BSE Sensex and Nifty 50 index settled in the green for the fifth consecutive session, ending at record closing highs on Friday. BSE Sensex ended 117 points or .23 per cent up 50,732, whilst the Nifty 50 index ended 29 points or .19 per cent at 14,924. During the intraday bargains, BSE Sensex produced an all-time higher 51,073.27, whilst the Nifty 50 index rose to a lifetime higher of 15,014.65. The prime contributors to the Sensex’ gains had been State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank, ITC and Housing Development Finance Corporation (HDFC), amongst other individuals. The broader markets underperformed the equity benchmarks. S&P BSE Midcap index fell .93 per cent or 182 points to 19,414, whilst the S&P BSE Smallcap index slipped .28 per cent or 53 points to finish at 19,096.
Vikas Jain, Senior Research Analyst at Reliance Securities
The price range has offered a renewed optimism but the sharp run up of 9.3% in NIFTY50 more than the previous 4 days indicates some consolidation and sideways move from present levels. Dollar index has stopped declining and a breakout above 92 levels could place stress in emerging markets. On the larger side the month-to-month resistance is placed at 15150 whilst on the downside supports are in variety of 14380-14470 gap levels. Risk Reward is not in favour, one ought to book some gains and wait for declines to enter.
Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited
We think the financial revival to fuel additional by the measures taken in the current union price range. The sharp enhance in capital expenditure will hold the momentum of recovery and reforms. Additionally, the central bank’s intention to hold liquidity taps open will play a vital part in the industry. Although the industry is higher, we do not see the industry is overvalued in terms of the fundamentals, but we think the industry sentiment is at the choose of optimism and an adjustment of it is more most likely. We anticipate a sideways correction rather than a sharp correction this time. The Investor ought to not anticipate a considerable discount this time as the bullishness is most likely to remain. We advocate the investors liquidate 30-40% of their holding at the present level at its maximum. And wait for a 6-10% correction to re-enter or add into the current portfolio.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The markets have closed nicely in the green with supporting volumes. 15000 has proved to be a psychological resistance but that ought to not deter the believed method on the trend. We continue to stay bullish and the Nifty has the wings to accomplish 15200. A invest in on dips technique would be advisable. There is ample scope for the markets to appropriate for the duration of intraday sessions. These dips can be utilised to make fresh lengthy positions for larger targets. This way the danger-reward trade-off would be favourable.