Benchmark indices NSE Nifty and BSE Sensex ended Wednesday’s session broadly in green despite unfavourable global cues. The NSE Nifty 50 rose 44.35 points or 0.25% to 17,813.60 and BSE Sensex climbed 169.87 points or 0.28% to 60,300.58. In sectoral indices, Bank Nifty surged 151.40 points or 0.35% to 42,829.90 and Nifty Realty rose 5.85% to 1.36% to 435.95. The top gainers on Nifty 50 were Power Grid, Tata Consumer, Nestle India, IndusInd Bank and SBI Life while the top losers were Hindalco, Adani Ports, Bajaj Auto, Bajaj Finserv and NTPC.
“The domestic bourses mirrored the mood on Wall Street as soft economic data and underwhelming earnings dragged US equities to a weak close yesterday. However, the market gradually recovered after an uptick in US futures, with the earnings of tech companies providing support. Adding to investors’ concerns about a possible recession, the US consumer confidence data for April hit a nine-month low ahead of the upcoming Fed policy meeting,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty targets of 18,000-18,200 expected in near term
“Nifty Bulls managed to hold the support of 17,700 after the gap-down opening and the index recovered fully at the end of the session. The momentum remains strong and one should keep a buy approach and expect targets of 18,000/18,200 in the near term. The monthly expiry indicates resistance at 18,000 where the highest open interest is built up on the call side,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty rise above 43000 may induce further rally
“Bulls have kept their hold on the Bank Nifty as the index ended in the green, recovering from the morning losses. In the short term, the trend remains bullish with the new range for traders being 42500-43000, where writers have significant build-up. On the lower end, a fall below 42500 may trigger panic in the banking space; whereas on the higher end, a decisive rise above 43000 may induce further rally,” said Rupak De, Senior Technical Analyst at LKP Securities.