Benchmark indices NSE Nifty 50 and BSE Sensex ended Wednesday’s session in the green zone led by FMCG and Realty stocks. The Nifty 50 gained 0.50% or 97.70 points to close at 19,778.30 and the Sensex climbed 351.49 points or 0.53% to settle at 66,707.20. In sectoral indices, Nifty Bank rose 0.47%, Nifty FMCG surged 1.05%, Nifty IT gained 0.13%, Nifty PSU Bank climbed 1.50% Nifty Pharma rose 0.66%, Nifty Media jumped 0.93% Nifty Private Bank gained 0.68%, Nifty Oil & Gas rose 0.63%, and the Nifty Realty Index climbed 1.19% while Nifty Auto slipped 0.01%. The top gainers on Nifty 50 were Larsen & Toubro, Cipla, ITC, Britannia Industries, Sun Pharma, Reliance Industries, and Axis Bank while the top losers were Bajaj Finserv, Mahindra & Mahindra, Apollo Hospitals Enterprises, Tech Mahindra, Asian Paints, Divi’s Laboratories and SBI Life Insurance Company
Where are NSE Nifty 50, Bank Nifty headed?
Nifty 50 support at 19615–19560; resistance at 19830-19850
“The Nifty opened on a positive note and traded with a positive bias and closed with gains of ~90 points. On the daily charts, we can observe that the Nifty managed to bounce from the Fibonacci support level (19,650) however, the upside got restricted by the hourly upper Bollinger band which was placed around 19,830. The daily and the hourly momentum setup is providing divergent signals which can lead to a consolidation in the short term. The daily Bollinger bands are also contracting which points towards a consolidation in the short term. In terms of levels, 19,615 – 19,560 shall act as a crucial support zone, and on the upside 19,830 – 19,850 shall act as an immediate hurdle zone,” said Jatin Gedia Technical Research Analyst at Sharekhan by BNP Paribas.