Indian equities closed on a strong note, with the Nifty gaining 1% and IT, auto, and PSU banks leading the market. Analysts attribute the positive momentum to strong inflows from foreign institutional investors, positive developments in the HDFC merger, and a narrowing current account deficit. Globally, investor confidence was boosted by positive economic data from the US and successful bank stress tests. Key support zones for the market are at 19,050 and 19,000, while resistance areas are at 19,300-19,400. The Bank Nifty is likely to continue its breakout trend as long as it stays above 44,300.
Rupak De, Senior Technical Analyst at LKP Securities, says that the recent upswing in the Nifty index indicates a robust bullish reversal after a period of consolidation.
Shares of Easy Trip Planners, the online travel platform EaseMyTrip, fell almost 5% on the NSE due to a likely block deal. Selling was observed with high volumes, and the stock hit a new low in March. Despite the current lows, the stock is considered expensive in terms of valuation. The stock has been relatively less volatile, and the company operates in both B2B2C and B2C distribution channels. The stock fell despite a positive trend in the overall markets, with Nifty and Bank Nifty hitting new all-time highs.
Promoter entity Fortitude Trade and Investment offloads entire 3.39 crore shares or 3.04 percent stake in Adani Transmission at an average price of Rs 786.17 per share, which amounted to Rs 2,666.5 crore.