Where is share market headed after Nifty closes above 18340, Bank Nifty above 43950; check support, resistance

Where is share market headed after Nifty closes above 18340, Bank Nifty above 43950; check support, resistance

Benchmark indices NSE Nifty 50 and BSE Sensex trimmed gains and settled almost flat on Tuesday. The Nifty 50 rose 33 points or 0.18% to 18,348 and Sensex rose 18.11 points or 0.03% to end at 61,981.79. In sectoral indices, Bank Nifty rose 69.35 points or 0.16% to 43,954.45 and Nifty IT fell 133.60 points or 0.46% to 28,873.70. The top gainers on Nifty 50 were Adani Enterprises, Divis Lab, Bajaj Finserv, Eicher Motors and UPL while the losers were Apollo Hospital, HCL Tech, Grasim, Tech Mahindra and Kotak Bank.

“Domestic benchmark indices closed flat after a positive session, driven by buying in the metal, pharma, and auto sectors. However, market sentiment was challenged by a sell-off in IT stocks, influenced by weak signals from the US market. The direction of the US market is anticipated to impact global equities, with investors closely monitoring upcoming events such as the release of FOMC minutes, US PMI, and progress in debt-ceiling talks,” said Vinod Nair, Head of Research at Geojit Financial Services.

Bank Nifty immediate support at 43500; resistance at 44100

Bank Nifty experienced range-bound movement throughout the day, indicating a lack of clear trend. The ongoing battle between bulls and bears suggests a struggle for control in the market. The index found immediate support at 43,500 and faced resistance at 44,100, highlighting key levels to watch. A break above or below this range could trigger significant directional moves in the market. Traders and investors should closely monitor the index for a potential shift in momentum.