S&P BSE Sensex zoomed 848 points or 1.46% to settle at 58,862 while NSE Nifty 50 index closed 237 points or 1.37% higher at 17,576.
Dalal Street cheered Union Budget 2022 presented by the Finance Minister earlier today. Headline indices and broader markets dipped post FM’s speech but the dip was bought by investors helping Sensex, Nifty close near day’s high. S&P BSE Sensex zoomed 848 points or 1.46% to settle at 58,862 while NSE Nifty 50 index closed 237 points or 1.37% higher at 17,576. Tata Steel was up 7.5% while Sun Pharma was up 6.94%, followed by IndusInd Bank, Larsen & Toubro, and Ultratech Cement. Mahindra & Mahindra was the top drag, down 1.3%. Power Grid Corporation, State Bank of India, and NTPC were the other top laggards.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“The short-term trend of Nifty continues to be positive with high volatility. The upside momentum seems to have strengthened in the last few sessions and this could be continued in coming sessions. The next upside levels to be watched are around 17800-17900 levels in the near term. Immediate support is placed at 17460 levels.”
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –
“The market was successful in closing above the 17550-17600 level. If we can keep above this for a couple of trading sessions, the Nifty should burst out into an uptrend which could take it to 18000. The current support is at 17200 and as long as that holds, traders should concentrate on the buy-side. A short call will get activated only when we break 17200 on a closing basis.”
Rupak De, Senior Technical Analyst at LKP Securities –
“Nifty witnessed wild swing with the bands of 17200 and 17600. On the daily chart a green candle with large lower wick is formed suggesting buying at the lower levels. The band 17200 and 17600 are likely to remain active during the near term. Any decisive breakout on either side can induce directional move.”
Palak Kothari, Research Associate, Choice Broking –
“Furthermore, the index has given a breakout of the falling trend line and formed a hammer kind of candle which suggests bouncing back on the counter. On an Hourly Chart, the index has been trading with the support of the middle band of Bollinger as well as 50-HMA which suggests strength for the next session. Moreover, the momentum indicator Stochastic and MACD are also trading with positive crossover on an hourly time-frame which adds bullishness in prices. At present, the Index has support at 17240 levels while resistance comes at 17650 levels, crossing above the same can show 17800-18000 levels. On the other hand, Bank nifty has support at 37600 levels while resistance at 39000 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“It is a long-term growth-oriented budget which the market has welcomed given no headroom for cautiousness & populist measures. It is expected to support growth in the future; however, it is missing some balancing measures in the context of current inflationary & slowing economy. Supportive measures were needed for rural, agricultural, low taxpayers & for sectors impacted by the pandemic. High capex, fiscal deficit & borrowing plans in the background of a high inflation, commodity & oil prices and rising interest rates will be challenges in the short to medium-term.”
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