Domestic fairness markets snapped their shedding streak and jumped greater on Wednesday. S&P BSE Sensex added 574 factors or 1.02% to shut the day at 57,037 whereas the NSE Nifty 50 index jumped 177 factors or 1.05% to finish at 17,136. Ultratech Cement was the highest Sensex gainer, up 3.39%, adopted by Maruti Suzuki India and Reliance Industries. Bajaj Finance was the worst-performing Sensex inventory, down 3.11%. ICICI Bank, Bajaj Finserv, and ITC adopted. Bank Nifty ended with marginal losses whereas broader markets had been blended as smallcap indices closed within the pink.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“The relief rally of Wednesday post sharp weakness of the previous session could be a cheering factor for the bulls to make a comeback. A decisive move above 17300 levels is likely to confirm a reversal pattern post higher bottom at 16825 levels and that could possibly pull Nifty towards further upside. Immediate support is placed at 17000 levels.”
Palak Kothari, Research Analyst, Choice Broking –
“Technically, on a weekly chart, the index has formed a Bullish Harami Candlestick pattern which indicates a bounce back from lower levels. On a daily chart, the index has pulled back from lower Bollinger band and Rising trend line, which indicates bullish sentiment in the counter. The nifty50 has been facing resistance from 21-Hourly Simple Moving Averages indicates crossing above the same can show more upside movement. However, the momentum indicators STOCHASTIC &MACD are trading with positive crossover on hourly Charts which indicates upside movement can be seen. The Nifty may find support around 16800 levels, while on the upside 17240 may act as an immediate hurdle for the index. On the other hand, Bank nifty has support at 36000 levels while resistance at 37000 levels.”
Mohit Nigam, Head – PMS, Hem Securities –
“Nifty 50 closes its day above the good resistance zone of 17,000 and if index holds above 17,000 mark for coming trading sessions then we may see more upward move towards 17,500-17,800 mark which are another resistance zone on the upside. The market breadth was skewed slightly in the favour of bulls. About 1,764 stocks advanced, 1,629 declined and 117 remained unchanged. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500.”
Rupak De, Senior Technical Analyst at LKP Securities –
“The trend continues to be negative as the benchmark index Nifty remained below 17400. However, the Nifty has formed a bullish harami pattern on the daily chart, which suggests a possibility of a near-term recovery. On the higher end, Nifty may move towards 17400-17450 where once again it may find resistance. On the lower end support exists at 16800”
Vinod Nair, Head of Research at Geojit Financial Services –
“With support from recovery in beaten-down HDFC stocks and the IT sector, the market countered yesterday’s selloff. Foreign investors are pumping out funds in large quantities while support from DIIs is helping the market to partially balance the pressure. A similar level of volatility can be expected to continue until global uncertainties settle down leading to a softening of FII selling.”
S. Hariharan, Head- Sales Trading, Emkay Global Financial Services –
“A series of sharp negative reactions to minor misses in earnings from large caps (Infy & HDFC Bank) point to a precarious state of positioning among investors. Under-weight positioning in energy and materials sectors and over-weight positioning in IT & consumer-facing sectors across both DII & FII investors has served to accentuate under-performance by active strategies. Last quarter’s earnings are not expected to reflect the full extent of the impact of input cost inflation, which flared up meaningfully in March, however, management commentary on the margin outlook for FY23 is expected to play a key role in determining reactions to other quarterly results coming up in the next couple of weeks. As earlier, the macro backdrop remains quite challenging for foreign flows, while valuations do not yet reflect the extent of potential earnings downgrades for FY23, coming up in the next month.”
Source: www.financialexpress.com”