Tracking positive global cues, Indian equity market opened on a positive note while positive GDP data and declining COVID-19 cases also supported the sentiments. HDFC twins, Kotak bank, Titan and L&T were the top contributors to index gains. Index heavyweight Nifty Bank surged nearly 0.8 percent ahead of RBI’s monetary policy. All the sectoral indices ended in the green zone except Nifty Pharma while Nifty Realty was the top performer in today’s session.
Market participants will keep a close eye on US payroll data and RBI’s monetary policy which is scheduled tomorrow.
While the Nifty is moving towards 16,000, it has set a new record closing high. Titan, ONGC and L&T helped bring the Nifty to end at higher levels.
The Nifty has once again formed a bullish continuation on Thursday. On Friday, the credit policy and the outcome of the RBI announcement could dictate the trend, said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. "For the Nifty, 15,550/15,600 are the support levels, however, the resistance is close to 15,750/15,800. The 15770/15780 levels could be a big hurdle. Investors shouldn't act aggressively in a rising market, and hence should buy on dips or stay stock specific. The focus should be on FMCG and Auto stocks," Chouhan added.
Sumeet Bagadia, Executive Director, Choice Broking, said, "technically, the Nifty index has crossed its immediate resistance of 15,660 and managed to close above it with a new record high, which indicates continued strength in the market. Moreover, the index has confirmed the flag pattern breakout in the prior sessions and moving towards higher. In addition, the index has been trading above the Ichimoku Cloud formation and 9-21 days Moving Averages with positive crossover, which suggests bullish strength for the upcoming session. At present, the nifty seems to have an immediate support at 15,500 levels, Bagadia added.
