Bajaj Broking Market Closing Commentary
Benchmark indices started the session on a positive note and gained from strength to strength as the session progressed, it closed the session near the high at 22,834.30 levels up by 1.45%. Market participants will closely monitor the outcome of the upcoming FED and BOJ meetings in tomorrow’s session. The session was firmly in bullish control, with the index opening strong and progressively building on its gains to close higher. A robust bullish candle signaled a decisive range breakout, marking a shift in momentum in favor of the bulls. All the sectoral indices closed in the green, with auto, capital goods, consumer durables, metals, power, realty, and media leading the charge, posting gains of 2-3%, reflecting broad-based sectoral strength. The BSE Midcap and Small-cap indices surged over 2% each, signaling strong momentum in the broader market
Nifty Outlook
Benchmark indices extended gains for the second session in a row as Nifty closed the session sharply higher by almost 1.5%. It has formed a strong bull candle with a higher high and higher low and a bullish gap below its base (22,577-22,600) signaling a positive follow through to previous session bullish Piercing line candle. Index on expected lines extended gains and moved above 27,000 levels during yesterday’s session. Going ahead, we expect the index to maintain positive bias and head towards 23,050 and 23,250 levels in the coming sessions. Immediate support is placed at 22,500-22,600 levels holding above the same will keep the bias positive.
Bank nifty Outlook
Bank Nifty gained for the fourth session in a row as it formed a strong bull candle with a higher high and higher low and a bullish gap below its base (48480-48629) highlighting a positive follow through after a positive opening. The index started the session on a strong note and moved above the key hurdle area of 48,600 in the opening trade. The index thereafter gained from strength to strength and moved above the 20- & 50-days EMA highlighting strength. Going ahead, we expect the index to maintain positive bias and head towards 50,000 and 50,600 levels in the coming sessions. While immediate support is placed at 48,400-48,600 levels being the confluence of 20 days EMA and the Tuesday gap up area.
