At close, BSE Sensex was trading 502.01 points higher at 66,060.90 and Nifty50 was trading 150.75 points higher at 19,564.50.
New Delhi: Indian indices opened muted on Friday, day after CPI data was released which said that the consumer price index-based inflation stood at a three-month high of 4.81 per cent. Sensex opened at 65,775.49 (previous close: 65,558.89), touched a lifetime high of 66,159.79; Nifty, meanwhile, opened at 19,493.45 (previous close: 19,413.75), touched a lifetime high of 19,595.35 during the day’s trade.
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At close, BSE Sensex was trading 502.01 points higher at 66,060.90 and Nifty50 was trading 150.75 points higher at 19,564.50.
“Spectacular rally in IT stocks following better-than-expected earnings from select frontline technology companies triggered late upsurge, which propelled Sensex to close above the 66k mark. Market seems to be flooded with strong FII inflows, and with US inflation moderating investors are hoping for a rate hike pause by the Federal Reserve later this month,” said Amol Athawale, Vice President – Technical Research, Kotak Securities Ltd.
“On daily and weekly charts, the Nifty has formed a bullish candle along with breakout formation on intraday charts, which supports further uptrend from the current levels. For the trend following traders now, 19450 would be the trend decider level and could move up till 19800.”
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“Below 19450, we could expect a one quick correction till 19400-19300. For Bank Nifty, the 20 day SMA (Simple Moving Average) or 44500 would be the trend decider level. Above the same, the index could retest the level of 45250-45600. On the other side, below 44500 the bank nifty could slip till the 50 day SMA or 44000,” Athawale added.
