Where is share market headed after Nifty closes below 18600, Bank Nifty above 44160; check support, resistance

Where is share market headed after Nifty closes below 18600, Bank Nifty above 44160; check support, resistance

Benchmark indices, NSE Nifty 50 and BSE Sensex ended flat on Tuesday. The NSE Nifty 50 concluded at 18,599 and BSE Sensex at 62,792.88. In sectoral indices, Bank Nifty rose 62.90 points or 0.14% to 44,164.55, Nifty Auto jumped 159.25 points or 1.09% to 14,729.50 and Nifty Realty surged 5.85 points or 1.19% to 498.40 while Nifty IT tanked 549.70 points or 1.88% to 28,689.05. The top gainers on Nifty 50 were UltraTech Cement, Divis Lab, Kotak bank, Grasim and Tata Motors while the losers were Tech Mahindra, Infosys, TCS, Wipro and ONGC.

“The domestic market experienced profit booking due to selling pressure in the IT sector. IT stocks witnessed a decline in anticipation of further downward revision in spending. However, a rally in auto and banks helped to recover the losses. Going ahead an important influencer will be the commentary on growth and inflation forecasts by the RBI following its MPC meeting given the general consensus that rate pause will continue,” said Vinod Nair, Head of Research at Geojit Financial Services.

Bank Nifty support at 43900-43700; resistance at 44400

“Bank Nifty support levels are anticipated at 43,900-43,700, while resistance is placed at 44,400. Caution should be exercised as the market currently lacks a clear trend. Traders and investors need to remain vigilant and monitor the support and resistance levels closely in order to make informed decisions,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.