Mr. Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities
Nifty 50 Index rose for the second consecutive day, climbing 0.2% or 34.6 to 17833. The index advanced to the highest closing level since Aug. 18. After two week's of correction, Nifty ended this week with a gain of 1.6%. On a weekly basis, Nifty closed at the highest levels since 14th Jan 2022.
I.T. stocks hogged the limelight in today's session. Infosys Ltd. contributed the most to the index gain, by rising 2.4%. Tech Mahindra Ltd. was the top gainer up 3.4%. Bank Nifty index managed to surpass all previous hurdles and closed at an all-time high on a weekly basis.
Asian market brushed aside the hawkish comments from ECB and Fed and ended in green in today's session. Japan and China markets rallied with impressive gains on Friday. The European market are also trading in the green at the time of this writing.
Declining shares outnumbered the advancing shares on Friday where advance decline ratio stood at 0.96 on BSE. A close above 17992 For Nifty would result in a fresh trend breakout, that could bring more bullish momentum for the Nifty index. Support has now shifted up to 17550 levels.