallying for Four Sessions. Is it time to book profits?

Stock market today: The Benchmark Indices Sensex and Nifty Opened Higher for the Fifth Consecurable Session on Tuesday, Driven by Optimism Surrounding Us-China Trade Discussions and Favorable Diestic Policy Cues. However, The Initial Rally Lost Momentum Quickly, and the Market Turned Volatile.

As of 9:32 AM, The BSE Sensex had declined by 160 points, or 0.19%, to 82,284, while the nifty50 slipped 5 points, or 0.02%, to 25,097.

In Sectoral Performance, Nifty Bank and Financial Services Dipped By 0.3% and 0.5%, Respectively. On the other hand, sector like nifty auto, it, media, metal, and oil & gas recorded Gains of up to 1.1%. In the broader market, the nifty midcap100 edged up by 0.2%, while the smallcap100 advanced by 0.3%.

“Technically speaking, whether it’s a pennant or a rectangle that the market is breaking out of, the implications are bullish with an objective of 25800. 25200 is important and aS longs ash Unable to force the index below 24800, bulls cleaned the upper hand. Akshay Chinchaalkar, Head of Research, Axis Securities.

Is it time to book profits?

According to vk Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, Nifty is Likely to Consolidate in the 24500 – 2500 range in the near -term. There are no short-term triggers to take the nifty beyond the upper band. Some Profit Booking Pulling The Market Slightly Down is likely. But ample Liquidity will ensure that Dips will get bught, helping the market to consolidate.

Vijayakumar Further Said, “From the Global Perspective, Market Participants will be keenly Following Outcome, it is unlikely to happy quickly.

Since the market has run up in the last two trading days and Valuations have got stretched, some profit booking can be considered to hedege against unexpected developments. “

On the other hand, Ajit Mishra – SVP, Research, Religare Broking Ltd Believes That The Participants Should Exercise Caution AMID Market Rally. “We maintain our bullish outlook and recommend a focus on selective stock picking during any intermediate consolidation or Dip. And Mid-Cap segments, which are currently buoyed by strong domestic flows and sentiments.

Disclaimer: This story is for educational purposes only. The views and recommendations about individual analysts or broking companies, not mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.