Benchmark indices NSE Nifty 50 and BSE Sensex closed Wednesday’s session in the green territory despite unfavourable global cues. The NSE Nifty 50 rose 49.15% or 0.27% to 18,315.1 and BSE Sensex surged 178.87 points or 0.29% to 61,940.2. In sectoral indices, Bank Nifty climbed 132.9 points or 0.31% to 43,331.05 and Nifty PSU Bank tanked 42.5 points or 1.06% to 3,959.3. The top gainers on Nifty 50 were IndusInd Bank, HDFC Life, Power Grid, Tata Motors and BPCL while the losers were UPL, Dr Reddy, Infosys, Hindalco and Sun Pharma.
“The domestic market traded near the flatline, oscillating between gains and losses as investors refrained from taking a firm direction due to the uncertainties surrounding the US market. Globally, investors exercised caution in anticipation of US inflation data and a meeting between US political leaders to discuss fiscal concerns,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support at 43200, 43100, 43000; resistance at 43400, 43500, 44000
“Bank Nifty is seen to be trading in a higher high higher low formation on the daily timeframe but is facing rejection from 43500 levels. The undertone remains bullish as long aBank Nifty holds the levels of 43000 as put writers are fiercely active on 43200 and 43000 and call writers are active on 43500 and 44000. Buy on dip strategy can be implemented in banknifty for the coming week for targets of 43700. Technical indicator RSI is at around 63 as is showing strength by sustaining above 50 levels. Bank Nifty support at 43200, 43100 and 43000 and resistance at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.