Nifty futures closed positive at a 15,755 level with a gain of 0.60%. Among specific stocks, Bajaj Finance, DLF NSE 5.30%, Bata India, Godrej Consumer, LIC Housing, Bajaj Finserv, MFSL, PEL, Pidilite Industries NSE 2.71%, Biocon NSE 2.53%, Cadila Healthcare, Apollo Tire saw trading setup bullish. Gone. , Divi’s Labs, SBI, McDowell, ICICIVpro, Cipla, and Jubilant Foodworks NSE 1.41% but Concor, Bajaj Auto, Exide India, Maruti NSE -0.54%, Hero MotoCoro, and L&T weak.
Nifty opened positive on Thursday and moved in a range of 100 points between 15,650 and 15,750 levels. It moved northwards and closed with a gain of around 100 points. The index formed a small bullish candle and an inside bar on the daily scale as it traded within the trading range of the previous session.
Now, to see a bounce towards the 15,900 and 16,000 levels, it needs to be placed above the 15,700 level, while on the downside, support is present at the 15,650 and 15,550 levels.
India VIX rose 1.71% to 14.75 to 15 level. The fear gauge is close to its lowest level in the last 17 months since February 2020 and the falling VIX will continue to favor the market with a buy-on-decline strategy.
Bank Nifty opened positive and went to 35,165 level after initial consolidation. Banking stocks looked firm after falling in the last two sessions and closed the day with a gain of nearly 330 points.
The index formed a bullish candle and an inside bar on the daily scale, even though it negated the formation of a lower high of the previous three sessions. Now, it needs to be placed above the 35,000 level to see a bounce towards the 35,500 and 35,750 levels while on the downside support is present at the 34,750 and 34,500 levels.
The Nikkei index closed higher on Thursday, as shipping firms raised the prospect of a more economic reopening and reports of government support boosted drugmakers.
The Nikkei stock average ended 0.34 percent higher at 28,958.56, while the broader top was down 0.02 percent at 1,956.73.
The S&P/ASX 200 index closed 0.4 percent higher at 7,302.5, a day after losing 0.3 percent.