The Nifty got off to an excellent start, as strong global cues drove the index higher throughout the session, ending with a 103-point gain at 17,936, its best close since August 18.
On the daily charts, the index developed a small-bodied bullish candle. Experts believe that the bulls are in a strong position and that the Nifty will shortly break beyond 18,000, with critical support at 17,700-17,500. The rally involved many sectors, with IT and metal emerging as the greatest winners. The market as a whole surpassed the benchmark. The Nifty midcap 100 and smallcap 100 indices rose 1% and 1.3 %, respectively.
Although key indices are losing pace, the undertone appears to be highly optimistic, and the Nifty is currently within touching distance of the psychological milestone of 18,000. It’s only a formality for the time being; we’ll see it on the screen pretty shortly. In the near term, a move towards 18,200-18,350 is possible.
This viewpoint stays true as long as the Nifty closes between 17,700 and 17,600. One should remain optimistic, and even if important indices consolidate slightly, stock-specific action should continue.
The India VIX volatility index increased 1.24 percent to 17.94. The Bank Nifty opened higher at 40,540, reached a high of 40,685, and finished the day at 40,574, up 158 points from the previous session. On the daily charts, it created the Doji pattern, signaling indecision among bulls and bears regarding the future trend.
The undertone is constructive, and investors should maintain a buy-on-dip strategy with firm support near the 40,000-39,800 range. The immediate upside resistance is at 40,700, and if overcome, the price will quickly advance to 41,500-41,800 levels.
The NIFTY 50 is a benchmark index in the Indian stock market that represents the weighted average of 50 of the largest Indian firms listed on the National Stock Exchange. It is one of India’s two primary stock indices, the other being the BSE SENSEX.
Disclaimer: These views are for educational purposes only. We advise users to check with certified experts before making any investment decisions.
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