In Stock Market Today, Fresh record highs for Nifty and Sensex; gains seen in bank, IT, and pharma sectors.
Stock Market Nifty Chart Prediction.
Indian benchmark indices concluded a highly volatile session on a positive note, with both Nifty and Sensex reaching new record highs. At the close, Nifty climbed by +117.70 points or +0.53 percent to 22,474.00, while Sensex surged by +408.86 points or +0.55 percent to 74,085.99.
Among the Top Nifty gainers were Bajaj Auto, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, and SBI Life Insurance,
while Adani Enterprises, UltraTech Cement, NTPC, ONGC, and BPCL were among the losers.
The banking index rose by +1 percent, while the pharma and IT sectors each gained +0.7 percent.
Conversely, the oil & gas, power, and realty sectors each saw a decline of -1 percent.
BSE Midcap index decreased by -0.6 percent, and the Smallcap index dropped by 2 percent.
Stock Prediction for 07th March 2024.
| STOCK | Good Above | Weak Below |
| ADANIPORTS | 1332 | 1314 |
| GODREJPROP | 2474 | 2425 |
| INDUSINDBK | 1560 | 1540 |
| PFC | 426 | 420 |
Prediction For Thursday, NIFTY can go up if it goes above 22,600 or down after the level of 22,300 but all depends upon the Global cues.
The Index maintained its support level at 22,300 on the daily chart and exhibited a bullish engulfing pattern. A positive outlook is anticipated, with a target of 22,600, which, if surpassed, could extend to 22,800. Meanwhile, the level of 22,300 is expected to serve as a robust support point.
| Highest Call Writing at | 22,600 (86.1 Lakhs) |
| Highest Put Writing at | 22,300 (1.0 Crores) |
Nifty Support and Resistance
| Support | 22,300, 22,000 |
| Resistance | 22,600, 22,800 |
Bank Nifty Daily Chart Prediction.
Prediction For Thursday, Bank NIFTY can go up if it goes above 48,100 or down after the level of 48,000 but it all depends upon the Global cues.
During this rally, Bank Nifty has emerged as the frontrunner, and we anticipate this momentum to persist. Any declines towards the support zone of 48000 – 47900 should be viewed as a chance to buy. If the initial resistance level at 48100 is breached, there is potential for an upward movement towards 48500.
| Highest Call Writing at | 48,100 (69.8 Lakhs) |
| Highest Put Writing at | 48,000 (97.5 Lakhs) |
Bank Nifty Support and Resistance
| Support | 48,000, 47,900 |
| Resistance | 48,100, 48,500 |
Also, learn what a Shooting Star Candlestick Pattern indicates.
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