Yesterday, the Nifty exhibited a noteworthy performance, gaining 77 points, while the Sensex surged by 246 points.
However, the benchmark indices encountered range-bound activity, particularly at higher levels. Notably, the PSU Bank index outperformed its peers, posting a remarkable rally of over 4%. Conversely, some profit-booking was observed in Auto and IT stocks.
Today, Indian share markets are trading on a flat note with the Sensex trading higher by 19 points at the time of writing, while the Nifty is trading 26 points higher.
Tata Steel and Tech Mahindra are the top gainers from the Sensex, while Asian Paints and ITC are the top losers.
Check out this short video for detailed market update: Market Ready by Kotak Securities
Here’s a rundown of today’s expected market movements…
From a technical perspective, the Nifty has been navigating a consolidation phase around the pivotal 20,000 mark. This follows a promising uptrend rally that had propelled the market.
On the daily chart, an "inside body" candle has formed, which often signifies an impending upward trend.
For traders, it's essential to monitor key support levels at 19,000/66,900, as these provide crucial backing for the market.
On the upside, crossing the 20,110 level could inject a robust bullish sentiment, potentially steering the market towards 20,200 or even 20,450 in the near term.
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The Bank Nifty has been at the forefront of market recovery since the month's commencement. On Wednesday, it swiftly rebounded from lower levels, exhibiting its resilience.
If the Bank Nifty manages to surpass the highest price point of 45,900 from Tuesday's trading session, it could set its sights on 46,150 and 46,400.
These levels represent significant milestones for the index.
The Nifty IT index, while trading within a narrow range, is poised for potential upward movement in the near term.
Watch out for the resistance levels in the range of 33,200-33,300, as a breach here could signify further positive developments.
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As always, market conditions can shift unexpectedly, so staying informed and implementing proper risk management is essential while making trading decisions.
See you tomorrow!
Disclaimer: The information provided in this article is based on technical analysis and does not constitute financial advice. Traders should exercise their own judgement and consult with financial professionals before making any investment decisions.
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