It was a day of dramatic start and a rather quiet end on Dalal Street on the weekly expiry day and the market ended marginally in the green. The Nifty and the Sensex hit fresh all-time highs in early trade and then traded relatively choppy for the rest of the session. The Nifty 50 hit intra-day high of 20,167.65 before closing at 20,103, up 0.16%. The Sensex too retraced some points in closing trade after hitting a fresh high of 67,771.05. The Benchmark shut shop flat at 67,543. Metals, oil & gas, select tech and power were in limelight in today’s session, though it was a fairly broadbased green run for the markets.
The Nifty Auto is another key sector that deserves mention. The Index closed with 1 per cent plus gains. Eicher Motor, M&M and Bharat Forge are among the key gainers in the segment. Among other key sectoral indices, Realty and Metal indices clocked steady 1 percent plus gains while the Bank Nifty ended flat. The PSU Bank Index however closed with 1.64% gains.
The key Nifty levels to track
After the initial uptick, profit taking in heavyweights led to a rather range bound movement till the end. Ajit Mishra, SVP – Technical Research, Religare Broking added, “Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein metal and realty posted strong gains while FMCG ended on a muted note. Besides, the continued recovery on the broader front further boosted the sentiment. The rotational buying across sectors is helping the index to inch gradually higher amid mixed global cues. We are eyeing 20,300 in the Nifty and expect the 19,800 -19,950 zone to offer cushion in case of any dip. Meanwhile, participants should maintain their focus on stock selection and prefer index majors.”
Kotak’s Chouhan added that, “On intra-day charts- the market is holding a higher bottom formation which is indicating that the uptrend wave is likely to continue in the near future. As long as the Nifty is trading above the 20000 mark the positive sentiment is likely to continue till 20,180 – 20,225 levels. On the flip side, below 20,000, the selling pressure could accelerate and drag the index up to 19,920-19,900.”
Bank Nifty technical outlook
The Bank Nifty index surged as much as 398.10 points to settle at 45,909.45. Commenting on the technical outlook of the index, Rupak De, Senior technical analyst at LKP Securities, said, “Bank Nifty remained range-bound throughout the day as the index failed to deliver a decisive breakout above 46,000. The index continues to be a “buy on dips” as long as it stays above 45,500. Nevertheless, a sustained rally could materialize if Bank Nifty decisively breaches the 46,000 mark.”