These three stocks pushing NSE Nifty 50 up today, and these three trying to pull it down

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The NSE Nifty 50 jumped above the crucial 18300 mark today despite muted global cues. In the early morning trade, the SGX Nifty was trading marginally in the red, indicating that the benchmark indices, NSE Nifty and BSE Sensex could open flat or marginally lower. But two Adani group stocks Adani Enterprises and Adani Ports jumped up to 17%; and Divis Lab surged nearly 3% today, pushing the NSE Nifty 50 above 18300. Meanwhile, Eicher Motors, IndusInd Bank and Tata Motors were trying to pull the Nifty 50 down.

The NSE Nifty 50 jumped 100 points or 0.55% to 18,303.35 and BSE Sensex surged 197.1 or 0.32% to 61,926.78. The top gainers on Nifty 50 were Adani Enterprises (17%), Adani Ports (9%), Divis Lab (3%), Apollo Hospital (2.51%) and Tech Mahindra (2.16%) while the losers were Eicher Motors(-1%), Tata Motors (-1%), IndusInd Bank (-0.75%), Nestle India (-0.64%) and ICICI Bank (-0.52%). The banking index, Bank Nifty fell 120.60 or 0.27% to 43,848.80. The top gainers on Bank Nifty were PNB, Bandhan Bank, SBIN, Kotak Bank and AU Bank while the losers were Bank of Baroda, IndusInd Bank, IDFC First Bank, ICICI Bank and Axis Bank.

Technical Outlook

Nifty may face resistance at 18300-18400 levels

“Nifty might face resistance above the 18300-18400 level, below that level it might retest the 18000 level. Therefore,  the index is expected to continue rising in the future until the index trades above the 18300-18400 level. On the downside,  support lies at 18000, followed by 17870 and 17800,” said Rohan Shah, head technical analyst at Stoxbox.

Bank Nifty likely to cross all-time high and may head towards 44444

Bank Nifty is outperforming and consolidating between the 43500–44200 zones. It is likely to cross its all-time high and may head towards the 44444 level. On the downside, 43440 is an immediate support level that should be a stop-loss for long positions,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.


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