Nifty remained in high john, after several days of decline, the US market closed above on Thursday
New Delhi, May 21 (IANS)| Good buying in banking stocks coupled with price buying propelled major domestic indices during Friday’s afternoon trading session. At 1.50 pm, the S&P BSE Sensex was trading at 50,227.28, up 662.42 points or 1.34 per cent from its previous close.
Similarly, the Nifty 50 of the National Stock Exchange was trading at 15,096.55, up 190.50 points or 1.28 per cent from its previous close. Both the indices opened with a positive trend and maintained their gains. The US market closed slightly higher on Thursday after a few consecutive days of decline in the global market.
Besides, Asian markets traded with mixed sentiment as inflationary concerns persist. On the domestic front, all sectors traded in the green, with banks, financial services, media and realty showing the most strength. Jai Purohit, Technical & Derivatives Analyst, MOFSL said, “Currently Nifty is showing good strength and remains in the higher zone. Interest in buying can be seen.
Moving on, resistance can be seen near 15300 while support is placed at 14900 and then 14700 levels. According to Likita Chepa, Senior Research Analyst, Capital Via Global Research, “The sentiment was uplifted with the news that the International Monetary Fund is set to broaden its discourse with India and expand its technological engagement.” “After a sharp decline in the market yesterday in the second half, Nifty took support near 14900 levels and we saw buying in key areas.”
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