Nifty, Nifty Bank continued upside rally; Nifty hit new all time highs

Nifty opened at 22455 today, 128 points higher and made all time high of 22529.95 in SPOT nifty but after making fresh highs it remain in a tight range of 50 points, Key heavyweights like HDFC Bank, LT, TCS, ICICI Bank and Axis Banks witnessed buying interest which manages to hold nifty gains while Reliance, Infy, and Auto stocks drifted market on lower side.

Nifty hit its resistance in the early session and remain at that levels throughout the day, but formation is good and we can see further trend extension from hereon which can lead nifty to 22600-22700 levels in coming weeks, in that scenario 22340-22350 would be strong support for the nifty.

Banking shares remain in limelight and were on positive side, specially HDFC Bank which has shown immediate resistance breakout after a very long consolidation on lower side.  Bank Nifty is looking very promising and may support Nifty in near term as their charts are looking better compared to other heavyweights.

Sector specific Metal, Financial Nifty, Bank Nifty, Healthcare index , Realty, PSU index and Pharma index were on positive side and are looking good for days to come, Fin Nifty and Bank nifty is looking very promising at current levels.

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NEWS UPDATES

• In the first session of FY25, benchmarks the Sensex and the Nifty hit fresh all-time highs. The Sensex was up 363.20 points or 0.49 percent at 74,014.55, and the Nifty was up 135.10 points or 0.61 percent at 22,462.00. About 3,107 shares advanced, 657 declined and 145 were unchanged.

• PSU Bank stocks rallied on April 1, pushing the Nifty PSU index up by over a percent. The current benign credit environment has supported asset quality of these banks, helping the stocks to rise, analysts said. Bank of America (BoFA) Securities is bullish on smaller PSU banks, citing better risk-reward on higher earnings growth and valuation upside.

• Sebi chief Madhabi Puri Buch felt like locked in a pressure cooker when she was a student for two years at the Indian Institute of Management, Ahmedabad. The chairperson of the Securities and Exchange Board of India shared her feelings at the 59th Annual Convocation of the institute on March 30. She recalled the life under intense pressure, growing panic, escalating self-doubt, and a frantic race against deadlines.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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