Domestic markets closed with gains on the weekly futures & solutions expiry session as bulls pushed Sensex and Nifty greater following a short pause yesterday. S&P BSE Sensex soared 488 points or .82% to finish at 59,677 whilst the Nifty 50 index jumped 144 points or .82% to close at 17,790. Titan was the prime gainer on Sensex today, skyrocketing 10.69% on the closing bell, followed by M&M, Maruti, IndusInd Bank, and Sun Pharma. Dr Reddy’s was the worst-performing Sensex stock, down 1,3%, followed by HDFC, and Nestle India. Going ahead, markets will tomorrow maintain an eye on RBI’s MPC meeting outcome.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Nifty formed a doji which is appearing within the high low range of the previous day. Hence this pattern does not have any predictive ability. A breach of today’s high i.e.17858 could lead to further upward move in the markets. 17641 happens to be the support for the Nifty in the near term.”
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
“Technically, a strong bearish candle followed by inside body candle formation clearly suggests indecisiveness between the bulls and the bears. The market is consistently taking support near 20 day SMA but at the same time witnessed profit booking near 17900 level. For the day traders, 17720 would be the trend decider level.”
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –
“Markets continue to remain choppy and range bound. Traders should avoid taking positions in either direction unless 17950 is conquered on the upside or 17400 breaks on the downside.”
Mohit Nigam, Head – PMS, Hem Securities –
“With the commencement of this festive season, we believe strong buying can be seen in auto, textile and realty stocks. IT earnings are starting from tomorrow and the market seems to be quite optimistic on it. On the technical front, Nifty can face resistance at 17,915 levels and a good support can be seen at 17,688 levels.”
Palak Kothari, Research Associate, Choice Broking –
“On the technical front, the Index has formed a Doji kind of candlestick pattern which points out confusion between a buyer & a seller. Moreover, the Index has been trading above 21 DMA, which points out strength in the counter. Momentum indicator stochastic is trading with positive crossover, which adds strength to the counter. On an hourly chart, the Index has been trading with the support of the middle band of the Bollinger band formation, sustain above the same can show further upside movement. At present, the Index has immediate support at 17500 level while resistance comes at 17900 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Domestic market clawed its way out to a gap up opening following strong global sentiments, as US debt default worries calmed along with easing bond yields and crude oil prices. The domestic market was pushed by strong buying in auto, realty & IT sectors which bolstered the market to sustain the trend in favour of the bulls. Despite the global semiconductor shortage, auto stocks sparked a rally in hopes of demand revival during the festive season while the expectation of better Q2 numbers for IT and strong pre-sale numbers helped the realty sector.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Domestic market clawed its way out to a gap up opening following strong global sentiments, as US debt default worries calmed along with easing bond yields and crude oil prices. The domestic market was pushed by strong buying in auto, realty & IT sectors which bolstered the market to sustain the trend in favour of the bulls. Despite the global semiconductor shortage, auto stocks sparked a rally in hopes of demand revival during the festive season while the expectation of better Q2 numbers for IT and strong pre-sale numbers helped the realty sector.”