BSE Sensex and Nifty 50 resumed record closing higher spree just after a day’s blip on the weekly F&O expiry day. BSE Sensex ended up 514 points or .90 per cent at 57,852, though NSE’s Nifty 50 index settled at 17,234, up .92 per cent. Index heavyweights such as Tata Consultancy Services (TCS), Reliance Industries Ltd (RIL), Hindustan Unilever Ltd (HUL), Housing Development Finance Corporation (HDFC), HDFC Bank, Kotak Mahindra Bank contributed the most to the indices’ get. India VIX, the volatility index, gained .4 per cent to settle at 14.24 levels. Broader markets gained in line with equity benchmarks. BSE MidCap gained .93 per cent or 225 points to finish at 24,297.51. BSE SmallCap index surged .80 per cent or 215 points to settle at 27,195.12.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
Markets have been back in action just after yesterday’s compact correction and benchmark Nifty located assistance close to 17050 level. After a muted opening the index effectively cleared the intraday resistance of 17150 and is comfortably trading above the identical which is largely positive. The intraday rally indicates additional uptrend from the present levels but the market place has formed a double major sort of formation. For the trend following traders, 17150 would be the crucial assistance level, and above the identical the uptrend structure could continue up to 17300-17350 levels. On the flip side, if the Nifty slips beneath 17150, it might trigger a rapid intraday correction till 17100-17075 levels.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty reversed the losses of the preceding day and closed at one more record higher on Sept 02. Nifty opened gap up and kept increasing by way of the day to close virtually at the intraday higher. At close Nifty was up 157.9 points or .92% at 17234. Nifty reversed the losses of the preceding day and nullified the bearish signal. The advance decline ratio has enhanced to a great deal above 1:1. FPIs look to be in a mood to hold purchasing Indian stocks. The Nifty keeps breaching resistances one just after the other in fresh territory. Nifty could now remain in the 17340-17154 band for the next 1-2 sessions.
Vinod Nair, Head of Research, Geojit Financial Services
Domestic indices nudged larger tracking cues from positive financial information, FII purchasing and mixed worldwide markets ahead of the release of US job information. Economic information is nudging the functionality of core sectors like capital goods & industrials though the current higher functionality of the market place is also tempting investors to shift to safer defensive sectors. All important sectors followed the market place trend though the auto sector lost ground due to weak sales.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index once again showed positive move and closed a day at 17233 with gains of practically one % forming a bullish candle on the every day chart. The index has shifted its assistance to 17175-17050 zone if managed to hold above-stated levels we might see more northward moment in coming sessions also dips about stated levels will be once again fresh purchasing chance and if failed to hold then we might see fantastic profit booking nevertheless make or break level is at 17k mark, on the larger side sturdy hurdle is coming close to 17300-17350 zone.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market place witnessed the continuation of a positive trend, just after sustaining above the level of 17100. If the market place sustains above the level of 17200-17250, it is anticipated that the market place to get momentum, top to an upside projection till 17400-17450 level. The momentum indicators like RSI and MACD to remain positive and market place breadth to boost, additional strengthening a brief-term bullish outlook.