Benchmark indices Nifty and Sensex pared early losses today and managed to settle marginally in the green for the ninth session in a row. NSE Nifty 50 rose 15 points or 0.08% to settle at 17827; BSE Sensex gained 38.23 points or 0.06% to 60,431. In sectoral indices, NSE Nifty Bank surpassed the crucial 42100 level towards the end of the session; it surged 574.60 points or 1.38% to close at 42,132.55. NSE Nifty IT fell over 2%.
“Indian shares experienced a downturn, weighed down by IT stocks following weak quarterly earnings and a cautious outlook from the top IT firm, which flagged apprehensions over deferred spending and uncertainty in its BFSI segment. The decrease in CPI inflation to 5.66% in India, coupled with the moderation of core inflation, supports the decision of the MPC to keep policy rates on hold. While US inflation cooled to 5.0%, anxieties grew globally after the FOMC minutes hinted at a possible “mild recession” due to the impact of banking turmoil,” said Vinod Nair, Head of Research at Geojit Financial Services.
Nifty trend likely to remain positive if it stays above 17700
“The fight between bulls and bears ended in favour of the bulls as Nifty ended the session about 100 points off the day’s low. The benchmark Nifty has posted a winning streak for the ninth consecutive trading session. The critical moving averages are sitting comfortably below the current index value. The trend is likely to remain positive as long as it stays above 17,700. On the higher end, 18000 will likely act as a crucial resistance,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty to move towards 42440-42680
“Bank Nifty has continued its strong upward momentum, surpassing the budget day high of 42016 with solid volume in the space. The index remains in buy mode and will likely move towards 42440-42680 levels on the upside. On the lower end, Bank Nifty has support at 41800; as long as this support is not breached, the trend remains positive,” said Rupak De, Senior Technical Analyst at LKP Securities.