Bulls remained in management on Dalal Street for the second day working and comfy ended the day with good points. S&P BSE Sensex jumped 632 factors or 1.17% to finish the day at 54,884 whereas the NSE Nifty 50 index settled at 16,352, up 182 factors or 1.13%. Tech Mahindra was the highest gaining Sensex inventory, adopted by IndusInd Bank, Infosys, Bajaj Finance. NTPC was the worst performer on Sensex, down 2.92%, accompanied by Power Grid, Bharti Airtel, and Tata Steel. Bank Nifty breached 35,600 ranges whereas India VIX tanked 5.46% to fall beneath 22 ranges.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Nifty built on gains of the previous session on May 27. It opened with an up gap and continued to rise to close almost at the intraday high. At close, Nifty was up 1.18% or 190.8 points at 16360.9. Volumes on the NSE were lower than the recent average. The advance-decline ratio sharply improved. Midcap and smallcap indices outperformed the Nifty. Nifty gained for the second consecutive week rising 0.53% for the week. Sentiments seem to have turned for the better over the past two days. A move above 16414 could take the Nifty swiftly to 16624 and later 16825. However, 16006 support needs to be protected.”
Rupak De, Senior Technical Analyst at LKP Securities –
“Nifty remained strong as it sustained above 16200 throughout the day. Momentum oscillator, RSI is in bullish crossover and rising. Going forward, a decisive move above 16400 is likely to induce a rally towards 16700-16800. On the lower end, supports are visible at 16200/16000.”
Palak Kothari, Research Associate, Choice Broking –
“Nifty has been trading in Ascending Triangle Formation, crossing above the upper band of formation can show northward journey in the counter. Moreover, the nifty has been trading a range of 15740-16410 levels and closed near to the resistance levels, crossing above the same can show fresh buying in the counter. However, the momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone on a daily chart which suggest a northward journey in the counter. The Nifty may find Strong support around 15900 levels, while on the upside 16410 may act as an immediate hurdle. On the other hand, Bank nifty has support at 34800 levels while resistance at 36000 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Joining the global rally, the investors were in a buying mood following favourable retail earnings in the US. Receding FII selling also provided comfort to the domestic market in bringing down volatility. The RBI’s upcoming policy meeting will be a key factor in the market, where they are expected to announce an additional policy rate hike of 25-35bps.”
Source: www.financialexpress.com”