Benchmark indices NSE Nifty 50 and BSE Sensex concluded Friday’s volatile session broadly in green. The NSE Nifty 50 jumped 73.45 points or 0.41% to 18,203.40 and BSE Sensex surged 297.94 points or 0.48% to 61,729.68. In sectoral indices, Bank Nifty soared 217.1 points or 0.50% to 43,969.40, Nifty IT skyrocketed 1.47% while Nifty Pharma fell 0.96%. The top gainers on the Nifty 50 were Adani Ports, Adani Enterprises, Tata Motors, Tech Mahindra and Infosys while the laggards were Divis Lab, Britannia, ONGC, NTPC and Hero Motocorp.
“The domestic market, though experienced a lack of decisive direction, closed the day on a positive note. The optimism in the US market was fuelled by progress in debt ceiling talks and stronger-than-expected jobless claims. However, the prospect of a stronger US economy suggests that the Federal Reserve may keep policy rates elevated for an extended duration,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty resistance seen at 18300, support placed at 18050
“NSE Nifty 50 formed a hammer pattern on the daily chart, indicating a potential trend reversal. It found support at the 21EMA, resulting in a smart recovery from the day’s low. Positive divergence was observed on the hourly RSI, suggesting a possible shift in momentum. Resistance on the higher end, is seen at 18300, while support is placed at 18050,” said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty support placed at 43500, resistance at 44000
“Bank Nifty bulls came back strong and managed to hold the support of 43,500. This indicates that the bulls are still in control and that the index is likely to continue its uptrend. The immediate resistance is at 44,000. If the index is able to break above this level, it could see a sharp move toward the 44,500 level. The momentum indicator RSI took support at the 60 level. This bullish sign indicates that the momentum is still intact on the upside,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
