Nifty formed a small-bodied bullish candle and an inside bar on the daily chart as it traded inside the last session's range.
Nifty made up for the losses suffered in the previous session to close near the day's high, forming a small bodied bullish candle and an inside bar on the daily chart.
Market opened higher and remained in the positive territory throughout the day, helped by metal, pharma, PSU bank and realty stocks.
Markets made a smart comeback after yesterday's slide and gained over half a percent. After the initial uptick, the benchmark gradually inched higher as the day progressed and settled around the day’s high. Among the benchmark indices, Nifty ended at 15738 level, up by 0.7%. On the sector front, all the other indices, barring auto, ended in positive wherein healthcare, metals and realty were among the top gainers. Broader indices also witnessed sharp recovery and edged higher in the range of 1.3-1.7%.
Markets are keenly eyeing the domestic developments viz. unlocking by states and progress of vaccination programs for cues. Going ahead, we feel the update on the monsoon will also be closely watched by the participants. Major global indices are currently seeing consolidation which may continue to trigger volatility in our markets too. Amid all this, we reiterate our bullish view and suggest using dips or further consolidation to accumulate quality stocks.
Based on the weight of technical evidence, Traders to remain neutral on the long side, whereas shorting should be considered below 15622 levels for targets of 15400 level.
Sector Wise :- Metal, pharma, PSU Bank and realty indices are up 1-3 percent. Midcap and Smallcap indices rose 1 percent each.
Bank Nifty formed a bullish candle and an inside bar on the daily chart, negating the formation of lower highs of the last three sessions.
Bank Nifty opened positive and after an early consolidation, it headed towards 35165. Banking stocks witnessed strength after declining in the previous two sessions and ended the day around 330 points higher.