BSE Sensex and Nifty 50 posted a fresh record closing higher n Wednesday, following days of consolidation. BSE Sensex surged 476 points to finish at 58,723, though the Nifty 50 index shut shop at 17,519.45, increasing 139.45 points or .80 per cent. Index heavyweights such as Infosys, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, SBI contributed the most to the indices acquire. During intraday, Sensex hit a record higher of 58,777.06, though Nifty surged to a historic higher of 17,532.70. Broader markets performed in line with equity benchmarks. BSE Midcap gained .65 per cent or 162 points to settle at 25,216. While BSE SmallCap index surged .86 per cent or 241.62 points to finish trade at 28,284.07. India VIX, the volatility index, gained 1.14 per cent to finish at 13.73 levels.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
Bulls had been back in action and each benchmark indices closed at fresh record highs on renewed shopping for help, which was missing in the last handful of sessions. After a firm opening, benchmark Nifty cleared the critical resistance of 17450. The intraday index rally was largely aided by sturdy investor participation in the Telecom and Oil & Gas stocks. Technically, post the 17450 variety breakout, the index succeeded to close above 17500, which indicates sturdy possibility of a continuation uptrend wave up to 17575. Above the identical, the index could rally up to 17625, whereas trading under 17450 may well trigger a speedy intraday correction up to 17400-17350 levels.
Sahaj Agrawal, Head of Research- Derivatives, Kotak Securities
Nifty continues to trade with a positive bias for the brief as effectively and medium term. We count on the index to conquer 18000 and above in the medium term. Last matured help for the index is seen at 17080 above which we stay positive. Options concentration is seen at 17000 place and 17500 contact – this is indicative of some resistance at 17500-17600 levels. Value is seen in Auto and Mid-cap Banking stocks count on outperformance in the midcap space to continue.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index managed to close a day on fresh highs at 17518 with gains of practically one % and formed a bullish candle on the every day chart. It appears the index has provided a bullish flag breakout on the every day chart which is deemed to be a bullish continuation pattern by nature so one can count on more upside if 17400-17300 levels are held which are instant & great help zone on the downside, on the larger side instant hurdle is at 15600-15700 zone also any dip close to described help zone can be once more fresh shopping for chance.
Vinod Nair, Head of Research, Geojit Financial Services
The Indian industry continued to add investor wealth as the broad industry traded to record highs. Auto and telecom had been the essential sectors in anticipation of reforms to be announced by the government in the cabinet meeting. Cabinet cleared Rs.26,000cr PLI scheme for the auto sector in order to increase production of electric cars and hydrogen fuel cars. Reports of approval of a relief package for the telecom sector like a probably moratorium of AGR payment will provide relief to the debt-laden sector. On the international front, the considerably-awaited US inflation information indicated a slower than anticipated rise in rates, which is positive for the international industry since of the probably fall in tapering danger