Benchmark indices NSE Nifty 50 and BSE Sensex ended Thursday’s session flat. The NSE Nifty 50 fell 18.1 points or 0.10% to 18,297 and BSE Sensex dipped 35.68 points or 0.06% to 61,904.52. In sectoral indices, Bank Nifty rose 144.25 points or 0.33% to 43,475.3 and Nifty Pharma tanked 159.85 points or 1.26% to 12,557.05. The top gainers on Nifty 50 were Adani Enterprises, Asian Paints, Hindustan Unilever, Adani Ports and NTPC while the losers were Dr Reddy, Larsen & Toubro, Hindalco, Divis Lab and JSW Steel.
“The current market rally has been largely influenced by consistent FII inflows, driven by lower treasury yields and the weakness of the US Dollar. However, the gains in the domestic market were tempered by weak earnings reported by a few heavyweight companies. On the global front, markets remained positive as US inflation eased below 5%, providing reassurance to investors that the Fed’s rate hike measures have been effective in managing inflation levels,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty may rise to 18400-18475 as long as it holds above 18200
“The short-term uptrend formation is still positive and the index is consistently forming a higher bottom formation which is also supportive for the bulls. We are of the view that as long as the NSE Nifty 50 is trading above 18200, the uptrend formation is likely to continue. Above this, the index could move up till 18400-18475. On the flip side, below 18200, the market could slip till 18125-18100,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Bank Nifty support at 43000, resistance at 44000
“Bank Nifty had a range-bound trading session during the expiry period. A Doji candlestick pattern was formed, suggesting indecisiveness among traders. The 43,000 level served as a strong support area with the highest open interest built up on the put side. On the other hand, the 44,000 level acted as resistance with fresh call writing. Overall, the market showed uncertainty, with traders closely monitoring these support and resistance levels for potential market movements,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.