Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session broadly in green. The NSE Nifty 50 rose 83.50 points or 0.43% to 19,439.40 and BSE Sensex surged 273.67 points or 0.42% to 65,617.84. In sectoral indices, Bank Nifty fell 0.26%, Nifty Financial Services tumbled 0.44% while Nifty Auto soared 1.39%, Nifty FMCG jumped 1.23% and Nifty Pharma gained 1.04%. The top gainers on Nifty 50 were Eicher Motors, Sun Pharma, Tata Consumer, Apollo Hospitals and Maruti Suzuki while the losers were UPL, Bajaj Finance, Axis Bank, JSW Steel and HCL Technologies.
“The market now awaits the Q1 results, IT sector which kicks off tomorrow, where expectations are muted with a focus on the sustenance of margin and improvement in long-term guidance. The positivity also stems from China’s anticipated stimulus to withstand economic growth and hope on the moderation in US inflation data. The overall valuation for India is marginally above the long-term average, which is fair given strong earnings expectations on FY24,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support at 44800-44750; resistance at 45200
“Bank Nifty is currently experiencing continued dominance from bears as selling pressure persists from higher levels. The index is facing a strong resistance zone at 45200, which has proven difficult to surpass.At present, the index is trading near a crucial support zone of 44800-44750. If this support zone is breached, it is likely to lead to further downside movement towards the 20-day moving average (20DMA), which is positioned at the 44500-44000 range.The Bank Nifty index has been trading within a broad range of 44500-45500. In such a range-bound scenario, it is advisable for traders to utilize opportunities presented by both the upside and downside movements,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.