Market Closing Bell: Domestic indices NSE Nifty and BSE Sensex closed in the green after a day of volatile trade. The blue-chip Nifty 50 index settled above 19,400, breaching a key resistance level while Sensex added 200 points after erasing losses from the morning trade. The broader markets closed primarily in the green, as fear gauge India VIX sank 0.45%. Nifty Smallcap 100 and Nifty Midcap 100 outperformed, while sectorally, Bank Nifty added over 1.1%, as PSU banking stocks soared. Despite surging over 1% intraday on Hindalco’s investment plans, Nifty Metal closed in the red, dragged by Adani Enterprises. Jio Financial Services closed 5% lower for the third consecutive session.
Technical Outlook
“The Nifty continues to trade within the broader range of 19,300 and 19,500. On the daily timeframe, the headline Nifty index has been fluctuating between the boundaries set by the 21-day Exponential Moving Average (EMA) at 19,471 and the 50-day EMA at 19,281. Looking ahead, the Nifty is likely to maintain this range bound movement as long as it remains within these established thresholds. A significant breakthrough above the 19,500 mark could potentially trigger a rally towards higher levels,” Rupak De, Senior Technical analyst at LKP Securities said.