BSE Sensex rose by 103.62 pts or 0.14 per cent at 73,208.23 as of 9.20 am, and Nifty 50 was up 43.85 pts or 0.2 per cent at 22,261.70.
The majority of sectoral indices traded in green, except for realty stocks, and financial services. Nifty PSU Bank increased 1.28 per cent to trade at 7,150.75. Meanwhile, Nifty bank was up 0.06 per cent at 47,887.25.
- Also read: Day Trading Guide for May 15, 2024: Intraday supports, resistances for Nifty50 stocks
Shrikant Chouhan – Head – Equity Research, Kotak Securities, said, “We believe the index is in a pullback mode and will likely face the next leg of resistance at 22300, where the 50 and 20-day SMAs are placed. Sustained trade above 22300/73500 could take the index higher to 22400-22440/73800-74000. On the other hand, fresh selling is possible only if it goes below 22050/72700. The strategy should be to reduce long positions around 22400-22450 levels.”
Commenting on the bank nifty, Chouhan said it was in consolidation mode within the trading range of 48000 and 47600. On the dismissal of 48000, it may move towards 48200 and in the best case it will re-test 48400 levels. Weakness will remain if the 47500 level is broken.
Stocks to watch
The major gainers on the NSE as of 9.23 am were Cipla (3.46 per cent higher), NTPC (2.11%), Hindalco (1.57%), Bharti Airtel (1.54%), and Coal India (1.31%). The major losers were HDFC Bank (-0.79%), Shriram Finance (-0.70%), JSW Steel (-0.69%), HDFC Life (-0.64%), and Eicher Motors (-0.58%).
Oberoi Realty stock surged 5.10 per cent on the NSE to trade at ₹1,596.70 after Q4 financial results.
PNB, Bank of Baroda, Bandhan Bank and AU Small Finance Bank stocks traded over 1 per cent as of 9.28 am on the NSE.
PSB and Union Bank stocks traded over 4 per cent.
The board of ICICI Lombard General Insurance Company had approved the appointment of Rakesh Jha as the chairperson of the board with effect from June 30, 2024, or date of IRDAI approval, whichever is later.
The stock traded at ₹1,666.35 on the NSE as of 9.33 am, lower by 1.04 per cent.
