Nifty futures closed positive at 17,538, up 0.88 percent. Among specific stocks, NTPC, SRF, Tata Power, Bharti Airtel, Mindtree, Coal India, Mphasis, ONGC, MFSL, Metropolis, Titan, BEL, Tata Chemicals, HCL Tech, Ashok Leyland, SBIN, PNB, saw bullish trade setups. Gaya. Bata India, Dr. Lal Pathlab, ABFRL, M&M Fin, Hindalco, TCS, Infosys, IndusInd Bank, LT, Godrej Consumer Products, and Jubilant Foodworks, while Concor, McDowell, SunTV, and MGL are the losers.
Nifty opened flat on Wednesday but managed to maintain its opening level and set another record at 17,532 level. Every small fall in the index saw continuous buying throughout the day and dragged the Nifty towards a new higher zone. It closed the highest daily ever and closed with a gain of around 140 points. The index formed a perfect bullish candle on the daily scale and saw a breakout from its consolidation phase of the past few sessions. It now has to stay above the 17,500 level to move towards 17,777, while downside support was seen at the 17,400 and 17,250 levels.
India VIX rose 1.10 percent to 13.58 from 13.73 levels. The fear gauge needs to be kept below the 13 levels for the bullish momentum to continue.
Bank Nifty opened negative but took support near the level of 36,500 and moved towards the level of 36,950. It saw decent momentum towards the end of the session and closed with a gain of around 250 points. It formed a bullish candle on the daily scale and saw its highest daily close in recent days above the key hurdle at 36,850 level. Now the index has to stay above the 36,750 level to see a bounce back towards the 37,250 level, while the downside support was seen at 36,500 and then 36,250 level.