breaking news Nifty 50 looks to it for more upside as Axis, Icici and Hdfc Bank underperform
Nifty Bank’s underperformance was led by index heavyweights ICICI Bank, Axis Bank and HDFC Bank, which all ended lower on Monday.
After a three-day lull, the Nifty 50 has made a smart comeback over the past two trading sessions, gaining nearly 200 points. The index is now back above the 18,300 mark, closing at the highest level in five trading sessions. However, this is also the level at which the index has consistently faced resistance recently, as evidenced by intraday highs of 18,309, 18,297, 18,218 and 18,335 over the past four sessions.
Still, the Nifty 50 has gained 399 points so far in the May F&O series with three more trading sessions before expiry. The index is poised for back to back positive F&O runs, a trend that hasn’t happened since October and November of last year.
IT stocks continue to do the heavy lifting, with TCS and Infosys being among the top contributors to Monday’s Nifty 50 rise. The Nifty IT index has now gained 1,100 points over the past two trading sessions. Tech Mahindra, Wipro, HCLTech were also among the top 10 winners of the Nifty 50 on Monday.