Nifty shifts base to 22k; Bank Nifty & Sensex play catch with heavy lifts

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The broader market was also helped with strong rally in Powergrid Corporation and NTPC. The FMCG counter was also buzzing with gains in Nestle.

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By S Jha

New Delhi, February 20: Nifty on Tuesday settled at day’s high at 22196. The index is now firmly seen having shifted the base into the 22,000 space by posting a hefty gain of almost 4.5 per cent in a month. Bank Nifty and Sensex after lagging behind Nifty played the catch up game to pose decent gains in a day marked by a broader market rally.

The next resistance for Nifty is placed at 22259 with support at 22090. The next two key levels for Nifty is placed at 22322 and 22429. Nifty lagged the Bank Nifty during the first half the session to gain momentum to clear the congestion for further bullish march.

Bank Nifty, which had seen its peak at about 48500 in December last year, finally went past the level of 47000. Bank Nifty closed at 47094. The banking index also has posted a gain of almost 4.5 per cent. The next resistance for Bank Nifty is seen at 47364 while support is at 46594 level.

The handsome gains in Bank Nifty were on account of a strong rally in the index heavyweight HDFC Bank. The baking behemoth shrugged off the pessimism of the fundamentals to rise by more than two per cent. HDFC Bank had been under pressure since the announcement of the quarterly result.

The Bank Nifty was also helped by the strong rally in the banking counters of Axis Bank and Kotak Mahindra Bank. ICICI Bank, which has been showing strength this week, also extended the gains. The State Bank of India had so far led a rally in the Bank Nifty. The market participants are once again taking a fresh look at the PSU banking counters on the back of the strong rally in SBI.

The broader market was also helped with strong rally in Powergrid Corporation and NTPC. The FMCG counter was also buzzing with gains in Nestle. Several of the smallcap counters were buzzing in the session. Swan Energy once again gave a close above the level of Rs 750. Airo Lam which is engaged in the manufacture of laminate gained 20 per cent in the day. Allcargo Logistics also posted a gain of 13 per cent. There were positive action seen in the logistics counter during the day.

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