Where is share market headed after Nifty closes above 19350, Bank Nifty below 44870; check support, resistance
时间:2024-05-19 09:49:45 阅读(143)
Benchmark indices ended Monday’s session mildly in green. The NSE Nifty 50 advanced 24.10 points or 0.12% to 19,355.90 and BSE Sensex rose 63.72 points or 0.10% to 65,344.17. In sectoral indices, Bank Nifty fell 64.15 points or 0.14% to 44,860.85, Nifty Auto tumbled 0.62%, Nifty IT plunged 1.24%, Nifty PSU Bank decreased 0.57% while Nifty Metal jumped 1.69% and Nifty Oil & Gas rose 0.59%. The top gainers on Nifty 50 were Reliance Industries Ltd (RIL), Tata Steel, JSW Steel, Bharti Airtel and HDFC Life while the losers were HCL Tech, Titan, Power Grid, TCS and Hindustan Unilever Ltd.
“Indian equities faced broad-based weakness, but the benchmark managed to stay marginally positive with the support of strong buying in heavyweight stocks. The weakness was led by IT stocks, as the sector is set to kick off the Q1 result season with expectations of soft earnings. Additionally, cues from the US markets are unfavourable, as concerns about another rate hike persist despite expectations of a fast cooling of future US CPI inflation data,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support at 44840–44587“Bank Nifty continued to trade with a negative bias. It witnessed follow-through selling pressure and filled the gap area between 44800–44900 created on the 3rd of July, 2023. The Bank Nifty is in the process of retracing the rise it witnessed in the last couple of weeks and there are multiple supports in the form of Fibonacci retracement levels around 44840 – 44587 which could arrest the downside. The correction is providing an opportunity for an entry and this is a dip that should be bought into,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
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