Benchmarks moved higher as buying emerged seen across the board on Friday. All the sectoral indices were in the green led by IT, metals and auto stocks.
“Going forward it’s very necessary that Nifty manages to hold the 4900 level to keep this strong momentum live.
Technically if Nifty breaks the 4900 level in the near term which is the 50-day moving average then it’s quite possible that markets could drift lower to 4830-4770.
Strong support for Nifty is placed at 4905 region and resistance comes at 4990-5015, unless Nifty holds above the 5K mark with solid market breadth fresh buying should be avoided. In the short term 4830-4770 will play an important support level for the market,” said Nirmal Bang report.
At 12:20 pm, Bombay Stock Exchange’s Sensex was at 16866.18, up 170.15 points or 1.02 per cent. The index hit a high of 16898.68 and low of 16666.70.
National Stock Exchange’s Nifty was at 5004.20, up 51.55 points or 1.04 per cent. The broader index touched a high of 5014.40 and low of 4942.65.
BSE Midcap Index gained 0.57 per cent and BSE Smallcap Index moved 0.82 per cent higher.
BSE IT Index was up 1.89 per cent, BSE Metal Index jumped 1.71 per cent and BSE Auto Index moved 1.14 per cent higher.
TCS (2.57%), Maruti Suzuki (2.30%), Tata Steel (1.92%), Infosys Technologies (1.91%) and Hero Honda (1.80%) were amongst top Sensex gainers.
Jaiprak Associates (-2.45%), ACC (-0.55%), DLF (-0.18%) and ONGC (-0.07%) were the only index losers.
Market breadth was positive on the BSE with 1494 gainers and 966 losers.
“Going forward it’s very necessary that Nifty manages to hold the 4900 level to keep this strong momentum live.
Technically if Nifty breaks the 4900 level in the near term which is the 50-day moving average then it’s quite possible that markets could drift lower to 4830-4770.
Strong support for Nifty is placed at 4905 region and resistance comes at 4990-5015, unless Nifty holds above the 5K mark with solid market breadth fresh buying should be avoided. In the short term 4830-4770 will play an important support level for the market,” said Nirmal Bang report.
At 12:20 pm, Bombay Stock Exchange’s Sensex was at 16866.18, up 170.15 points or 1.02 per cent. The index hit a high of 16898.68 and low of 16666.70.
National Stock Exchange’s Nifty was at 5004.20, up 51.55 points or 1.04 per cent. The broader index touched a high of 5014.40 and low of 4942.65.
BSE Midcap Index gained 0.57 per cent and BSE Smallcap Index moved 0.82 per cent higher.
BSE IT Index was up 1.89 per cent, BSE Metal Index jumped 1.71 per cent and BSE Auto Index moved 1.14 per cent higher.
TCS (2.57%), Maruti Suzuki (2.30%), Tata Steel (1.92%), Infosys Technologies (1.91%) and Hero Honda (1.80%) were amongst top Sensex gainers.
Jaiprak Associates (-2.45%), ACC (-0.55%), DLF (-0.18%) and ONGC (-0.07%) were the only index losers.
Market breadth was positive on the BSE with 1494 gainers and 966 losers.
Economic Times
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