The benchmark equity indices ended Friday’s trading session higher after recording a fresh lifetime intraday high. The NSE Nifty 50 gained 247.35 points or 1.14% to settle at 21,894.55 points. While S&P BSE Sensex closed 847.27 points higher or 1.18% to settle at 72,568.45 points. Nifty Bank ended higher by 271.45 points or 0.57% to settle at 47,709.80 points.
The broader indices ended in positive territory, with Nifity 50 and Nifty 100 stocks leading the gains. On the sectoral front, IT and PSU Bank durables stocks led the gains.
In the last five days, the Nifty 50 gained 170.75 points or 0.79% whereas Sensex gained 658.14 points or 0.92%.
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Infosys, ONGC, Tech Mahindra, HCL Tech, and LTIMindtree were the top gainers on the NSE Nifty 50, while the laggards include Cipla, Apollo Hospitals, Bajaj Finserv, Ultratech Cement, and Power Grid. The Indian Volatility Index (India VIX) closed up by 2.58%.
“Market ended a 2-week long consolidation phase on Friday and gained over a percent. Buoyancy in the IT heavyweights triggered a firm start, which further strengthened with buying in heavyweights across sectors. Consequently, the Nifty index settled around the day’s high at 21,894.55; up by 1.14%. Apart from the IT pack, realty and PSU also posted decent gains while auto and pharma traded subdued. Amid all, the broader indices underperformed the benchmark but still managed to end with modest gains,” said Ajit Mishra, senior vice president of technical research at Religare Broking.
“We are now eyeing 22,150 in Nifty however selective participation from banking could keep the momentum in check. We suggest focusing on other key sectors and using any pause or dip to accumulate quality names. Needless to say, the volatility would remain high due to earnings and mixed global cues so plan the overnight trades accordingly,” Mishra added.
“On the Daily charts, we can observe that the Nifty has decisively broken out of the 21500 – 21850 range on the upside. The breakout suggests a resumption of trending moves on the upside,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
Gedia expects the Nifty to the target levels of 22000 in the short term and after that 22300. On the downside, the zone of 21750 – 21700 shall act as an immediate support as per the role reversal principle.
The expectations are positive momentum to continue in the Bank Nifty till 48000 on an immediate basis and above that it can extend till 48500, Gedia said.