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Analyst claims – Indian stock market looking nervous before the budget, know how the market was moving today

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Today the entire stock market closed with a big fall due to selling in Adani Group’s shares and banking shares. The Bombay Stock Exchange (BSE) today lost 773.69 with 1.27% to close at 60,205.06. On the other hand, the National Stock Exchange (NSE) declined by 1.25% by 226.35 points, which closed at the level of 17,891.95. Shares of Adani Group remained the topic of discussion in the market today, because after the report of allegations by American forensic financial research firm Hindenburg, there has been a big fall in the stock of all the 7 companies listed in the stock market. Due to this, the market cap of Adani Group companies has suffered a loss of Rs 46000 crore in a single day.

Meanwhile, Santosh Meena, Head of Research, Swastika Investmart Limited, has claimed that “Indian stock markets are looking nervous and jittery ahead of the upcoming Union Budget on February 1.” The day has experienced a sharp decline.”

Share market is following last year’s pattern
Santosh Meena said that the stock market is currently following the pattern of last year. In 2022, Nifty formed a Doji candle in the second and third week of January and after that there was a big fall in the last week of January. However, that time was a good time to buy as we saw a good rally in the market after the budget.

 

Nifty can go from 18500 to 18650
Santosh Meena said that technically Nifty has strong support at 17800 level, if Nifty moves down after breaking this support then 17625 and 17425 will be its next strong support. On the contrary, on the upside we can expect a rally in Nifty towards 18500 and 18650 levels.

 

Adani Group told Hindenburg report nonsense and conspiracy to defame
Adani Group’s CFO has issued a statement saying that “I am shocked that Hindenburg Research published a report yesterday without making any effort to contact us or verify the factual matrix. It is full of selective misinformation and stale, baseless and defamatory allegations.” is a malicious combination, which has been tested and struck down by the highest courts of India. The Adani Group has always been in compliance with all laws, regardless of jurisdiction and maintains the highest standards of corporate governance.

Read also: Market cap of Adani Group’s shares decreased by Rs 46,000 crore, American research firm alleges fraud

 

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