Benchmark indices NSE Nifty 50 and BSE Sensex ended the monthly F&O expiry session in red. The Nifty 50 fell 0.60% or 118.40 points to settle at 19,659.90 while the Sensex tanked 440.38 points or 0.66% closing at 66,266.82. In sectoral indices, Nifty Bank fell 0.83%, Nifty FMCG slipped 0.69%, Nifty IT fell 0.19%, Nifty Auto slipped 1.21%, Nifty Media fell 0.22%, Nifty Metal slipped 0.35% and Nifty Oil & Gas fell 0.97% while Nifty PSU Bank rose 0.50%, Nifty Pharma soared 3.05% and the Nifty Realty Index surged 2.12%. The top gainers on the Nifty 50 were Cipla, Sun Pharma, Divi’s Laboratories, Hero Motocorp and Apollo Hospitals while the losers were Mahindra & Mahindra, Tech Mahindra, Tata Consumer Products, Britannia and Nestle.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty 50 support at 19550-19500; resistance at 19850-19900
“Both price and momentum indicators are suggesting that there could be some weakness in the short term. The daily Bollinger bands are also contracting, which points towards consolidation in the short term and thus we change our short-term stance from positive to sideways and the range of consolidation is likely to be 19900 – 19500. In terms of levels, 19550 – 19500 shall act as a crucial support zone, and on the upside 19850 – 19900 shall act as an immediate hurdle zone,” said Jatin Gedia Technical Research Analyst at Sharekhan by BNP Paribas.