Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session broadly in green. The Nifty 50 surged 126.20 points or 0.68% to 18,817.40 and the BSE Sensex skyrocketed 446.03 points 0.71% to 63,416.03. In sectoral indices, Bank Nifty surged 480.45 points or 1.10% to 44,121.50, Nifty Financial Services soared 1.37%, Nifty IT gained 0.73%, Nifty PSU Bank jumped 1.02%, Nifty Private Bank advanced 1.11% and Nifty Realty rose 1.24%. The top gainers on Nifty 50 were HDFC Life, Apollo Hospitals, State Bank of India (SBIN), JSW Steel and SBI Life while the losers were Cipla, Britanniam Tata Consumer Products, Adani Ports and UPL.
“The domestic market rallied, primarily supported by banking and finance stocks, which received a boost from the merger updates from HDFC. Meanwhile, global trends were mixed as the Chinese market showed signs of recovery, driven by hopes of additional policy stimulus, whereas European markets traded with declines in response to hawkish commentary from the President of the ECB. Ahead of the release of US stock data, oil prices eased as concerns regarding Russian political instability and potential supply disruptions were alleviated,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty resistance is at 44100-44200; support at 43900-43800
“Bank Nifty closed on a positive note with a bullish candlestick as it closed above the highs of the last eight days on the daily timeframe after a sideways trend. The resistance is at around 44100 and 44200 and the support is at around 43900, 43800 and till the time Bank Nifty breaks this range it is expected to remain sideways. Technical indicator RSI is at around 56 whereas the 200 EMA is at 41504,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.