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Expert anticipates a strong rebound in the Nifty Bank index during the February 2024 derivative series if the 45,000–44,000 support holds.
The high-flying midand small-cap index closed in the red, and both the indices are due for some consolidation. We can expect stock-specific action during the week.
Birla Corporation shares rallied 7 percent to Rs 1,092, the highest closing level since September 20 last year and formed robust bullish candlestick pattern on the daily charts with significantly higher volumes. The stock has been making higher highs, higher lows for third consecutive session.
NIIT has seen strong buying traction in the last trading session on Friday, which was backed by robust volumes and has witnessed a breakout on a closing basis, signifying positive development in the counter.
India’s April macro factors have seen improvement with record GST collection, improved PMI numbers, trade deficit narrowing to near two-year lows, and sharp softening in headline and core inflation