All time high share market || But nifty on consolidation zone

Nifty today formed a bullish candle on the daily charts to give the highest daily close of the last 112 sessions. Now it has to hold above 18550 zones, for an up move towards 18750 and 18888 zones while on the downside support exists at 18550 and 18442 zones, said Chandan Taparia of Motilal Oswal.

India VIX was down by 2.36% from 12.29 to 12.01 levels. Volatility was down thus giving some comfort to the bulls to buy at any small decline at record high index levels.

Option data suggests a broader trading range in between 18400 to 18800 zones while an immediate trading range in between 18500 to 18750 zones.

The hourly momentum indicator has a negative crossover which points out that the consolidation is still not over, and it could lead to range bound price action over the next few trading sessions.



Stock market experts said that after strong company results season, FIIs have gone bullish on Indian stocks as strong Q4 numbers indicate continuation of growth and demand in the national economy. They went on to add that this growth and demand would fuel credit growth of Indian banks and hence Bank Nifty may further continue its uptrend and hit 46,000 levels in short term time horizon.

Speaking on Bank Nifty outlook, Sandeep Gupta, Senior Grp. VP & Head of Dealing & Advisory - Broking & Distribution at Motilal Oswal said, "Bank Nifty has been the biggest outperformer in recent months as good buying interest is seen across financial stocks. The Index made a new all-time high of 44,498.60 mark today, compared to its previous high of 44,151 made in December 2022. Earning momentum continued for Banking stocks as most Banks reported strong results. Apart from further expansion in margins, asset quality too continued to improve. Loan book growth has been healthy across segments. The Index is witnessing a strong breakout and could see further momentum from hereon and the Index can now head towards 45000 to 46000 zones in coming sessions."


On why Bank Nifty outperformed Nifty and Sensex today, Vaibhav Kaushik, Research Analyst at GCL Broking said, "After strong Q4 numbers announced by majority of Indian companies listed on Dalal Street, it has become clear that growth and demand is intact with the Indian economy. So, amid fear of economic slowdown in the US and lowering treasury yield, FIIs are expected to look at emerging markets like China, Brazil and India as Russia is facing sanctions while Europe is facing energy crisis after Ukraine war. As FIIs are skep
tical about the Chinese market post-Covid and Brazil is facing political uncertainty, Indian stock market is an ideal choice for FIIs."

On why Bank Nifty may continue its upside movement, Vaibhav Kaushik of GCL Broking said, "Initial movement in banking segment was fueled by large-cap banking stocks like HDFC Bank, ICICI Bank, Axis Bank, etc. However, now the focus has shifted towards low priced mid-cap and small-cap stocks like PNB, Bank of Maharashtra, Federal Bank, etc."

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