NIFTY50 breaks above key moving averages, eyes 22,500 mark

After a positive handover from Wall Street, Indian markets started the day on a positive note, and surrendered all the opening gains. However, heavy buying in the last hour of trading shifted the momentum towards the bulls. The NIFTY50 index gained 0.9% to close at 22,403, while the SENSEX also gained 0.9% to close at 73,663.

Apart from PSU Banks (-0.8%), all major sectors saw buying interest with IT (+1.7%) and Real Estate (+1.6%) showing the strongest gains.

In a rollercoaster trading session, the NIFTY50 index regained its two main daily moving averages, the 20 and 50, and formed a bullish hammer on the daily chart. Based on support based buying, the index closed above the immediate resistance zone of 22,300 and 22,350, indicating strength. Going forward, the index's next resistance level is 22,500.

• Top gainer and loser in NIFTY50: Mahindra and Mahindra (+3.0%) and Maruti Suzuki (-2.1%)

• The broader markets extended their gains, with both NIFTY Midcap 100 and the Smallcap 100 index advancing 0.8%.

• Top gainer and loser in NIFTY Midcap 100: Honeywell Automation (+13.0%) and Canara Bank (-4.4%)

• Top gainer and loser in NIFTY Smallcap 100: Ircon International (+7.6%) and Ujjivan Small Finance Bank (-3.4%)

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See you tomorrow!