Bulls remained in management on Dalal Street on the weekly Futures & Options expiry session. S&P BSE Sensex zoomed 874 factors or 1.53% to shut the day at 57,911 whereas the NSE Nifty 50 added 256 factors or 1.49% to finish at 17,392. Mahindra & Mahindra was the highest gainer on Sensex up 3.23%. Kotak Mahindra Bank, Maruti Suzuki India, and Bajaj Finserv had been the highest gainers. Nestle India fell essentially the most on Sensex, adopted by Tata Steel, Bharti Airtel, and Bajaj Auto. Bank Nifty added 1.38% whereas the India VIX index fell 4.4% and gave up 18 ranges. Broader markets mirrored the up-move.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“Previously, the area of 17000-16800 levels have resulted in decisive moves on either side. The last downside breakout and the recent upside breakout around this area has resulted in a sharp follow-through moves in the index on either side. Having bounced up recently from near the 18000 levels again and the emerging strength of upside momentum indicate substantial upside from here. The short term trend of Nifty continuous to be positive. A sustainable move above the immediate resistance of 17450-17500 levels could open the next upside levels of around 17800-18000 levels in the near term. Immediate support is placed at 17250.”
Sumeet Bagadia, Executive Director, Choice Broking –
“On the derivatives front, the highest call OI is at 18000 strike price followed by 17500 strike prices while on the put side, highest OI is at 17000 strike price followed by 17200 strike prices. Technically, the nifty index has confirmed the breakout of the Bullish Harami Candlestick pattern on the daily chart suggesting a reversal move in the index. In addition, a momentum indicator RSI (14) & Stochastic witnessed a positive crossover, which supports the immediate trend. On an hourly chart, the nifty index also sustained above 200-HMA, which suggest a positive side move. At present, the index is having support at 17180 levels while resistance is placed at 17600 levels. On the other hand, Bank nifty has support at 36200 levels while resistance at 37400 levels.”
Mohit Nigam, Head – PMS, Hem Securities –
“The market breadth was skewed in the favour of bulls. About 2,309 stocks advanced, 1,109 declined and 103 remained unchanged. In the 50-share pack, Eicher Motors was the biggest gainer, up 4.52% per cent. Cipla was the top loser in the pack, down by 1.33 per cent. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500.”
Kunal Shah – Senior Technical & Derivative Analyst at LKP Securities –
“The Bank Nifty index formed a bullish reversal candle on the daily chart which, indicates 36000 levels to act as a cushion on the downside. The momentum oscillators have also shown reversal on the lower time frame confirming a pullback towards the levels of 37200-37500. Traders should keep a buy approach with 36500 acting as immediate support.”
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers –
“Indian equity benchmarks opened in green and extended their previous session’s gains despite mixed Asian market peers. During the afternoon session markets continued to trade firm in early deals led by buying in IT, TECH and Capital Goods stocks apart from this gains in frontline blue chip stocks such as Asian Paints, Reliance Industries and Infosys also helped to lift the markets. Sentiments also were upbeat as International Monetary Fund said a high growth rate for India, as projected in the latest World Economic Outlook, is not only healthy for the country but also positive news for the world. India is projected to be the fastest-growing large economy in the world in current year.”
Source: www.financialexpress.com”