We anticipate the Nifty will aim for levels of 19,650 on the upside. Level-wise, the critical support area lies between 19,330 and 19,300, while the immediate obstacle lies between 19,520 and 19,550.
Despite a weak monsoon, rising crude oil prices, and mixed global markets, positive GDP numbers and improved manufacturing PMI data for the first quarter of this fiscal year helped the major indices snap a five-week losing streak.
The BSE Sensex increased by 0.77 percent this week, or 500.65 points, closing at 65,387.16. The Nifty50 increased by 0.87 percent, or 169.5 points, finishing at 19,435.30.
The BSE Mid-cap, BSE Small-cap, and the BSE Large-cap indexes all increased by 2.3 percent, 3.8 percent, and 1 percent, respectively, outperforming the benchmarks.
Indian stocks increased significantly this week. Large indices like the BSE-30 and NSE 50 produced weekly returns that were very close to 1%. Indian small- and mid-cap indices did better than their large-cap counterparts. The BSE Metals and BSE Realty indices both posted weekly gains of more than 5% on the sectors front. The BSE Commodities, BSE Auto, BSE Capital Goods, and BSE Power sectors all posted strong weekly increases. The BSE FMCG index, on the other hand, had a negative return.
The BSE Metal index increased by 6%, the BSE Realty index by 5.7%, the BSE Telecom index by 4.5%, and the BSE Power and Auto indices each increased by 3.4%. The BSE FMCG index, on the other hand, decreased by 0.5 percent.
The BSE Small-cap index increased by 3.8%. India Pesticides, Atul Auto, Jai Balaji Industries, Gokaldas Exports, Cerebra Integrated Technologies, Pokarna, Uflex, Coffee Day Enterprises, Skipper, and Sharda Motor Industries all had gains of 25–46%. Railtel Corporation of India, Optiemus Infracom, HLV, Take Solutions, RattanIndia Power, and Atul Auto also saw gains of 25–46%.