Bulls turned out victorious in Friday’s battle on Dalal Street as headline indices and broader markets closed with positive factors. At shut, S&P BSE Sensex was up 344 factors or 0.65% at 53,760 whereas NSE Nifty 50 ended at 16,049, up 0.69%. Hindustan Unilever was the highest gaining inventory on Sensex, up 2.86%, adopted by Titan and Maruti Suzuki India. Tata Steel, Power Grid, and HCL Tech had been the laggards. Bank Nifty ended 0.09% greater whereas India VIX fell 4% to settle at 17.6%.
Rupak De, Senior Technical Analyst at LKP Securities-
“The index remained sideward as it had been a lackluster session on the last day of the week. However, the index was able to reclaim the 16000 mark at the end. The momentum indicator has ended with a bullish crossover. Over the short term, the index may move towards 16170-16200. On the lower end, support is visible at 15900-15850.”
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Palak Kothari, Senior Technical Analyst, Choice Broking-
“Nifty has taken support from rising trendline as well as 21DMA which suggest northward journey in the counter. On the OI Data, On the call side the highest witnessed at 16500 level & followed by 16200 while on the put side was at15900 level followed by 15800. The momentum indicators Stochastic is trading with a positive crossover on an hourly time frame which suggests strength in the counter. The Nifty may find support around 15900-15800 levels while on the upside 16200 may act as an immediate hurdle. On the other hand, Bank nifty has support at 34300 levels while resistance at 35500 levels. Overall, Index has formed good support around 15800 level while crossing above 16200 level can show upside rally.”
Vinod Nair, Head of Research at Geojit Financial Services-
“Volatility has re-emerged and investors have turned their focus on upcoming Fed policy in the backdrop of heightened US inflation. Fall in crude prices and reduction in FII selling added optimism to the domestic market while gloomy IT results, depreciating rupee and fear of global recession are restricting sizeable up move. In addition to the Fed policy, the domestic market’s near-term momentum will be influenced by ongoing quarterly earnings.”
Ajit Mishra, VP – Research, Religare Broking –
“Markets remained volatile but finally ended with modest gains, taking a breather after the recent dip. After the initial uptick, the benchmark hovered in a narrow range for most of the session however buying interest in select index majors in the last hour aided positive close in the index. Markets will first react to the banking major, HDFC Bank, numbers in early trade on Monday. Besides, the performance of the global indices especially the US markets and movement in crude will remain on participants’ radar. Amid all, we recommend continuing with a positive yet cautious approach till Nifty holds 15,900 and focusing more on stock selection.”
Source: www.financialexpress.com”
