Bulls Back, Bankex On Upper Hand

The Indian markets witnessed a massive recovery in today’s session. Majority of the sectoral indices recovered well. Bankex stocks led today’s rally, and its index surged around 635 points. This was followed by Auto and Healthcare index, as they also surged by 455 points and 343 points respectively.  The Nifty rose above its major resistance level and was up by 162 point and closed at 8518 while Sensex was up by 517 point in today’s trading session and closed at 28067.

The advance-decline ratio on NSE was on positive side, as the day ended with 1793 shares in green and 1060 shares in the red zone.

Top Nifty Gainers: PNB closed the day higher by 8.77%, followed by Zee Entertain, Yes Bank, Bank Baroda and Kotak Mahindra Bank.

Top Nifty Losers: BPCL closed the day lower by 1.3%, followed by Dr Reddy’s Labs and Infosys.

All of the sectoral indices closed in positive note in today’s trade. Bankex stocks witnessed handsome rally and broke all the technical hurdles and index was up by 635 points. This was followed by Auto and Healthcare indexes also were up around 455 points and 343 points respectively. While Capital Goods, Mid-Caps and Small-Caps also closed in green territory.

The Asian markets continued with range bound scenario. The Nikkei market saw down moves by 76 points. The Hang Seng market also saw downward moves, and was down by 27 points. While Taiwan and KOSPI market closed nominally up.   

Buzzer: PNB was up by more than 8% on the bourses today and closed up at the technical level around Rs 160. If the stock opens above this level, it may touch Rs 175/190 mark in the next few trading sessions.

The Nifty Future has given bullish crossover after its broke 8500 level in today’s intraday chart. Indicating more up move, if its sustain above this level.