Indian shares advanced for the second consecutive session on Monday after strong US economic data and investments in Adani group companies boosted risk appetite. The Nifty 50 index closed 0.67% higher at 17,711.45, while the S&P BSE Sensex gained 0.69% to close at 60,224.46.
,market Showing renewed strength, the Nifty has recovered well in the last two trading sessions with a gain of 2%. India VIX has also declined from 15 zone to 12 level, thus supporting the positive sentiments. We expect this momentum to continue in the near term supported by positive global cues,” said Siddharth Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Limited
,smelly Opened on a strong note with a big gap up and scaled around 17800 area where it saw some resistance and gradually slipped as the day progressed. Near term support is strong near 17550 area and further a decisive breach above 17800 will set some conviction for further move with momentum still to the next target of 18100 levels. ,
Bank Nifty Overview
“Bank Nifty also saw a good opening resistance near 41700 zone and some profit booking to end the session near 41350 level, with the bias still remains positive and 41000 as near term support area With further growth is expected. The index needs to decisively cross 41700-41800 zone to give a breakout above the previous high and expect the next target of 43000 level. Support for the day can be seen at 17600 while resistance can be seen at 17900. The daily range for Bank Nifty will be in the 41000-41800 levels.
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nifty spot index
Support – 17600/17550
Resistance – 17900/17950
bank nifty spot index
Support – 41000/40950
Resistance – 41800/41850
The markets are closed today, March 7, for a public holiday, and will resume trading on Wednesday, March 8.
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