Nifty closes near 21,658

Nifty closes near 21,658.60 top gainers on January 04 include Bajaj Finance, NTPC, ONGC, Tata Consumer, and IndusInd whereas BPCL and LTIMindtree among key losers

The benchmark equity indices ended today’s session in the green. The NSE Nifty 50 inched 141.25 points higher or 0.66% to settle at 21,658.60 points. While S&P BSE Sensex gained 490.97 or 0.69% to settle at 71,847.57 points. Nifty Bank ended higher by 490.90 points or 1.03% to settle at 48,195.85 points.

The broader indices ended in positive territory, with gains led by Midcap and Largecap stocks. Realty and Financial Services stocks ended higher whereas IT stocks ended flat.

The Indian Volatility Index (India VIX) closed down by 5.44%.

“Market bounced back after the last two negative trading days led by strong monthly business updates of leading banks, emphasizing robust credit growth. The Realty sector was the highest gainer in anticipation of robust demand in the residential category, which was supported by healthy housing loans disbursement data announced by banks. The Asian market engaged in profit-booking as Fed minutes indicated that rates will be put on-hold in the near-term,” said Vinod Nair, Head of Research at Geojit Financial Services.

On the technical side, investors believe the Nifty to move upside as bulls take the control of market after two days. “The present sentiment suggests a promising trajectory towards 21800-21850 for the Nifty. If it surpasses 21850, we might anticipate a further climb toward 22000. Notably, the index appears to have a short-term support level around 21500. A downward shift would likely initiate only if it falls below this mark; until then, it seems favorable for buyers to take advantage of market dips,” saidRupak De, Senior Technical Analyst at LKP Securities.