The Nifty closed at 17,000 as the bulls took over, but analysts say Nifty Bank looks "more promising."

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The Nifty closed at 17,000 as the bulls took over-stuffsearth


Nifty added 1.35% to 16,931, Axis Bank rose 4% and SBI rose 2.5%. The Nifty Bank Index is up 2% today, with the leading earnings figures from SBI and Axis Bank.


Indian stock market index Sensex and Nifty rose today to record highs, with sentiment also supported by dovish comments from the US Federal Reserve Chairman at the Jackson Hole symposium. consecutive sessions, while Sensex gained 765 points to 56,889. Both indices performed their best trading session in almost a month. Broader, medium and small market EEB indices also finished with good gains in the 1.5-1.9% range. 

With strong upside potential, stock indices continued to rise during the day in line with the dynamics of the global market. Waitandsee will ensure that the easy money policy continues this year at a lower rate of decline, ”said Vinod Nair, director of research at Geojit Financial Services. Bank stocks topped the day, with the Nifty Bank Index up 2% to 36,347. 

While the Nifty has hit new highs, the Nifty Bank Index is still far from its all-time high of 37,708. Rahul Sharma, co-founder of Equity99, said: “Bank Nifty looks like more promising after long-term consolidation is out of range and with constant volume we see a big rise in the index, on the hourly chart we saw a big break around 36,200 levels. 36200 should now act as strong support, followed by 36000 and growing. Obstacles are located at 36550, followed by 36750 and 36900. Bharti Airtel leads the Sensex package with gains of over 4%, followed by Axis Bank, Tata Steel, Titan, Maruti and Bajaj Finance. The telecom operator said it plans to raise up to Rs 21 billion through the sale of shares. 


“The short-term trend remains positive for Nifty,” said Nagaraj Shetty, technical research analyst at HDFC Securities. Reach 17000, there is no sign of fatigue at the highs and the market is poised to break above 17000 in the next few sessions. A sustained move above 17K could open the door to the next upside target of around 17,500 in the next two weeks. The nearest support is 16750.





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