Benchmark indices NSE Nifty and BSE Sensex ended Monday’s session broadly in green. The NSE Nifty 50 jumped 202.8 points or 1.12% to 18,271.8 and BSE Sensex 709.96 surged 1.16% to 61,764.25. In sectoral indices, Bank Nifty soared 622.8 points or 1.46% to 43,284, Nifty Financial Services climbed 280.1 points or 1.47% to 19,303.95 while Nifty PSU Bank fell 38.5 points or 0.93% to 4,115.1. The top gainers on the Nifty 50 were IndusInd Bank, Tata Motors, Bajaj Finance, Bajaj Finserv and ONGC while the losers were Coal India, Adani Enterprises, Sun Pharma, Dr Reddy and Britannia.
“Indian equities gained confidence from strong domestic earnings and fading concerns over the US economic slowdown following robust job data. The recent weakness in the US dollar is drawing more foreign funds to the domestic market, with FIIs remaining net buyers for seven consecutive days. The US inflation report, due on Wednesday, is expected to remain around the March level of 5%,” 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 as bulls swiftly take it close to 43300. The undertone remains bullish as long as the index holds the levels of 43000 as put writers are fiercely active on 43200, 43100 and 43000 and call writers are active on 43400 and 43500. Buy on dip strategy can be implemented for targets of 43700. Technical indicator RSI is at around 64 and is showing strength by sustaining above 50 levels. Bank Nifty support seen at 43200, 43100 and 43000 while resistance is placed at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.