The NSE Nifty 50 broke its two-day streak of losses and faced strong resistance near the 25,000–25,100 zone on Thursday.
The Nifty index formed a doji candle on the daily chart, indicating uncertainty, according to Hrishikesh Yedve, technical and derivatives research analyst at Asit C. Mehta Investment Interrmediates Ltd.
Yedve found the support levels to be positioned near the 21-day exponential moving average of 24,600. "As long as the index holds above this level, the probability of a pullback move remains intact."
Shrikant Chouhan, head of equity research at Kotak Securities, said 24,700–24,650 levels would act as key support zones for traders. He identified the resistance to be at the same level of 25,000–25,100.
"However, a break below 24,650 could change the sentiment. Below this level, traders may prefer to exit their long position," Chouhan said.
The Bank Nifty formed a doji candle on the daily chart, indicating indecision. On the upside, it continues to face resistance near the 56,000–56,100 zone. On the downside, the 21-DEMA support is placed near 54,900, according to Yedve.
"As long as the index remains above this level, a relief rally towards 56,000 cannot be ruled out," Yedve said.
Market Recap
The benchmark equity indices closed higher, snapping a two-day slump on Thursday as share prices of IndusInd Bank Ltd. and Sun Pharmaceutical Industries Ltd. gained the most.
The NSE Nifty 50 closed 81.15 points or 0.33% higher at 24,833.60 and the BSE Sensex ended 320.7 points or 0.39% up at 81,633.02. During the day, the Nifty rose 0.57% to 24,892.6, while the Sensex also rose 0.62% to 81,816.89.
FII/DII
Foreign portfolio investors remained net buyers of Indian equities for the fifth straight session on Thursday, mopping up stocks worth Rs 884 crore, according to the provisional data from the National Stock Exchange.
Domestic institutional investors stayed net buyers for the eighth straight session as they bought equities worth Rs 4,286.5 crore, the data showed.
The FPIs had bought shares worth Rs 4,662.9 crore on Monday.
F&O Cues
Nifty May Futures up by 0.42% to 24,965 at a premium of 132 points.
Nifty May futures open interest up by 2.36%.
Nifty Options June 6 Expiry: Maximum Call open interest at 26,800 and Maximum Put open interest at 24,000.
Securities in ban period: Nil.
Major Stocks In The News
Castrol India: The company issued a clarification stating that it cannot confirm the details of a media report suggesting that Reliance Industries, Aramco, and other entities are eyeing British Petroleum's lubricant business. The company further clarified that it is not involved in any negotiations between the parties mentioned and is not aware of any information beyond the announcement.
Cipla: The Company’s UK arm Incorporates wholly owned subsidiary Ciplarna GmbH In Germany.
Wipro: The company unveiled its Global “Wipro Innovation Network” to accelerate co-innovation with clients.
Currency Recap
The Indian rupee weakened by 16 paise to close at Rs 85.53 against the US dollar on Thursday, extending its fall for the third day, in comparison to its previous close of Rs 85.37 on Wednesday. This significant depreciation comes amid various global and domestic economic factors influencing the currency markets.
Also Read: Rupee Ends Weaker Against US Dollar
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
Also Read: Rupee Ends Weaker Against US Dollar
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