After Thursday’s strengthening, the market continued to rise on Friday also. After some ups and downs, the week ended with a good recovery. In Friday’s session, Sensex closed 449 points higher at 85,268. Nifty closed at 26,047, up 148 points. Bank Nifty closed at 59,390, up 180 points. The MIDCAP100 index closed 705 points higher at 60,283. The MALLCAP100 index closed 161 points higher at 17,389. In the currency market, the rupee also closed at a record low against the US dollar. Rupee weakened by 5 paise to close at 90.42/USD. In the last hour, Sensex was trading with a gain of about 400 points. Nifty increased by 150 points and crossed 26,000. Metal stocks saw good gains, with the metal index rising 2.5%. Indices like Realty, Consumer Durables, Auto and NBFC were also trading higher.
Will Nifty close above 26,000 and Bank Nifty above 59,350?
– 26,000 is the ‘make or break’ level on Nifty.
The highest open interest in both puts and calls is at 26,000.
– Open interest of 26,000 puts is Rs 2.35 crore and open interest of 26,000 calls is Rs 1.78 crore.
– Bullish positions are a bit high.
– Unless there is a sudden breakout in the last hour, data suggests it will close above 26,000.
– 59,350-59,550 is a slight resistance range for Bank Nifty.
– Considering the strength of Nifty, Bank Nifty will also try to close above 59,350.
Will it fall in the last hour and a half?
– There is less possibility of a sharp decline in the last one and a half hour.
– Selling pressure of FIIs has reduced.
– So far, support has come from the strength of the global market.
– A little caution is needed only during weekend sessions.
What are the new trades for next week?
– If we have a strong closing today, we will consider taking a new trade at 3:20 PM.
– There is a lot of opportunity in the index.
What levels are required now?
– If we close above this level will the rally extend?
Below which level is there a risk of decline?
What is the best range for profit-booking?
stock in action
Hind Zinc:
– Support has come from strong rally in silver and zinc.
– We have been buying aggressively for quite some time.
Keynes Take:
– Strong recovery in stocks from 3700-3750.
– We did not advise to sell at lower levels.
Sensex opened 233 points higher at 85,051. Nifty opened 73 points higher at 25,971 and Bank Nifty opened 192 points higher at 59,401. In the currency market, the rupee slipped to a new low today, and touched a record low of 90.54 per dollar.
Little Hindalco, Tata Steel, BEL, UltraTech Cement, Indigo and Axis Bank were among the top gainers in Nifty 50. Wipro, Infosys, Max Health, Bajaj Auto, Tech Mahindra, HUL, ITC and HCL Tech were among the top losers.
Global signals looked even better for the market. GIFT Nifty was trading near 26,150 with a sharp gain of 135 points. Dow futures were also up 100 points, while Japan’s Nikkei opened with a huge jump of 650 points. The brightness in global markets indicates a strong start for domestic sentiments.
