BSE Sensex and Nifty 50 extended the earlier session’s gains to close a per cent greater on Tuesday. BSE Sensex jumped 447 points or .90 per cent to 50,297, though the Nifty 50 index gained 157.5 points or 1.07 per cent to settle at 14,919. Index heavyweights such as Infosys, Tata Consultancy Services (TCS), Mahindra and Mahindra, HDFC Bank, Hindustan Unilever Ltd (HUL) contributed the most to the Sensex’ gains. In intraday, Sensex hit day’s higher of 50,440, though the Nifty 50 touched 14,959.10. The broader industry outperformed the equity benchmark indices, with S&P BSE Midcap index gaining 1.55 per cent or 315 points to finish at 20,585. S&P BSE Smallcap index surged 1.60 per cent or 327 points to finish at 20,806.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
The industry has formed a continuation formation followed by the formation of the Harami pattern which it had formed on Monday. This indicates bullishness for the industry. The Nifty/Sensex closed involving the bearish gap, which it had left involving 15065-14919 / 50250-50991 final Friday. The industry breadth was also encouraging as along with IT and FMCG we saw bullish activity in financials. Based on the every day chart the Nifty/Sensex is heading for the minimum target of 15065/50750. On the other side, 14830/50100 and 14750/49800 would be main supports. The concentrate ought to be on Technology and FMCG stocks.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has crossed 14950 which is the upper finish of the resistance patch. If we can hold above that level for the next couple of days, we would be all set to reactivate the bullish undertone of the markets and ought to then see greater levels of 15200-15300. The new updated help for the Nifty is 14600-14650.
Vinod Nair, Head of Research at Geojit Financial Services
Indian industry witnessed a positive opening backed by a robust US industry due to steady treasury bond yields, but industry pared its gains as Asian peers traded weak. A fast recovery was noticed towards the finish of the session as investors hurried to invest in on dips displaying big self-confidence & liquidity in the industry. An enhanced outlook post-February auto sales numbers resulted in continued shopping for in auto stocks with IT sector also becoming a main contributor in the rally.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index once more opened a day with gap & held its bullish stream for second consecutive day and activated the bullish harami candle pattern which formed in yesterday session hinting we may perhaps see some more upside if index managed to save 14500 zone in the close to term. On the instant basis, index has help close to 14800-followed by 14750 zone any dip close to stated levels will be once more shopping for chance and resistance is coming close to 15k mark