Benchmark indices NSE Nifty and BSE Sensex ended Thursday’s session broadly in green. The NSE Nifty 50 jumped 165.95 points or 0.92% to 18,255.8 and BSE Sensex surged 555.95 points or 0.91% to 61,749.25. In sectoral indices, Bank Nifty skyrocketed 372.75 points or 0.86% to43,685.45, Nifty Financial Services soared 297.1 points or 1.55% to 19,479.35 and Nifty PSU Bank zoomed 51.15 points or 1.23% to 4,194.35. The top gainers on Nifty 50 were Adani Enterprises, Bajaj Finance, HDFC, SBI Life and HDFC Bank while the losers were IndusInd Bank, UPL, Nestle India, Power Grid and ITC.
“Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors. However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty support at 18074-18050, resistance at 18350-18370
“During the day Nifty has broken and closed above the previous swing high of 18180 indicating that it has started the next wave on the upside. The low of 18042 made on 3rd May 4, 2023, shall act as a crucial support level and as long as the nifty manages to hold above this level it is likely to keep stretching higher. On the upside, the immediate hurdle lies at 18350 – 18370 where the weekly upper Bollinger band is placed. In terms of levels, 18074 – 18050 shall act as a crucial support zone while 18350 – 18370 is the immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty support at 43500, 43350 and 43200, resistance placed at 43700, 43850 and 44000
“Bank Nifty trend for the coming week is expected to be sideways to bullish with the possibility of a new all-time high as bulls are in control and have closed above the strong resistance of 43500. Important support zones for the index are around 43500, 43350 and 43200 which are expected to be held as it is trading strongly in a higher high higher low, whereas the resistance is placed at 43700, 43850 and 44000 above which it will start moving towards new highs. Till the time the index is above 43500, it is expected to remain bullish as options data is indicating strength,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.