Thursday, 30 May 2024
Stock Market

Nifty closed above 22,550 on a positive day

  • Indian benchmark indices saw gains for the fifth straight day, driven by purchases in all sectors but real estate.
  • The Nifty was trading at 22,570.30, up 167.90 points, or 0.75 percent.
  • Sensex was up 0.66 percent, or 486.50 points, reaching 74,339.44.

On April 25, Indian benchmark indices saw gains for the fifth straight day, driven by purchases in all sectors but real estate. The Nifty was up 167.90 points, or 0.75 percent, at 22,570.30, while the Sensex was up 486.50 points, or 0.66 percent, at 74,339.44.

Due to poor global cues, the market opened lower and spent the first part of the day flat. But in the second half, buying across all sectors—led by PSU banks—saw a significant increase.

Sensex and Nifty

Axis Bank, SBI, Dr. Reddy’s Labs, JSW Steel, and Nestle India were the top gainers on the Nifty, whereas Kotak Mahindra Bank, LTIMindtree, HUL, SBI Life Insurance, and Titan Company were the top losers.

After a string of minor candles, the Nifty concluded with a large green candle, indicating considerable purchasing activity during the day. The index value is showing strong momentum as it remains above the 21-day Exponential Moving Average (EMA).

The index may continue to be robust in the near run, with an upside potential of 22750–22800. The lowest limit of support is found at 22450. The BankNifty index showed notable bullish power during today’s trading session, surpassing the immediate barrier of 48300, signaling a robust rally by the bulls.

The index is still in a buying posture, with strong support seen near 48000, the put side’s strongest open interest level. The index also found significant support at its 20DMA, which resulted in a noteworthy turnaround and suggested a probable upside to the 49000/50000 barrier.

Both net profit and rupee revenue had QoQ increases of 29.5% and 1.8%, respectively, to Rs 661 crore Rs 13,871.3 crore, and Rs 13,101.3 crore. The Nifty had a tumultuous day of trading, with a downward opening gap and erratic price movement in the first part of the session.

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