Market increases by 1% despite volatility, helped by foreign institutions, but the rupee falls.

The Indian equities markets achieved large gains and closed over 1% higher during a week of persistent volatility, buoyed by in-line profits, FII support, and a disregard for warning signs from international competitors.

The Nifty50 increased 245.8 points or 1.36 percent to close at 18,314.8, and the BSE Sensex increased 973.61 points or 1.59 percent to close at 62,027.9. The BSE Largecap and Midcap indices both increased by 1.3 percent for the week, while the Smallcap index increased by 1 percent.

The Nifty Auto index increased by 4.2 percent, the Bank index increased by 2.6 percent, and the Realty index up by 1.7 percent among sectors, while the Nifty PSU Bank index decreased by 4 percent. The Smallcap index increased by 1%.

“The index has produced a lengthy bullish candle on weekly charts, signaling the uptrend’s continuation. The upbeat mood will persist as long as the index trades above either the 10-day SMA or 18,200. The index is projected to advance towards 18,450–18,550 over 18,200. On the other hand, if the index trades below 18,200, and on the additional downside, it may slide to 18,000, bulls may want to liquidate from long bets,” said, Amol Athawale, Technical Analyst (DVP), Kotak Securities.

“For the Bank Nifty, 43,500 would be the crucial level to watch out for; if it is breached, a rise up to 44,000–44,300 is possible. On the other side, if it trades below 43,500, a swift short-term correction is conceivable, and below the same level, it might fall as low as 43,000 or 42,800,” he added.

Leave a Reply

Your email address will not be published. Required fields are marked *