BSE Sensex and Nifty 50 extended their winning run to the fourth consecutive session on Tuesday, helped by shopping for in index heavyweights such as ICICI Bank, HDFC Bank and Asian Paints. Both the indices ended at record closing highs, BSE Sensex at 52,773.05 and Nifty 50 index at15,869.25. During intraday, Sensex scaled a fresh record higher of 52869.51, though Nifty surged to a new peak of 15,901.60. The market place breadth was positive as 1,943 stocks sophisticated and 1,280 scrips declined. The broader markets outperformed equity benchmarks. S&P BSE MidCap ended at 22,907.41, up 136.29 points or .60 per cent. The S&P BSE SmallCap index settled 110.85 points or .44 per cent up at 25131.70. India VIX, the volatility index, fell .74 per cent to finish at 14.61 levels, lowest because February 2020.
Rajesh Palviya is Vice President– Research (Head Technical & Derivatives) at Axis Securities
On the day-to-day chart the index has formed a “Doji” candlestick formation indicating indecisiveness amongst market place participants relating to the path. The index is moving in a Higher Top and Higher Bottom formation on the day-to-day chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 15900 level it would witness shopping for which would lead the index towards 16000-16200 levels. However if index breaks beneath 15800 level it would witness promoting which would take the index towards 15650-15500. Nifty is trading above its 20 day SMA which indicates positive bias in the quick term. Nifty continues to stay in an uptrend in the medium and extended term, so shopping for on dips continues to be our preferred technique. The day-to-day strength indicator RSI is moving upwards and is above its reference line indicating positive bias
Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Markets continued inching greater and closing at their new lifetime highs. However, it has continued to show loss of internal strength. RSI stays overbought it continues displaying bearish divergence on the chart. 15900 and 16000 saw heavy get in touch with writing indicating that the NIFTY could come across it hard to move previous these levels. The markets also continued to show classical distribution indicators at present levels hinting at the elevated value of protection of earnings at greater levels.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty ultimately managed to hit the 15900 level but ended up closing a tad beneath. The zone of 15900-16100 is a resistance block and traders need to be cautious about these levels. A purchase on dips method would be a prudent kind of trading this patch. 15700-15750 is a fantastic assistance for the index and as extended as that does not break, we are in the territory of the bulls!
S Ranganathan, Head of Research at LKP securities
Bulls had been firmly in manage today as FMCG & Paint stocks had been sought following with the broader market place also displaying renewed shopping for interest in higher-excellent Midcap names across sectors. Selective themes like Infra, Paper & MFI had been in action today amidst higher volumes on positive news flow.
Vinod Nair, Head of Research at Geojit Financial Services
Indian bourses continued its gaining streak tracking optimism from international peers, which is regardless of the increasing inflation issues. The international market place is eagerly awaiting the two-day Fed policy meeting’s choice to see if the Central Bank would signal any transform in policy. While domestic CPI jumped to 6.3% in May breaching the RBI’s comfort zone on account of greater meals & power costs, which is anticipated to ease due to the opening of the economy.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market place witnessed a lackluster movement and an try to overcome the resistance level about the Nifty 50 Index level of 15900. While a breakout above 15900 is the essential issue from a quick-term viewpoint, Anything above this level is vital for the market place to obtain momentum, which could lead to an upside projection till 16200 levels. The momentum indicators like RSI, MACD to additional strengthen in favor of a positive outlook and advise the traders to contemplate a breakout above 15900 as an chance to create fresh extended position.