The markets gained significantly in the last one hour after after SBI reported robust performance in Q4. Along with banking, FMCG, oil & gas and metal, too, closed with significant gains. Auto, capital goods and realty closed with substantial declines.
The market breadth was negative with advances at 606 against declines of 820 on the NSE. The top Nifty gainers were SBI, Sesa Goa, Grasim and HDFC while losers included Tata Motors, Ambuja Cements, Maruti Suzuki and Bajaj Auto. The markets closed with significant gains on Friday with banking being the best performer.
Technical Analysis: The Sensex closed at 16153, up 82 points from its previous close, and the Nifty closed at 4891, up 21 points. On the higher side 4900 and 4950 on the Nifty will be the strong resistance levels while on the lower side 4850 and 4800 are the strong support levels.
Suggested Strategy: In the light of blockbuster performance from SBI, the market sentiment seemed to have improved considerably. The much needed technical correction seem to be on cards. Banks and metals appear to steer the markets in the upward direction. The banking and metal stocks may hog the limelight in the next few trading sessions.
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