Benchmark indices NSE Nifty and BSE Sensex ended Friday’s session in the green territory. The NSE Nifty 50 surged 149.95 points or 0.84% to 18,065 and BSE Sensex skyrocketed 463.06 points or 0.76% to 61,112.44. In sectoral indices, Bank Nifty jumped 233.05 points or 0.54% to 43,233.9 and Nifty IT advanced 352.95 points or 1.29% to 27,708.2. The top gainers on Nifty 50 were Adani Enterprises, Adani Ports, Nestle India, Wipro and Britannia while the losers were Axis Bank, Titan, ONGC, JSW Steel and Cipla.
“Despite concerns about potentially weaker US GDP numbers and high inflation, the stronger-than-expected earnings reported by Meta propelled IT stocks to the forefront of the Wall Street rally. The trend was reflected in the domestic market, as beaten-down IT stocks helped to lift broader market sentiment. However, with US inflation remaining high, the prospect of another rate hike by the Fed is looming, keeping global markets volatile in the coming days,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support at 42950-42780, resistance placed at 43300
“Bank Nifty on the daily timeframe is seen to be continuing the bullish trend after giving a breakout of a Narrow range. Over the short term, the index has remained above the important Moving averages. On the higher end, immediate resistance is placed at 43300. Now, it has to continue to hold above 43300 zones to witness an up move towards 43555 and 43700 zones while on the downside support exists at 42950 and 42780 levels,” said Ashish Katwa Research Analyst at Bonanza Portfolio Ltd.