The domestic market ended on a positive note today ahead of Gujarat state elections scheduled to start from Saturday amid firm global markets and supportive local cues. BSE Sensex rallied 301.09 points today to end the session at 33,250.30, up +0.91 per cent and Nifty50 closed the day at 10,265.65 today, up 98.95 points or +0.97 per cent with 38 advances and 12 declines for the Nifty50.
The domestic equity market managed to close on a respectable note and rose for the second straight session today amid hopes the ruling Bharatiya Janata Party (BJP) would win critical state elections in Gujarat beginning this weekend, while automakers gained on reports of an expected price hike next year. The election in Prime Minister Narendra Modi's home state is a key test for the BJP, ahead of general elections in 2019. The results will be out later this month.
Nifty50 today rallied around 1 per cent and signed off the week with a 'Hammer' formation on the weekly charts. It has recently negated its formation of lower highs lower lows and has been forming Bullish Candles on the Daily chart. The index managed to surpass its 50-DEMA and covered half of the losses made in previous week. Experts believe this as a relief rally and expect the index to face strong selling pressure at higher levels. For the coming session, 10,273-10,312 would be seen as immediate resistance, whereas on the lower side, 10,220-10180 will act as support.