Bulls On The Upper Hand, Nifty Above 8750

Today is the fifth consecutive trading session that the Indian markets witnessed a positive closing. Banking stocks led today’s gain, as stocks like PNB, IndusInd Bank, Kotak Bank, Axis Bank and Yes Bank surges more than 2.5 percent each. As a result banking index rallied by 546 points. This was followed by Metals, Mid-Caps and Small-Caps index, that closed in the positive territory. The Nifty closed above major resistance level and was up by 63 point and closed at 8778 while Sensex was up by 177 point in today’s trading session and closed at 28885.
 
The advance-decline ratio on NSE was positive side, as the day ended with 1579 shares in green and 1263 shares in the red zone.
 
Top Nifty Gainers: PNB closed the day higher by 5.99%, followed byZee Entertain, IndusInd Bank, Kotak Mahindra Bank and Reliance.
 
Top Nifty Losers: GAIL closed the day lower by 3.22%, followed by Sun Pharma, Lupin, Bharti Airtel and Idea Cellular.
 
Most the sectoral indices closed in positive note in today’s trade. Bankex stocks witnessed handsome rally and broke all the technical hurdles and was up by 546 points. Followed by metals and IT index also were up around 140 points and 58 points respectively. While Mid-Caps and Small-Caps also closed in green territory. However Healthcare and Capital Goods index were remained in stress and index was down by 386 points and 80 points respectively. 
 
The Asian markets continued with some positive scenario. The Hang Seng market saw superb up moves by 707 points. Followed by Nikkei market was up by 147 points. However the and Shanghai Composite market saw nominal negative trades.    
 
Buzzer: PNB was up by more than 3.5% on the bourses today and closed up at the technical level around Rs 160. If the stock opens above this level, it may touch Rs 170/185 mark in the next few trading sessions.
 
The Nifty Future broke all the hurdles and closed above the technical level of 8800. Indicating more positive picture ahead.