Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session on a flat note. The Nifty 50 rose marginally by 0.04% or 8.25 points to close at 19,680.60 while the Sensex dipped 29.07 points or 0.04% to settle at 66,355.71. In sectoral indices, Nifty Bank fell 0.17%, Nifty FMCG slipped 0.86%, Nifty IT fell 0.28%, and Nifty PSU Bank slipped 1.46% while Nifty Auto gained 0.95%, Nifty Pharma rose 0.36%, Nifty Media jumped 1.51% Nifty Metal soared 2.94%.
The top gainers on Nifty 50 were Hindalco Industries, JSW Steel, Tata Steel, Ultratech Cement, and NTPC while the top losers were Asian Paints, ITC, Larsen & Toubro, Britannia Industries, and Kotak Mahindra Bank.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty 50 support at 19615-19560; resistance at 19830-19850
“The Nifty opened on a positive note, however, it was unable to sustain at the higher levels and witnessed selling pressure during the first half of the session. The Nifty took support at the 50% Fibonacci retracement level (19,650) of the rise from 19,300–19,992 and witnessed a bounce back which helped the Nifty to close marginally in the green. The correction Nifty is undergoing is unlikely to result in a trend reversal and this intermediate pullback should be used as a buying opportunity. The primary trend is positive and hence we shall continue to maintain a bullish short-term outlook. In terms of levels, 19,615-19,560 shall act as a crucial support zone, and on the upside 19,830-19,850 shall act as an immediate hurdle zone,” said Jatin Gedia Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty support at 45670-45460
“Bank Nifty closed in the red today for the third consecutive day. It witnessed selling pressure after opening on a positive note indicating that it was unable to sustain at higher levels. On the downside, 45,670-45,460 which are the 38.2% and 50% Fibonacci retracement levels are likely to act as a strong support zone from a short-term perspective. Overall, the trend is still positive and once this consolidation is complete, we can expect the Bank Nifty to resume its uptrend. On the upside 46,500 is the expected target,” Jatin Gedia added.