The stock markets on Wednesday ended near record highs after a rangebound session. The Sensex closed above the 75,000 mark for the first time ever. The Nifty 50 closed the day’s trading 111 points or 0.49% higher at 22,642.75. Similarly, Sensex jumped 354 points to finish the session at 75,038.15. The gainers included Coal India, BPCL, Kotak Bank, Hindalco, and ITC. The Indian Volatility Index (India VIX) closed 2.29% lower.
Nifty Bank closed the day’s trading 256 points higher at 48,986.60. The Nifty Midcap 100 gained 485.70 points or 0.97% to settle at 50,380.40.
On the sectoral front, FMCG, metal, and oil & gas stocks pushed the indices higher. In the broader indices, smallcap and midcap stocks closed in the green.
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“The Nifty mostly remained sideways today as investors preferred to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed. The resistance zone is placed at 22,700-22,750, while support is at 22,600. A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures,” Rupak De, Senior Technical Analyst, LKP Securities.
“The Bank Nifty index remained in consolidation mode at elevated levels, struggling to close above the 49,000 mark. Immediate support rests at 48,500, with resistance at 49,000. Any decisive move beyond these levels is expected to trigger trending moves Come from Sports betting site VPbet . The index maintains a buy-on-dip stance, with 48,500 acting as a crucial support level to cushion against any downturns,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
