Table of Contents
The Nifty 50 gained 144 points over the day to close at 24276. The broader markets participated very well, with midcap and small-cap stocks amongst the top gainers. As discussed yesterday in our report, – the real estate sector was the top gainer on our expected lines. There were jitters in the market about the not so positive GDP numbers, but the prices discounted it. The Index hit the low in the morning 1st 15 minutes and thereby continuously inched higher, closing near the high of the day. International indices had a consolidating day yesterday.
Tech View
Technically, as we have been repeatedly saying, it’s the stocks that are giving opportunities as wee stock-specific actions. On the index front, in spite of negative GDP numbers, closing at the high shows the bull’s strength. 24350 and 24500 levels remain the Lakshman Rekha and the final barrier for the bulls. Once confirmed, we should see a larger move-up. The RSI and the MACD indicators are quite well-placed. We do believe that the bottom is in place. The 23900-23950 area is still an important support to track in the near term. The setup only changes if there is a closing below the 23880 – 900 level. Till then the trend is in favour of bulls.
Coming to sectors – Bank Nifty formed a Doji pattern yesterday. The banking stocks have displayed relative strength. 52500 is the resistance level – once crossed higher highs seen in this index.
Key Levels for Today
| Index | Support | Resistance |
|---|---|---|
| Nifty 50 | 23,800 | 24,500 |
| Bank Nifty | 51,774 | 52,564 |
Conclusion
All eyes are on 24350 – 500. Till Then Stock specific actions continue.
