Benchmark indices NSE Nifty 50 and BSE Sensex ended Monday’s session mostly flat. The Nifty 50 rose 25.70 points or 0.14% to 18,691.20 and BSE Sensex dipped 9 points to settle at 62,970. In sectoral indices, Bank Nifty rose 18.15 points to 43,641.05, Nifty Auto jumped 1.15%, Nifty Pharma surged 1.53% and Nifty FMCG gained 0.68% while Nifty PSU Bank fell 0.18%. The top gainers on Nifty 50 were Cipla, Adani Enterprises, HeroMotocorp, Tata Consumer Products and UPL while Power Grid, TCS, Reliance Industries Ltd (RIL), NTPC and Coal India were the losers.
“The global market exhibited a negative bias as concerns regarding economic growth emerged in light of the political instability in Russia. This instability led to an increase in oil prices, driven by worries over potential supply disruptions, given Russia’s status as one of the largest oil producers. On the domestic front, the market experienced limited downside as the pharma and auto sectors provided support. Additionally, mid and small-cap stocks were seen recovering their positions following a recent sell-off, indicating a regained investor confidence in these segments,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
“Following today’s flat to tiny gap up opening, the NSE Nifty 50 was erratic throughout the day, finishing near its initial levels and creating a doji on daily charts. For investors, the market is still buying on dips with a strict stop loss of 18550, and we can expect more downward pressure if the Nifty closes below the suggested level. Volume profile indicates Index has a strong support around 18550-18600 zone. Coming to the OI Data, on the call side, the highest OI observed at 18800 followed by 18900 strike prices while on the put side, the highest OI is at 18700 strike price. On the other hand, Bank Nifty has support at 43350-43500 while resistance is placed at 44150 levels,” said Deven Mehata, Equity Research Analyst at Choice Broking.