Benchmark indices NSE Nifty 50, and BSE Sensex made new all-time highs today amid positive domestic market sentiment and ended Thursday’s trading session broadly in green. The Nifty 50 jumped 146 points or 0.74% to close at 19,979.15 after making a new 52-week high of 19,991.85 intraday. The Sensex surged 474.46 points or 0.71% to settle at 67,571.90 after hitting a fresh all-time high at 67,619.17 intraday.
In sectoral indices, Nifty Bank jumped 1.13%, Nifty Auto gained 0.41%, Nifty Private Bank rose 1.15%, Nifty Financial Services gained 1.02%, Nifty Pharma surged 1.46%, and Nifty Media jumped 1.11% while Nifty IT slipped 0.66%. The top gainers on Nifty 50 were ITC, Kotak Bank, ICICI Bank, DR Reddy’s Laboratories, and Grasim Industries while the top losers were Infosys, Ultratech Cement, Bajaj Finserv, Eicher Motors, and Britannia Industries.
Bank Nifty support at 45500, resistance at 46400-46500
“The index Bank Nifty is currently experiencing a strong bullish trend, with the bulls dominating the market. The index successfully surpassed the key resistance level of 46000, indicating a continuation of the upward momentum. The index is characterized by a series of “higher high and higher low formations,” which is a bullish pattern that confirms the strength of the uptrend,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
“The support level for the index is at 45500, and as long as this level remains intact on a closing basis, the overall trend remains bullish. A break below this support level could signal a potential shift in momentum and may warrant caution for bulls. On the upside, the next immediate hurdle is placed at the 46400-46500 zone. If the index manages to break above this resistance zone on a closing basis, it could further accelerate the upward movement, potentially opening room for higher levels,” Kunal Shah added.