Indian equity indices opened Wednesday’s trading session on a higher note. The NSE Nifty 50 opened 124 points or 0.48% higher at 25,818. The BSE Sensex opened 410 points or 0.49% higher at 84,281.
The Bank Nifty opened 254 points or 0.44% higher at 58,392. Similarly, the small and mid-cap stocks traded higher. The Nifty Midcap rose 225 points or 0.37% to open at 60,652.
“Technically, after a sharp intraday correction in the early morning, the market found support around 25,450 and rebounded sharply. The market rallied more than 250 points from the day’s low. On the intraday chart, the market formed a higher low and also managed to close above the 20-day SMA (simple moving average), which is largely positive. We believe that the current market conditions are volatile; therefore, level-based trading would be the ideal strategy for a day trader,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Max Healthcare, Eternal (Zomato), Reliance Industries, ONGC, and Bajaj Finserv. On the flip side, the key laggards in the Nifty 50 pack included JSW Steel, Asian Paints, Nestle India, Bajaj Auto, and IndiGo.