The Indian market was on a song on Monday on back of the announcement of HDFC, HDFC Bank merger and in view of positive global cues. Domestic equity benchmarks rose on Monday to close more than 2% higher. The broader Nifty 50 gained over 2% to close above 18,000-mark, while the Sensex ended the day with over 1300 points gain as banking stocks led the rally on Monday.  

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Nifty has moved up above 18000 smartly following a sustained trade above the previous consolidation on the daily chart, said Rupak De, Senior Technical Analyst at LKP Securities.

Besides, the price has moved above 200DEMA on the daily timeframe, he said. "The near-term trend looks positive from here. On the higher end, the index may move towards the falling trend line on the daily chart. The immediate resistance is visible near 18150. On the lower end, support is visible at 17800," added the expert.

Meanwhile, in the broader market, Nifty midcap and small cap indices added more than 1.5%, as Indian Volatility Index (VIX) cooled down to close around 18-mark.  

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Sectorally, banking and financial services indices rose the most with Nifty Bank, Financial Services and Priate Bank all ending with gains of around 4% even as all sectoral indices turned green in Monday's closing   

Nifty Bank added more than 1400 points as the 12-share banking index closed near 38,600.  

HDFC, HDFC Bank, Kotak Bank, Adani Ports, HDFC Life, Hindustan Unilever, L&T, Sun Pharma and IndusInd Bank surged the most in a positive market. Infosys, Tata Consumers, Titan and JSW Steel closed with marginal cuts.  

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision)