For the second day straight bulls pushed home headline indices greater. S&P BSE Sensex zoomed 427 factors or 0.80% to shut at 54,178 whereas the NSE Nifty 50 index settled at 16,132, including 143 factors or 0.89%. Among shares, Titan was the highest gainer, ending 5.88% greater, adopted by Tata Steel, L&T, and IndusInd Bank. Dr Reddy’s was the highest laggard, falling 1.3%, accompanied by Nestle India, and Bharti Airtel. On the weekly futures & choices expiry session, Bank Nifty soared 1.74% greater whereas India VIX fell 5.28% to surrender 20 ranges.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“At close, Nifty was up 0.89% or 143.1 points at 16132.9. The advance-decline ratio was much above 1:1 and the broad market indices i.e. Small cap and Midcap indices rose more than the Nifty. Nifty is now close to filling the down gap of 16173. Once that is achieved sustainably, the near-term bearishness will get nullified and a move towards 16347 could begin. 16011-16025 could be support band for the Nifty in the near term.”
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Palak Kothari, Senior Technical Analyst, Choice Broking –
“On the Technical Front, The Nifty has given the breakout of the upper band of rising wedge formation which suggests strength for next day. Furthermore, the Index has formed a bullish candle on a daily time frame which suggests an upside rally. Nifty has given closing above 21-DMA which points out strength for next trading session. The Nifty may find support around 16000 levels while on the upside 16200 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank nifty has support at 34000 levels while resistance at 35500 levels. Overall, Index can show upside momentum with the support of 16000 level, crossing above 16200 can show more upside rally.”
Mohit Nigam, Head – PMS, Hem Securities –
“Immediate support and resistance for Nifty are 16,000 and 16,250 respectively. Immediate support and resistance for Bank Nifty are 34,400 and 35,500 respectively.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Domestic bourses mirrored an upbeat mood in global equity markets as investors digested the latest FOMC minutes while falling crude and commodity prices lifted investor sentiments. This upside momentum could dominate the markets in the near term, underpinned by hopes of reducing inflation. The RBI’s latest slew of measures to boost foreign exchange inflows is expected to aid the tumbling rupee.”
S Ranganathan, Head of Research at LKP securities –
“The penultimate day ahead of the earnings season witnessed buoyancy as Bulls pressed the accelerator with the south-west monsoon lashing the financial capital. Financials led the rally with the market breadth showing a marked improvement as several stocks in the Small & Midcap space saw keen investor interest. Cooling Oil prices coupled with the progress made by the Monsoon has now set the stage for the first quarter earnings beginning tomorrow.”
Source: www.financialexpress.com”