BSE Sensex and Nifty 50 surged substantially in afternoon trade to finish more than 2 per cent larger on Wednesday in a broad-based rally. The 30-share Sensex rallied 1,148 points or 2.28 per cent at 51,444.65, whilst the broader Nifty 50 index zoomed 326.50 points or 2.19 per cent to finish at 15,245.60. Buying in index heavyweights such as Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), ICICI Bank and Infosys pushed the benchmarks larger in today’s trade. During intraday, Sensex hit a day’s higher of 51,539.89, whilst NSE’s Nifty touched 15,273.15. The market place breadth was in favor of bulls today as 1,845 stocks sophisticated, whilst 1,152 scrips declined. A total of 172 stocks remained unchanged. The broader market place underperformed the equity benchmarks. S&P BSE MidCap and SmallCap indices closed 1.45 per cent and 1.34 per cent larger, respectively. The market place capitalisation of BSE-listed organizations gained 3.6 lakh crore, taking the total mcap to Rs 210.18 lakh crore.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has been constant in its upside momentum. It sustained nicely above the 14950 level and we have zoomed thereafter. It should really realize 15300 as its 1st target and thereafter 15500. A superior help lies at 14600-14700 and hence any dip or intra day correction can be utilized to enter the index for larger targets.
Jay Thakkar – VP and Head of Research at Marwadi Shares and Finance Ltd.
Nifty has offered a breakout above 15100 levels and above this level, the probability of a new lifetime higher is very higher. Nifty can attain above 15450 levels. Technically on the downside 15000 is now the critical help, the quick-term base for Nifty. From point of view of derivatives, Nifty closed above the 15200 levels with the highest open interest on the contact front. Thus continuing a breakout on the upside. We think FMCG, IT, NBFC and Banking sector are probably to do superior if Bank Nifty requires off 37000 levels.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Nifty continues to remains in a medium term uptrend. We think any meaningful correction is an chance to purchase for 16000 and larger. Immediate variety is observed at 15000-15500. Auto and Banking stocks look appealing at existing levels IT stocks also anticipated to trade with positive bias.
Rohit Singre, Senior Technical Analyst at LKP Securities
One more positive session and index closed a day with supreme gains of more than two per cent at 15240 zone and formed a bullish candle for the third consecutive day. Bullish harami candle pattern showed a superb effect so far, going forward 15150 will act as robust help followed by 15100 zone if managed to hold above-mentioned levels we might see existing move to extend additional towards 15300-15400 zone in close to term