The trends around Gift Nifty a flat start for the broader index in India, with a gain of 2 points. The Nifty futures were trading around 22,043 level compared to previous level at 21,715.
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On Friday last week, the domestic equity market rates the Nifty 50 and the Sensex saw strong gains.
The Sensex hit its fresh all-time high of 72,720.96 during the session before closing the day with a robust gain of 847 points, or 1.18 percent, at 72,568.45.
The Nifty 50 hit its fresh record high of 21,928.25 during the session and closed at 21,894.55, jumping 247 points, or 1.14 percent.
Also Read: Stocks to Watch: Wipro, HCLTech, Tata Consumer, Lupin
“A rally in the IT sector and a 19% increase in India’s net direct tax collection supported domestic stocks to make fresh highs on Friday. Nifty made a fresh all-time high of 21928 levels during the session and closed with handsome gains of 247 points (+ 1.1%) at 21894 levels. A sharp 5% upward move was seen in the IT sector after TCS and Infosys surprised the streets with their better than expected Q3 results. Nifty is now just 100 points away from crossing another milestone of 22k zone. In the coming week, market will take cues from Q3 results, India’s inflation and US PPI data. HDFC Bank, HUL, Ultratech, ICICI Bank, Asian Paints, and several mid-cap companies will announce their Q3 results next week . Thus, we may see some stock specific actions. US markets will remain closed on Monday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty50 Forecasts
Nifty closed at 21,894.55, jumping 247 points, or 1.14 percent, to register a fresh high on Friday.
“The Nifty index has shown significant strength, securing a notable breakout on the daily chart as it has crossed the key resistance level of 21,800. This bullish movement positions the index for possible short-term targets of 22,000 and 22,200. Traders are advised to consider buying opportunities on any dips to the support level. The momentum indicator RSI also provided a buy crossover, further confirming the bullish sentiment in the market,” said Kunal Shah, Senior Technical and Derivatives Analyst, LKP Securities.
Also Read: Indian stock market: Here are 6 things that changed for market overnight – Gift Nifty, inflation to Q3 results
Bank Nifty Predictions
The Bank Nifty was 0.57 percent higher on Friday, closing at 47,500.
“The Bank Nifty index showed strength overcoming the initial hurdle at 47,500, signaling a potential upward movement to the next resistance level at 48,000. A decisive break of 48,000 is crucial as it could trigger substantial short covering, propelling the index towards the 50,000 mark . The lower support is evident at 47,000, a level marked by a significant write-down,” Shah added.
Disclaimer: The views and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 15 Jan 2024, 08:25 IST