Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session in the green. Meanwhile, Bank Nifty hit a new all-time high of 44,498.60 today. The Nifty 50 rose 35.20 points or 0.19% to 18,633.85 and BSE Sensex advanced 122.75 points or 0.20% to 62,969.13. In sectoral indices, Bank Nifty jumped 124.45 points or 0.28% to 44,436.35, Nifty Financial Services gained 73.35 points or 0.38% to 19,606.05, Nifty IT rose 57.45 points or 0.20% to 29,297.65 while Nifty Metal plunged 54.65 points or 0.91% to 5,936.55. The top gainers on Nifty 50 were ITC, HDFC Life, Bajaj Finserv, Kotak Bank and Bajaj Finance while the losers were Hindalco, Adani Enterprises, Tata Steel, Tech Mahindra and Dr Redd’ys Laboratories.
“The domestic market continued its rally as recent Q4 results indicated an improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile. The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ growth in Q4 FY23 GDP vs. 4.4% in Q3,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty resistance at 18705–18735 while support at 18570–18500
“NSE Nifty 50 is witnessing consolidation which is a bullish sign. The hourly momentum indicator still has a negative crossover which points out that the consolidation is still not over, and it could lead to a rangebound price action over the next few trading sessions. Overall, the uptrend is intact, and this consolidation shall provide an opportunity for initiating fresh long positions. In terms of levels, 18705 – 18735 shall act as the immediate hurdle zone while 18570 – 18500 is the crucial support zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP.
Bank Nifty support at 44100 while resistance at 44750-44800
“Bank Nifty closed above the 44400 mark, achieving consecutive all-time highs over the past two days. Bank Nifty support is situated at 44100, whereas resistance levels are projected at 44750-44800,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.