Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs again today and ended Wednesday’s trading session broadly in green. The Nifty 50 rose 83.90 points or 0.42% to close at 19,833.15 after making a new 52-week high of 19,851.70 intraday. The Sensex jumped 302.30 points or 0.45% to settle at 67,097.44 after hitting a fresh all-time high at 67,171.38 intraday.
In sectoral indices, Nifty Bank rose 0.57%, Nifty IT fell 0.06%, Nifty Private Bank rose 0.39%, Nifty Financial Services gained 0.57%, Nifty PSU Bank surged 1.95%, and Nifty Media jumped 1.13%. The top gainers on Nifty 50 were NTPC, Bajaj Finance, IndusInd Bank, Ultratech Cement, and while the top losers were Hindalco, Hero MotoCorp, TCS, Bajaj Auto, and Maruti Suzuki.
“Despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad-based rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs. Although there was some initial profit booking today, the market confidently recovered, with buying observed in all major sectors except auto and IT. Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation, “ said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty 50 support at 19400 – 19360; resistance at 19670 – 19720
“The Nifty witnessed a trending day of trade today. It opened on a positive note and was volatile during the first half. It was in the second half that the bulls managed to gather pace and managed to pull the nifty higher to close with gains of around ~150 points. On the daily charts, we can observe that Nifty is on the verge of breaking out of an eight-day consolidation on the upside. The Nifty has spent a considerable amount of time consolidating and we believe that the base is in place for the next leg of up-move. On the upside immediate resistance is placed in the zone 19670 – 19720 while crucial support is placed in 19400 – 19360,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty to target 45000-45400
“As far as Bank Nifty is concerned, the Index continued to correct and traded in a downward-sloping channel. It has now reached the lower end of that channel and also the 50% Fibonacci retracement level (44600). Today the Bank Nifty has witnessed buying interest from that crucial support zone and we expect the positive momentum to continue on the upside. we can also see a positive divergence and positive crossover on the hourly charts which indicates that the selling momentum is weakening. We expect the Bank Nifty to start recovering as it has now reached a crucial support zone. On the upside initially, we expect it to target 45000 – 45400,” Jatin Gedia added.