Where is share market headed after Nifty concludes above 18530, Bank Nifty above 43930; check support, resistance
Benchmark indices NSE Nifty 50 and BSE Sensex concluded the last trading session of the week in positive territory. The NSE Nifty 50 rose 46.35 points or 0.25% to 18,534.10 and the BSE Sensex jumped 118.57 points or 0.19% to 62,547.11. In sectoral indices, Bank Nifty surged 147.65 points or 0.34% to 43,937.85, Nifty Auto gained 0.92%, Nifty Metal jumped 1.22% and Nifty Realty surged 1.42% while Nifty IT fell 0.40%. The top gainers on the Nifty 50 were Hindalco, HeroMotocorp, Apollo Hospitals, Tata Steel and Maruti Suzuki while the losers were Adani Enterprises, BPCL, HDFC Life, TCS and Wipro.
“This week the Indian market was volatile, however, it was able to regain momentum led by a positive domestic outlook accompanied by global cues. Auto stocks garnered attention as sales numbers for May came in strong, with a sequential recovery boosting sentiment across the sector. The hope that the Fed will refrain from a rate hike has provided comfort to the global equity market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where is NSE Nifty 50 headed?
Nifty support at 18460–18420; resistance at 18600–18660
“On the hourly charts, we can observe that the Nifty is trading around the lower end of the reverse channel (18500–18450) and the key hourly moving averages and the hourly momentum indicator have triggered a fresh positive crossover which is a buy signal. We believe that the Nifty 50 this week has witnessed consolidation and from next week onwards we are likely to witness a resumption of an uptrend. Overall, we continue to maintain our positive outlook on the index for a target of 18800 from a short-term perspective. In terms of levels, 18460–18420 shall act as the crucial support zone while the hurdle zone is placed at 18600–18660,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.