BSE Sensex and Nifty 50 ended in the green in Tuesday’s rangebound trade. BSE Sensex ended 350 points or 0.6 per cent up at 57,944, while NSE Nifty 50 index surged 106 points or 0.6 per cent to settle at 17,325. Index heavyweights such as Housing Development Finance Corporation (HDFC), HDFC Bank, Bharti Airtel, Infosys, and ICICI Bank contributed the most to the indices gain. Broader markets too performed inline with frontline indices. S&P BSE MidCap index gained 157 points or 0.7 per cent to finish at 23,853, while SP BSE Smallcap index jumped 174 points or 0.6 per cent to finish trade at 27,827. India VIX, the volatility index, cooled off 6 per cent to end at 21.30 levels. Technhical analysts say as long as Nifty is trading above the 50-day SMA the short term texture is positive.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The steady rise in markets in the last few sessions is due to hopes that the peace talks between the two warring nations could help provide some solutions to end the stalemate. On the other hand, the falling crude prices at a time when inflation has been a major concern worldwide is adding to the optimism. But all eyes will be on the US Fed as rising yields could trigger another rate and may put investors in a spot in the near to medium term. We are of the view that as long as Nifty is trading above the 50-day SMA the short term texture is positive. For the trend following traders, the support has shifted to 17250 from 17100. Above the level of 17250, the index could touch the level of 17450 and 17500. However, a quick intraday correction up to 17200-17140 is not ruled out if the index trades below 17250.
Palak Kothari, Research Associate, Choice Broking
Technically, the nifty50 is trading near to the resistance levels & above 50-days Simple Moving Averages indicates further strength. The index has confirmed the hammer candlestick on a daily chart which confirms the strength in the counter. However, the momentum indicator STOCHASTIC in trading with positive crossover on daily charts which indicates upside movement can be seen. Moreover, the index has managed to close above 21-HMA sustained above the same can show northward direction. The Nifty may find support around 17000 levels while on the upside 17400 may act as an immediate hurdle for the index. On the other hand, Bank nifty has support at 35300 levels while resistance at 36500
levels.
Vinod Nair, Head of Research, Geojit Financial Services
Reports of peace talks between Russia and Ukraine along with weakening crude prices helped the global markets to trade firm. Gains in the Asian markets were led by Japanese shares as the Bank of Japan maintained its ultra-loose monetary policy in order to control rising yields. Crude prices are settling following the prospects of a peace talk and in expectation of lower demand from the Chinese market due to increased covid restrictions.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty ended the session just below the resistance of 17330. The benchmark index witnessed a recovery following a hammer candle on the daily chart. Going forward, 17330 may continue to act as the point of polarity. A decisive move beyond 17330 may induce a strong rally in the market. On the lower end, support is visible at 17200.
Also read: Decisive move in Nifty beyond 17330 may induce strong rally; support at 17200