The NSE Nifty 50’s sees support at 23,800 levels, according to analysts.

As long as the market is trading above 24,150, the bullish sentiment is likely to continue, according Shrikant Chouhan, head of equity research at Kotak Securities. “On the upside, it could move up to the range of 24,450-24,500. Conversely, if it falls below 24,150, we could see a quick short term  correction down to the 24,050-24,000 range,” he said.

A sustained move above 24,350 could pave the way for further upside towards 24,550 and then towards December 2024 high of 24,850 in the upcoming weeks, according to Bajaj Broking Research.

“Only a breach below Wednesday low at 24,120 will signal a pause in the current up trend. A breach below Wednesday low can lead some consolidation in the range of 24,350-23,800,” the brokerage said.

“The major support is placed at 23,800 levels. Index sustaining above the same will keep the short-term bias positive and dips should be viewed as buying opportunities. Stock specific action will continue to remain in focus as we progress through the Q4 earnings season,” it added.

Bank Nifty, a widely tracked index, faces “stiff resistance” at 56,000-56,100 levels, while 54,470 remains a crucial support zone, said Hrishikesh Yedve, assistant vice president for technical and derivatives research at Asit C Mehta Investment Interrmediates Ltd. “Traders should monitor these levels for potential trading opportunities.”

FII/DII Activity

Foreign portfolio investors continued to remain net buyers of Indian equities for the sixth straight session on Wednesday, while domestic institutional investors remained net sellers for the second consecutive day

FPIs mopped up stocks worth Rs 3,332.9 crore and domestic institutional investors sold equities worth Rs 1,234.5 crore, according to provisional data from the National Stock Exchange.

F&O Action

  • Nifty April futures rise by 0.57% to 24,306 at a discount of 28 points.

  • Nifty April futures open interest down by 37%.

  • Nifty Options April 24 Expiry: Maximum Call open interest at 25,000 and maximum Put open interest at 24,000.

  • Put-Call ratio at 0.85, with highest change in Put open interest at 24,200.

Market Recap

The NSE Nifty 50 and BSE Sensex extended their gaining streak to seventh day and finished at the highest level since mid-December 2024. The rally in the benchmark indices got support from a rally in technology stocks. Infosys Ltd., HCLTech Ltd., and Tata Consultancy Services Ltd.’s share prices contributed the most to gains in the Nifty 50.

The Nifty 50 ended 115.10 points or 0.48% higher at 24,282.35, and the Sensex ended 520.90 points, or 0.65% up at 80,116.49. The Sensex reclaimed the 80,000-mark for the first time since Jan. 3.

Major Stocks In News

  • Bajaj Finance: The company will consider a stock split and bonus issue on April 29.

  • Biocon: The company approved raising up to Rs 4,500 crore via NCDs or other means.

  • NHPC: The company will develop a 1,200 MW solar park in Uttar Pradesh for Rs 797 crore.

  • Gensol Engineering: The company clarified that it has not received any communication or notice from ED in connection with the Mahadev Book app case.

  • Panacea Biotec: The company received a $5.2 million order from UNICEF for polio vaccine.

  • One Mobikwik Systems: MCA approved incorporation of arm Mobikwik Financial Services.

  • Central Bank of India: The board to consider raising funds via QIP, preferential issue, or other means.

  • Infosys: The company incorporated step-down wholly owned subsidiary Infosys Australia Technology Services.

Currency Market

The Indian rupee closed weaker against the US dollar on Wednesday, continuing its downward trend from the previous day.

The domestic unit settled 22 paise weaker at 85.42, following its close at 85.20 per dollar on Tuesday. The domestic currency opened 7 paise lower at 85.27 against the US dollar on Wednesday.

Global Cues

Markets in Japan and South Korea advanced Thursday as risk sentiment continued to recover on optimism over US and China trade relations. The Nikkei 225 and S&P ASX 200 were trading 0.85% and 0.51% higher, respectively.

On Wednesday, the Dow Jones Industrial Average and S&P 500 ended 1.07% and 1.67% higher, respectively. The Nasdaq Composite ended 2.50% higher.

The dollar index was trading 0.20% down at 99.67 as of 6:47 a.m. Brent crude was trading 0.14% higher at $66.21 a barrel. The Bloomberg spot gold was trading 1.84% higher at $3,348.88 an ounce.

The GIFT Nifty was trading flat at 24,260.50 as of 6:46 a.m.

. Read more on Markets by NDTV Profit.On the upside, the frontline index could move up to the range of 24,450-24,500, an analyst said.  Read MoreMarkets, Business 

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