Benchmark indices NSE Nifty and BSE Sensex ended Monday’s session broadly in green. The NSE Nifty 50 jumped 119.35 points or 0.68% to 17,743.40 and BSE Sensex surged 401.04 points or 0.67% to 60,056.10. In sectoral indices, Bank Nifty skyrocketed 517.75 points or 1.23% to 42,635.75, Nifty Financial Services soared 239.2 points or 1.28% to 18,992.95 and Nifty PSU Bank zoomed 101.2 points or 2.61% to 3,984.20. The top gainers on Nifty 50 were HDFC Life, Tata Consumer, Wipro, Axis Bank and ICICI Bank while the top losers were Dr Reddy, IndusInd Bank, Cipla, Divis Lab and Maruti.
“The positive market sentiment in the domestic market was boosted by strong earnings reported by heavyweights. This led to a reversal in the cautiousness from the initial below-expectation FYQ4 results. However, the weak global sentiment did raise some concerns midway. But the banking sector played a key role in this upward trend, with sector majors reporting strong earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support near 42000, resistance at 42820
“Weekly support for Bank Nifty is near 42000 and resistance at 42820. And close below support it can test 41570 and weekly close above resistance, there are high possibilities of new highs in the market. Bank Nifty’s all-time high is at the 44151.80 mark. Bank Nifty’s 200-DMA is placed at the 40357 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.