Nifty closed at its all-time high on Thursday November 24, while Sensex hit an all-time high. Overnight positive cues from the US led to this move higher. A late surge after 2:50 p.m. led Nifty to close 217 points higher at 18484. However, volumes at the NSE were subdued while the advance-decline ratio increased to 1.46:1. Nifty started higher and extended gains throughout the day. Broad market indices underperformed. IT and oil & gas stocks did well on rotation buys. Global equities edged higher on the back of Federal Reserve minutes showing most policymakers expect to slow the pace of rate hikes. The BANKNIFTY bulls came back in full force, beating the bears out of the 42500-42900 resistance zone on the last day of the month. It has seen a fresh breakout on the daily chart that is pushing it higher towards the 43500 level in the near term. Lower support is now visible at 42200 which will act as a buffer for the bulls. Broader participation in the markets is resuming, which is helping it scale at the top end. We believe Indian markets are trading in a positive trend, supported by strong corporate earnings, easing supply constraints, falling commodity prices and strong demand across sectors. Investors should use any significant decline as a good opportunity to buy into these markets. On the technical front, immediate support and resistance for Nifty 50 are 18400 and 18600 respectively. Immediate support and resistance for Bank Nifty are 42200 and 43200 respectively. Nifty could now be heading towards an all-time high of 18625 while the 18300– 18400 range could provide support. The daily momentum indicator RSI remains in a positive crossover. Trend looks positive as long as it holds above 18400. Going forward, 18300 could provide immediate support. On the upper end, resistance is visible at 18700 , above which Nifty could continue to rise.
Resistance: 17350, 17450, 17550
Support: 17250,
17150, 17050
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