The Indian Indices gained momentum on the third straight session of Friday in tracking global representatives. This comes as Sensex and Nifty lead forward to their first weekly gain among three amidst the hike in commodity prices.
In the pre-opening session on Friday Sensex crossed over the 49,000 marks. A positive opening for BSE Sensex and Nifty 50 were observed this morning. On Singaporean exchange Nifty were trading 0.25 per cent higher or 40 points more at 14,837.50.Further Nifty observed hike and breached to 4,800 levels today morning in the pre-opening sessions.
SBI Life, Tata Steel, Hindalco, Hero Moto and JSW Steel were the top gainers in Nifty 50. Whereas, Eicher Motors, Tata Consumer, Tech Mahindra, Bajaj Finserv and Sun Pharma suffered losses on the index.
Today, Manish Hathiramani, proprietary index trader and technical analyst at the, Deen Dayal Investments spoke on Nifty rise. He said, “The crossing of 14700 yesterday was a bullish sign and the markets are keeping above that level today. If we can sustain this momentum, the Nifty can scale up to 15200 levels. 14400 continues to remain a good support and if we can respect that, the overall market trend remains bullish. If we break that on a closing basis, we can slip to 14000-14100,”
Nifty slips below margin
However, after the benchmark triggered some indices, Nifty slipped below 14,800 at 1:02 p.m. today. The Nifty Auto and IT index were trading below the marginal mark and faced losses whereas other sectors on NSE managed to trade gains.
Banking and finance stock were the top gainers for today. Kotak Mahindra Bank secured the top position followed by SBI, HDFC and Tech Mahindra. Meanwhile, where all other sector secured gains, shares for India VIX slipped below.