Benchmark indices NSE Nifty and BSE Sensex ended Thursday’s session broadly in green. The NSE Nifty 50 jumped 101.45 points or 0.57% to 17,915.05 and BSE Sensex surged 348.80 points or 0.58% to 60,649.38. In sectoral indices, Bank Nifty surged 170.95 points or 0.40% to 43,000.85, Nifty Auto climbed 99.05 points or 0.76% to 13,071.8 and Nifty IT skyrocketed 290.25 points or 1.07% to 27,355.25. The top gainers on Nifty 50 were Bajaj Auto, Bajaj Finance, SBI Life, Bajaj Finserv and UPL while the top laggards were HDFC Life, Hindustan Unilever Ltd, ONGC, Axis Bank and Power Grid.
“The domestic market is gradually shifting towards a positive terrain, supported by FIIs inflows and positive Q4 earnings from banks. On the global front, the US Q1 GDP number which will be unveiled today is anticipated to moderate on a QoQ basis amid concerns over banking contagion and a slowing economy. The next week’s FED policy will be keenly monitored. The FED may further hike by 25bps, but the expectation is that this will represent the peak and a long pause,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty positive momentum to continue as long as it trades above 17720-17700
“Nifty closed above the previous swing high of 17863 which confirms that it has started the next leg of up-move. On the way up, Nifty is likely to target levels of 18100 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas. “On the daily charts, the momentum indicator has triggered a fresh positive crossover which is likely to provide speed to the current upmove. Thus, both price and momentum indicators are now in sync and suggest that the current rally is likely to continue. As long as the Nifty continues to trade above the 17720 – 17700 support zone we expect the positive momentum to continue,” he added.
Bank Nifty may move towards 43300-43500
“Bank Nifty continued to move higher during the day. On the daily chart, the index has remained above the consolidation breakout point. Besides, the index has remained above the critical moving average. On the higher end, Bank Nifty might move towards 43300/43500 over the near term. On the lower end, support is placed at 42750,” said Rupak De, Senior Technical Analyst at LKP Securities.