Where is share market headed after Nifty ends above 18140, Bank Nifty above 43350; check support, resistance
时间:2024-05-18 03:10:31 阅读(143)
Benchmark indices NSE Nifty and BSE Sensex ended Tuesday’s session in the green territory. The NSE Nifty 50 jumped 82.65 points or 0.46% to 18,147.65 and BSE Sensex surged 242.27 points or 0.40% to 61,354.71. In sectoral indices, Bank Nifty climbed 118.2 points or 0.27% to 43,352.1, Nifty Auto rose 93.9 points or 0.71% to 13,283.15 and Nifty IT skyrocketed 316.8 points or 1.14% to 28,025. The top gainers on Nifty 50 were ONGC, Tech Mahindra, HDFC Life, NTPC and Hindalco while the top losers were HeroMotocorp, Sun Pharma, UltraTech Cement, Bharti Airtel and Kotak Bank.
“Defying the trend in global peers, Indian benchmark indices continued their upward momentum, fuelled by strong Q4 earnings and favourable domestic macroeconomic data. The manufacturing PMI surpassed expectations due to an increase in new business, moderation in price pressures, and improved supply chain conditions. Additionally, the GST collection in April was the highest recorded to date. While Western markets traded with mild cuts ahead of the US Fed policy announcement, the domestic market benefited from strong inflows by FIIs,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support seen at 43300, 43200, 43000 while resistance placed at 43400, 43500, 44000“Bank Nifty is seen to be trading in a higher high higher low formation as bulls swiftly take the index close to 43400. The undertone remains bullish as long as Bank Nifty holds the levels of 43300 as put writers are fiercely active on 43300, 43200 and 43000 and call writers are active on 43400 and 43500. Buy on dip strategy can be implemented for the coming week for targets of 43700. Technical indicator RSI is at around 76 and is showing strength by sustaining above 50 levels. Support is seen at 43300, 43200 and 43000 while resistance is placed at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
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