Nifty futures closed positive at 17,386 level, up 0.16 percent. Among specific stocks, IRCTC, GAIL, Escorts, IndusInd Bank NSE 4.04%, LTTS, BEL, PEL, IPCA Labs, HCL Tech, Glenmark, Hero MotoCorp, Mphasis NSE 1.84%, Bata NSE 1.40% Trade setup in India seen bullish. LT, Havells, ITC, Kotak Bank, and Voltas but weak in Marico, AU Bank, Canara Bank, and Ramco Cement.
Nifty opened with gains and touched a new all-time high of 17,438. It remained strong in the 70-point range for most of the day and the bulls managed to hold it above the 17,350 level. It formed a short body bearish candle on a daily scale but saw its highest daily close ever. It will now need to stay above the 17,300 level to move higher to the 17,500 and 17,777 levels, while downside support is seen at the 17,250 and 17,100 levels.
India VIX fell 3.44 percent from 14.02 to 13.53 levels. India VIX needs to stay below 13 levels to continue the bullish momentum.
Bank Nifty opened sharply and remained volatile throughout the day. Many banking stocks are turning lower and the index is lacking momentum. As it closed near its opening level, it formed a Doji-type candle on a daily scale. Now it has to be caught above the 36,750 level to see a bounce back at the 37,000 and 37z250 levels, while downside support was seen at the 36,500 and then 36,250 levels.