The Nifty futures closed positive at the 14,880 level with a gain of 0.87%. Among the specific stocks, trade setup saw a rise in Chola Finance, JSW Steel, Apollo Hospitals, Mindtree, Voltas, Wipro, Britannia, Aarti Industries, Vedanta and Godrej Consumers, but Amara Raja Batteries NSE -1.10%, Colgate Palmolive weakened.
The Nifty opened positively on Wednesday and continued its momentum through the first half of the session, but the latter half of the day saw some consolidation. The index closed above its 50 DMA with a gain of about 135 points. The index formed a rapid candlestick with a long shadow at the daily level and continued to rise higher for the second straight session.
The index has been witnessing sustained selling pressure near 14,880 points for the last 12 sessions. Now, it has to cross above the 14,880 level for the range breakout and upward move towards the 15,000 level, while the downward support is present at the 14,650 and 14,550 levels.
The Bank Nifty opened flat but saw an increase in interest after an intra-day low of 32,141. There was a limited movement towards the end of the session, and the index ended the day with a gain of nearly 500 points. The index formed a bullish angling pattern on the daily scale and ruled out the formation of the lower highs of the previous two sessions. It now decisively needs to hold up and hold above the 33,000 level to bounce to the 33,500 and 34,000 levels, while on the downside, support is present at the 32,500 and 32,000 levels.
On Wednesday, Wall Street breathed a sigh of relief as Asian stocks closed, with major indices down.
Japan’s benchmark Nikkei fell 0.5% to 29,544.93 and the Shanghai Composite Index fell 0.7% to 3,459.25. Australia’s S&P / ASX 200 rose 0.3% to the 6,903.50 mark. South Korea’s Kospi gained 0.3% to close at 3,136.56. Hong Kong’s Hang Seng slipped 0.3% to close at 28,845.68.
In Energy Trading, Benchmark U.S. Crude raised the price of 9 cents to $ 59.42 a barrel in electronic trading on the New York Mercantile Exchange. It rose 68 cents to $ 59.33 a barrel on Tuesday. Brent crude rose 7 cents to $ 62.81 per barrel internationally.
In currency trading, the US dollar was at 109.82 Japanese yen, almost unchanged from 109.81 yen late on Tuesday. The euro was unchanged at $ 1.1870.