The Indian equity benchmarks ended their day on a positive note as tech bulls and strong earnings boosted sentiment. Though, a renewed spike in crude prices after US President Donald Trump said America would hit Iran "hard", may sour sentiment going ahead.
As of 10:14 p.m. IST, global benchmark Brent Crude traded over 7% higher at $90.16 per barrel, while West Texas Intermediate jumped 6.33% to $84.30 a barrel.
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According to analyst Gaurav Garg at Lemonn Markets Desk, traders are going to be watchful of Federal Reserve's outcome. Gift Nifty futures hinted at a subdued start for the benchmark Nifty index as they traded 0.14% lower at 24,272.50 as of 10:20 p.m.
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Accordingly, immediate resistance for Nifty is placed in the 24,360-24,400 zone. On the downside, the immediate support for Nifty is placed in the 24,130-24,100 zone, according to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
"Overall, the Technical and Derivatives landscape has improved significantly, favouring a buy-on-dips strategy," said Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities.
Bank Nifty
On the charts the Bank Nifty index indicated buying interests at lower levels, according SBI Securities' Shah, as it has formed a small-bodied bullish candle.
"Going ahead, the immediate resistance for Bank Nifty is placed in the 57600-57700 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 58100, followed by 58500 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 56800-56700 zone," he added.
Market Recap
Indian equity benchmarks, the Sensex and Nifty 50, ended Wednesday's session on a strong note, led by gains in IT and metal stocks. The Nifty 50 rose 1.1% to close above 24,250, while the Sensex gained more than 800 points, or 1.1%, to settle above 77,600. Investors now await the US Federal Reserve's policy decision due later in the day.
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