Nifty Bank recovers 700 points from day’s low to close above 32000
All sector indices recover at least 1% each from day’s low except FMCG
New Delhi: The Nifty rebounded 200 points from day’s low to close above 14550 but it is still below the high on 12 April 2021 of 14652. The Nifty Bank recovered more than 700 points from day’s low to close above 32000. The banking gauge has an open gap resistance at 32330. Nifty Bank is set to outperform on a weekly basis for the first time in 5 weeks.
The Nifty Small & Midcap recovered more than 1.5 percent each from day’s low. However, both indices are set to underperform on a weekly basis. Nifty Midcap set to underperform after 3 weeks while Nifty Smallcap set to underperform after 2 weeks.
The benchmark indices witnessed a see-saw trade on Friday as markets failed to breach crucial resistance zones at the higher levels. As per technical charts, if the frontline S&P BSE Sensex and the Nifty surpass their psychological levels of 50,000 and 15,000 levels, respectively, then the indices may log a 4-per cent rally in the short-term. However, with the Covid-19 situation in the country getting grimmer day by day, market participants have stayed on the sidelines. During Friday s session, the Sensex index dropped 250 points from the day s high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832. The NSE s Nifty50, on the other hand, ended at 14,618 levels, up 36 points or 0.25 per cent. The index had reached an intra-day high of 14,698.
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