The Indian equity benchmarks had a rollercoaster Thursday, ultimately ending the session on higher. Going ahead, analysts expect the index to remain range-bound with a positive bias.
"Indian equities are expected to trade sideways with a positive bias, supported by healthy domestic macroeconomic fundamentals and corporate earnings," said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services.
On the global front, investors will react to US GDP numbers and initial jobless claims; while on the domestic front, earnings from big players like Sun Pharma, Maruti Suzuki, ITC, Bajaj Finserv, Indian Oil Corporation and ABB will hog the spotlight.
Accordingly, the rally could extend till 24,450-24,500, but on the flipside 24,200 would like act as a key support zone. Below the key support level, the uptrend would become vulnerable and traders may prefer to exit their long positions, advised Shrikant Chouhan, Head Equity Research, Kotak Securities.
Global investors rotated back into AI-linked memory chipmakers on the Wall Street after days of heavy dumping, made valuations attractive again. On top of that, Samsung electronics' memory supply dearth amid robust demand warnings may have prompted a bigger appetite for memory giants like Sandisk Corp.
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On the other hand, software giants like Accenture PLC, and Cognizant fell 6.18% and 4.45% pointing at a possible negative open for IT giants in India.
Nifty Bank
The Bank Nifty index ended the day in red after trading remained subdued, though, analysts said that the broader technical structure remains constructive and long-term bullish undertones remain intact.
"Despite the minor decline, the broader technical structure remains constructive, with the index continuing to sustain above its 200-DEMA, indicating that long-term bullish undertones remain intact," said Dhupesh Dhameja, Derivatives Research Analyst, at SAMCO Securities.
Hence, resistance zone for the index lies between 57,300-57,350. A decisive move above this hurdle could pave the way for a retest of 57,800, followed by the psychological 58,000 mark.
On the flipside, "56,700-56,530 remains the immediate support zone, followed by 55,700, where buying interest is expected to emerge," noted Dhameja.
Market Recap
The Nifty 50 closed at 24,317.15, up 66.95 points or 0.28%, while the Sensex ended at 77,928.15, gaining 273.55 points or 0.35%. RIL and HDFC Bank were among the top gainers on the day.
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