Sensex gains over 500 points, Nifty above 22,100; Reliance jumps over 3%

Criteria stock exchange indices ended Wednesday’s trading session on a favorable note, backed by strong gains in energy and oil & & gas stocks.

The S&P BSE Sensex increased 526.01 indicate 72,996.31 at the closing bell, while the NSE Nifty50 acquired 118.95 indicate settle at 22,123.65, marking a sharp turnaround from the other day’s trading session.

All the more comprehensive market indices ended the trading session on a favorable note, indicating the favorable momentum on Dalal Street.

Patterns in the sectoral indices were combined, with heavyweight Nifty Bank and Nifty Financial Services ending in the green zone, while Nifty IT decreased more than 0.6%. Cool Oil & & Gas and Nifty Realty were the leading gainers amongst sectoral indices.

Dependence Industries Limited (RIL) became the leading gainer on the stock market, increasing 3.5 percent on the Nifty50. The other leading gainers on the 50-share index were Maruti, Bajaj Auto, Bajaj Finance and Titan.

On the other hand, the leading losers were UPL, Hero MotoCorp, Wipro, Apollo Hospitals and Dr Reddy’s Laboratories.

Dependence shares got greatly after getting favorable feedback from foreign brokerage company Goldman Sachs.

Mandar Bhojane, research study expert at Choice Broking, stated, “On the 1-hourly chart, the Nifty formed an inverted head and shoulders chart pattern, suggesting a bullish turnaround. If the cost sustains above the 22,200 level, it is most likely to more increase towards 22,400 and 22,500 levels in the approaching days. On the other side, the 22,000 level is anticipated to serve as a strong assistance zone, where the 20, 50, 100, and 200 EMAs line up.”

“Analysis of the Open Interest (OI) information exposes the greatest OI on the call side at the 22,400 strike cost, followed by the 22,500 strike rate. On the put side, the greatest OI was observed at the 22,000 strike cost,” he included.