Gift Nifty rises 150 points today.

Domestic benchmark indices- Sensex and Nifty are likely to open in the green after reaching new heights in Friday’s session. At around 7:35 AM, Gift Nifty futures were up by 148.25 points, reaching 25,916. Nifty has formed a strong bull candle on the weekly chart, surpassing the congestion area of 25,300 – 25,500 levels from the last three weeks and closing higher. Nifty’s short term trend is very positive. After a sharp rise in one session on Friday, there is a possibility of consolidation/ breather pattern in the short term before moving up further. According to the Fibonacci extension, the next upside target to watch is around 26,250. Immediate support is at 25,650. Nifty Bank has closed above the previous all time high of 53,350 and is now heading toward 55,000 in the short term. The support zone is placed at 52,800 – 52,700. Technically, Nifty Bank has given a breakout to a new rounding bottom pattern. According to the rounding bottom pattern breakout, the index can test the levels of 57,000 in the medium term. However, in the short term the index will face resistance near the 55,000 levels. On the other downside, the breakout level is around 53,350 and the psychological level of 53,000. Indian benchmark indices, BSE Sensex and NSE Nifty 50, surged to historic highs, ending with gains of over 1 percent each. The Sensex rose by 1,359.51 points or 1.63 percent to settle at 84,544.31. The Nifty 50 reached an all time high of 25,849.25 before ending Friday’s session with a gain of 375.15 points or 1.48 percent at 25,790.95.