Benchmark indices NSE Nifty 50 and BSE Sensex ended Monday’s session in green. The Nifty 50 surged 80.30 points or 0.41% to 19,597.30 and Sensex soared 232.23 points or 0.35% to 65,953.48. In sectoral indices, Bank Nifty dipped 42 points or 0.09% to 44,837.50, Nifty PSU Bank tumbled 0.60% while Nifty Auto rose 0.41%, Nifty IT jumped 1.13%, Nifty Pharma soared 1.56% and Nifty Realty gained 0.58%. The top gainers on Nifty 50 were Divis Laboratories, Mahindra & Mahindra, SBI Life, Sun Pharma and LTIM while the losers were Britannia, Bajaj Auto, SBIN, Tata Motors and Axis Bank.
“The Indian market began the data-centric week with modest gains, primarily propelled by strong performances in the pharma and IT sectors. Global markets portrayed a mixed picture, with US futures exhibiting positivity in response to a moderation in bond yields, while European markets experienced declines due to weak economic data. Caution prevailed in the market due to the anticipation of upcoming inflation data and the RBI’s monetary policy,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty support at 19300-19400; Bank Nifty support at 44500-44600
“Following today’s positive opening, the Nifty was positive throughout whereas Bank Nifty was sideways to bearish for the day, concluding a sideways close for the day. For investors, the market is buying on dips with a strict stop loss of 19,300 which is also a strong base for the Nifty, and if the Nifty closes below the indicated level, we can expect more profit booking. The volume profile indicates the index has strong support around the 19,300-19,400 zone. Coming to the OI data, on the call side, the highest OI was observed at 19,700 followed by 19,800 strike prices while on the put side, the highest OI is at 19500 strike price. On the other hand, Bank Nifty has support at 44500-44600 while resistance is placed at 45200-44350 levels,” said Deven Mehata, Equity Research Analyst at Choice Broking.