On the day of weekly F&O expiry, BSE Sensex and Nifty 50 ended more than 1.5% larger, led by purchasing in index heavyweights such as Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), and HDFC Bank. BSE Sensex rallied 958 points or 1.63% to finish at the highest ever level 59,885, though NSE’s Nifty 50 zoomed 276 points or 1,57% to settle at 17,823. During intraday, the 30-share Sensex hit a record higher of 59,957, and Nifty rose to a fresh lifetime higher of 17,843.90. Broader markets also participated in the rally today. BSE Midcap index surged 1.3% or 323 points to finish at 25,490, though the Smallcap index gained practically one per cent or 253 points to finish the trade at 28,109. Technical analysts say that the Nifty 50 index closed properly above the resistance of 17600 and really should now be headed to 17900-17950.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The index closed properly above the resistance of 17600 and really should now be headed to 17900-17950. Any dip or intra day correction really should be utilized to accumulate extended positions. 17500 has come to be a new assistance for the Nifty and as extended as that holds, the all round trend remains bullish.
Devang Mehta, Head – Equity Advisory, Centrum Broking
The market place took the US Fed statement of beginning tapering as quickly as November in its stride. Encouraging news on Evergrande crisis also helped to clear some uncertainty on the international front. Indian markets have been on a roll and the rally today was symbolic of the prevailing robust sentiment locally on the back of reduction in covid instances and the robust vaccination numbers. With improvement in financial activity and the optimism about the capex cycle revival, the earnings trajectory for India Inc will naturally get a significant increase. Most of the providers which are market place leaders in their respective domains have seen operating efficiencies and productivity strengthen and also been capable to decrease debt with prominent achieve in market place share as properly.
Vinod Nair, Head of Research, Geojit Financial Services
Amidst a robust commence, bulls showed no indicators of weakness to soar larger boosted by robust international cues and broad-based purchasing led by realty, metal and banking stocks. Global markets tempered optimism in spite of a slightly hawkish tilt by the Fed Reserve intimating that the US Central Bank will commence decreasing its asset purchases in November and conclude the tapering approach about mid-2022. However, investors continue to stay on the edge awaiting clarity on the Chinese economy. The domestic reality sector continued its rally sparked by demand revival in the house space.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index witnessed a decisive breakout and closed a day at 17823 with great gains of one and a half per cent forming a bullish candle on the every day chart. The index has witnessed a variety breakout which hints if present levels are held then we may perhaps witness next rapid move towards 18k mark, quick supports for nifty is shifted to 17770-17700 zone any dip close to described supports zone will be once more purchasing chance with maintaining quick cease out level under 17700 zone and if stated levels are held we may perhaps see the index to march towards 17900-18000 zone which is quick hurdle zone on the larger side.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty made a new all-time higher of 17843.9 today. It closed at 17826 up by 280 points from yesterday’s close. Nifty is now trading in uncharted territory that is incredibly bullish. It may perhaps face some minor resistance 17860-17900 variety. It has robust assistance in 17580-17620 variety. Traders can think about purchasing on dips with strict cease loss.