Domestic benchmark indices open higher on Friday’s trade. BSE Sensex trader at 75,066.38, higher by 455.27 pts or 0.61 per cent as of 9.27 am; and Nifty 50 traded at 22,782.05, up 133.85 pts or 0.59 per cent.

Nifty scaled to a new high at 22,787.

All sectoral indices except IT traded in green. Nifty IT slipped 0.16 per cent to trade at 33,149.15 as of 9.21 am. Nifty financial services rose over 1 per cent. Nifty bank was up 0.66 per cent at 49,557.50.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said that the market has been witnessing range-bound activity between 22300 and 22800 levels. “However, crossing 22800 will be positive for the market. Below 22500, it would find support at 22400 and 22300 levels. The strategy should be to reduce long positions between 22700 and 22800 levels. Fresh buying is advisable either above 22800, which could lift the index to 23000 levels or if it falls to 22450-22500 levels,” Chouhan stated. 

For bank nifty, he said that the resistance would be at the 49500 and 49800 levels.

Anand James, Chief Market Strategist, Geojit Financial Services, said, “The swing to 22650-700 followed by the consolidation evolved on anticipated lines, thus invalidating the prospects of a potential drop to 22480. This turn of events has the potential of breaking free off the range trading bias which we had outlined at the start of the week. Such a scenario sees Nifty testing 22880-950 or run all the way to 23200. Alternatively, inability to float above 22660-20 region could signal a weak bias, with eyes on 22480-280.”

Stocks to watch

Major stocks that gained on the NSE as of 9.23 am were Bajaj Finance (over 6 per cent), Bajaj Finserv (4.74%), NTPC (2.52%), Shriram Finance (2.11%), and ONGC (1.79%). Meanwhile, Adani Enterprises (-0.87%), Bharti Airtel (-0.44%), Tech Mahindra (-0.42%), HDFC Life (-0.36%), and L& T (-0.33%) were the major laggards.

The major stocks that hit a 52-week high on the NSE include Ajanta Pharma (10.51%), Arrow Green (8.28%), Max Estates (5.37%), DB International (4.96%), Sobha (4.77%), and Cholamandalam Investment (2.95%).

Bajaj Finance stock surged 6.98 per cent on the NSE as of 9.44 am to trade at ₹7,363.20 after RBI lifted the curbs imposed on the company for sanction and disbursal of new loans under two products – ‘eCOM’ and ‘Insta EMI Card’.

Dabur India stock rises 1.28 per cent after its Q4 results, to trade at ₹532.05 as of 9.43 am.