Benchmark indices NSE Nifty 50 and BSE Sensex concluded Wednesday’s session in green. The NSE Nifty 50 rose 39.75 points or 0.21% to 18,755.90 and BSE Sensex gained 85.35 points or 0.14% to 63,228.51. In sectoral indices, Bank Nifty fell 91.85 points or 0.21% to 43,988, Nifty Auto rose 0.17%, Nifty FMCG gained 0.59%, Nifty Metal jumped 1.42% and Nifty Oil & Gas surged 0.91%. The top gainers on Nifty 50 were Tata Consumer, Grasim, JSW Steel, Tata Steel and Power Grid while the losers were IndusInd Bank, Bajaj FInance, Bharti Airtel, Axis Bank and Hero Motocorp.
“The domestic indices rebounded after an initial phase of profit booking, driven by encouraging WPI inflation data and positive global cues, while selling in IT and banking stocks kept a check on gains. The favourable decline in US inflation, driven by lower energy prices, and speculation about a potential pause in the Fed rate hike campaign, brought comfort to global equities. However, the persistence of higher core inflation levels may compel the Fed to maintain its hawkish tone during today’s policy announcement with indication of a prolonged pause,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty resistance at 44100-44200; support at 43900-44000
“Bank Nifty has made a big bearish candlestick on the daily timeframe and is seen to be closing around yesterdays lows which can be the cause of short term negativity. Bank Nifty close in the range of 43750-43800 will pull the index towards 43000 in the coming weeks. The resistance is at around 44100-44200 and the support is at around 43900-44000. Till the time Bank Nifty breaks this range it is expected to remain sideways. Technical indicator RSI is at around 54 as is showing strength by sustaining above 50 levels,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.