BSE Sensex and Nifty 50 turned positive, ending at record closing highs at the dying hours of the trade on Tuesday, led by obtaining in IT and FMCG stocks. BSE Sensex surged 210 points or .4 per cent to 55,792.27, although the Nifty 50 index ended at 16,614, increasing .31 per cent or 51.55 points. Index heavyweights such as Infosys, Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), Tech Mahindra and HCL Technologies, contributed the most to the indices’ achieve. In the broader market place, BSE Midcap stocks outperformed the BSE Sensex and Nifty 50, increasing .7 per cent or 161.60 points to 23,061.77. although BSE Smallcap index gained .30 per cent or 79 points to finish at 26,284.83. India Vix, the volatility index, cooled off .33 per cent to settle at 13.41 levels.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
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The index effectively accomplished its target of 16600. If we can retain above this, the next level ought to be 16850. Profit booking sessions can not be ruled out. Since the general trend is positive, traders can use intra day corrections to accumulate extended positions for greater targets.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index continued its northwards move for one more session as it managed to close a day on fresh higher at 16614 with gains of practically half per cent and formed a bullish candle on every day chart. Index showed some promoting stress but once more it managed to hold its bullish stream and witnessed a great pullback just after retesting its powerful help zone of 16500 zone which hints going forwards also 16500 will act as great base & holding above stated levels we may well see the index to touch fresh highs 16700 zone in close to term.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty gave a swift up move from its days low of 16495 and closed at 16615 up by 51 points. Nifty has powerful help at 16450 and 16500 levels. Nifty is in a powerful uptrend and will test 16700 and 16750 in the next trading sessions.
S Ranganathan, Head of Research at LKP Securities
The rally in IT stocks kept bulls firmly in manage regardless of a truncated week with many higher-top quality Midcap names rallying in the expansionary phase more than the last many months. Metal Names even though met with profit-taking in today’s trade. While worries more than the deterioration in asset top quality in private sector banks persist, the current lull in the progress of the monsoon wants to be watched closely.