Nifty50 has to continue to hold above 14800 zones to witness an up move towards 15000 and 15150 zones, while on the downside, support exists at 14650 and 14500 zones, said experts.
Indian market closed in the green for the third consecutive day in a row on Wednesday tracking positive global cues, optimism over COVID vaccine, and strong Q4 results from India Inc.
The S&P BSE Sensex rallied by nearly 800 points while the Nifty50 closed above 50-SMA placed at 14,798 which is a positive sign for the bulls.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 789 points to 49,733 while the Nifty50 rose 211 points to close at 14,864.Sectorally, buying was seen in banks, finance, auto, and telecom stocks while mild profit-booking was visible in realty, metals, and healthcare space.
The S&P BSE Midcap index rose nearly 1 percent while the S&P BSE Smallcap index closed with gains of 0.7 percent.
"Superior Q4 results and vaccine optimism buoyed domestic markets to trade on a positive footing for the third consecutive day ahead of the Fed interest rate decision,” Vinod Nair, Head of Research at Geojit Financial Services.
“Strong buying interest was seen in banking and auto stocks with enhanced business prospects which are likely to be maintained,” he said.
Check out Market for mare rally up due to perfect bottomed Out!.