If we debate about yesterday, Nifty concluded on a flattish note thereby hitting fresh highs in intraday trade. Precisely, Nifty settled at 16634.70 and was up by 10.10 points.
Furthermore, Sensex also made a fresh record of smashing higher levels. However, stabled down by 14.77 points and ended at 55944.21.
Both Nifty and Sensex kick off with their best-ever higher levels i.e. 16712.45 and 56198.13 correspondingly.
Due to subdued performance by large caps, the core indices ended on a flattish note. From the wider market perspective, both BSE mid-cap and small-cap indices outperformed thereby adding 0.5 percent individually.
On the Sectoral front, excluding bank, pharma, and auto indices all the leftover indices concluded higher thereby adding the energy index up by 1 percent. Moreover, IT, oil & gas, and power stocks grew by 0.8-1.2 percent. On the contrary, strong selling pressure was observed in the healthcare, realty, and banking shares.
Likewise, there are more than 100 stocks, counting Wipro, Bajaj finance, and Tech Mahindra which hit the 52-week high on the Indian stock market.
Nifty Futures
Nifty futures has support at 16600 and resistance at 16650—16720.
Nifty futures formed a shooting star pattern on the daily chart.
Decisive break and close below 16600 will take it to 16520—16450 levels.
The fresh upside rally we will see on a close above 16720 levels only.
Bank Nifty Futures
On the other hand, Bank Nifty futures has support at 35400—34850 and resistance at 36000.
Traders can trade in a limited range as all eyes on the monthly expiry.
