Where is share market headed after Nifty closes above 19380, Bank Nifty above 45300; check support, resistance

Where is share market headed after Nifty closes above 19380, Bank Nifty above 45300; check support, resistance

Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs today and ended Tuesday’s session in green. The NSE Nifty 50 jumped 66.45 points or 0.34% closing at 19,389 and BSE Sensex soared 274 points or 0.42% to 65,479.05. In sectoral indices, Bank Nifty surged 143.35 points or 0.32% to 45,301.45, Nifty Financial Service increased 0.79%, Nifty IT surged 1.04% and Nifty PSU Bank soared 1.89% while Nifty Auto fell 0.48%. The top gainers on Nifty 50 were Bajaj Finance, Bajaj Finserv, Hero MotoCorp, Tech Mahindra and Sun Pharma while the losers were Eicher Motors, Bharti Airtel, Grasim, Axis Bank and Reliance Industries Ltd (RIL).

“The market is maintaining its optimism; however, a profit-booking tendency is visible at the upper band as the recent rally has raised the market to the historic new high range. The momentum of the market has shifted from the frontlines of this year to the laggards like IT, commodities, and PSUBs. The market is taking a breather ahead of the upcoming Q1 results. Pharma and banking displayed a positive trend, while the auto sector faced selling pressure following a mixed set of sales data for the month of June,” said Vinod Nair, Head of Research at Geojit Financial Services.

Bank Nifty resistance at 45300-45500; support at 45000-45100

“Bank Nifty trend for the coming week can be considered sideways to bullish where dips can be used as a buying opportunity. The resistance is at around 45300, 45500 and the support is at around 45000, 45100 and till the time Bank Nifty is trading above 44900 the bulls will be in charge. Technical indicator RSI is at around 71 whereas the 200 EMA is at 41637,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.