BSE Sensex and Nifty 50 ended in the positive territory on Friday, right after RBI MPC kept the repo and reverse repo prices unchanged at 4 per cent and 3.35 per cent, respectively. BSE Sensex ended 380 points or .64 per cent up at 60,059, when the NSE Nifty 50 settled at 17,895, up 105 points or .59 per cent. Index heavyweights such as Reliance Industries Ltd (RIL), Infosys, Tata Consultancy Services, L&T, HCL Technologies contributed the most to the indices obtain. In the broader industry, the S&P BSE Smallcap index outperformed the equity benchmarks. BSE Small cap index soared 241 points or .83 per cent to settle at 29,330. S&P BSE MidCap index settled at 25,837, up 38 points or .15 per cent. India VIX, the volatility index, cooled off 3.11 per cent to 15.65 level. Analysts say that Nifty may well touch 18,200, if it gets previous 17950.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index closed a week at 17895 with gains of two % on a weekly basis and formed a bullish candle on the weekly chart. Index has reached to sturdy hurdle zone of 17950 exactly where we can see sort of double top rated formation & if index managed to cross above-mentioned levels decisively then we may well see great move towards 18300-18500 zone in close to term but if failed then we may well see some more consolidation in the all round variety of 17300-18000 zone, instant assistance is coming close to 17820-17730 zone.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investment
The index reached incredibly close to the 17950 level but failed to sustain there. This is the upper finish of the present variety. The decrease finish is 17400 and unless we do not get previous either ends, we will not see a meaningful rally up or down. If we get previous 17950, the next achievable target will be 18200 and if we break 17400, we need to slide down to 17200.
Vinod Nair, Head of Research, Geojit Financial Services
Domestic indices traded greater with optimism underpinned by dovish RBI policy and mixed international cues due to US jobs information awaited later in the day. RBI kept prices unchanged and maintained the status quo on an accommodative stance. FY22 GDP development was maintained at 9.5% when trimming inflation worries by lowering CPI forecast from 5.7% to 5.3%, supplied the push to the industry. On the sectoral front, the IT sector was in focus ahead of the outcome releases of sectoral majors when realty and FMCG succumbed to profit booking.
S Ranganathan, Head of Research, LKP Securities
With the RBI continuing with its accommodative policy, Indices remained firmly bullish by means of the day led by the IT Index as the street awaits TCS earnings and guidance. Reliance led from the front today with the broader markets seeing action across pockets like Exchanges and choose Midcap names. State-run banks have been sought right after today in Afternoon Trade ahead of a Press Conference by the Civil Aviation Ministry.
Sachin Gupta, AVP – Research, Choice Broking
On the technical chart, the nifty has formed like a Doji candlestick and settled greater. On a weekly basis, the index has gained pretty much 2% from the earlier week’s close. A momentum indicator RSI moved above 60 levels when Stochastic has indicated positive crossover on a every day timeframe. At present, the index has instant assistance at 17700 when resistance comes at 18000 levels.