look news india
This weekend the major indices Sensex and Nifty 50 broke all their barriers and set a new dimension i.e. the range we had been discussing for the last few weeks, both the indices broke their all-time highs, however, the volatility of the last two weeks is about to complete, only two phases of the Lok Sabha elections are left and the election has reached its final phase, it seems that funding has started this week in the hope that a stable government will be formed and FIIs gained momentum, the main reason behind this rally was the approval of a record dividend payment of Rs 2.11 lakh crore to the government by the RBI, the hope expressed by the Prime Minister of India in an interview that the market will touch new heights after June 4. Till the monsoon Kerala all eyes were on the Adani Group which topped the list of weekly top gainers in the Nifty 50, Adani Enterprises with 10 percent and Adani Ports with 6 percent, Larsen with 5%, HDFC Bank with 3.5%, Reliance with 3% remained the mainstays of the rally. Apart from this, there was sluggishness in small and midcap stocks, so keeping an eye on the election results, volatility will continue till next week Nifty 50 (close price 22957) :- After weekly volatility of 622 points during this week Nifty 50 closed with a significant jump of 553 points, due to the reasons mentioned above, last week Nifty 50 saw a positive rally, Nifty touched its lifetime highest level due to mass attraction, the caps closed at its weekly highest level after touching the level of 23026, thus Nifty has given a double breakout of triple bottom and double top which can be said to be a good thing, the barrier for the new week is 23144-23200 and 22800-22500 will remain an important support. NiftyBank (Closing Price 48977):- This week NiftyBank closed with a jump of 1125 points after weekly high of 1617 points, HDFC Bank was leading with a jump of 3.5% this week, Nifty Bank made a comeback. Touching its support while trading in the channel, 49300-49900 will be a hurdle and 48300-47900 will be a crucial support in the new week.