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Bank Nifty is trading at an inflection point and 46,200-46,500 levels in the upside are very critical as only a close above 46,500 levels will confirm the overall larger breakout.
On Monday, 2068 stocks advanced, 1606 declined and 182 remained unchanged, with an advance decline ratio of 1.28 on the Bombay Stock Exchange (BSE), indicating a negative closing of stocks in broader markets.
On Thursday, 1748 stocks advanced, 1632 declined and 132 remained unchanged on the Bombay Stock Exchange (BSE), with an advance decline ratio of 1.07, indicating a positive closing of stocks in broader markets. Foreign investors are backing the market with frantic buying, and it won't be long before the benchmark Nifty surpasses the 20K level. The key indices are being driven by hefty weights (like RIL & ITC) unlocking value. Banks' expected strong Q1 results are giving the market an extra push to reach new highs. As FII inflows remain stable in response to the prospects of the Indian economy,...
Vinay Rajani of HDFC Securities believes that positional trend of the Indian markets is bullish and dips should be bought in to.
Barring auto, all other sectoral indices ended in the green with PSU Bank index up 2 percent and Nifty Bank index up 1 percent.