BSE Sensex and Nifty 50 posted record highs on Tuesday, amid fag-finish obtaining in index heavyweights such as Reliance Industries Ltd (RIL), and State Bank of India (SBI), amongst other individuals. Sensex gained 149 points .25 per cent to finish at 60,284, though the NSE Nifty 50 index settled just shy of 18,000, at 17,992. Apart from RIL and SBI, Titan Company, Bajaj Finserv, ITC, Axis Bank contributed the most to the indices acquire. In the broader market place, BSE MidCap index outperformed the equity benchmarks. BSE Midcap index gained .65 per cent or 170 points to settle at 26,148. While BSE SmallCap index added .26 per cent or 76 points to finish at 29,582. India VIX, the volatility index, cooled off 1.5 per cent to finish at 15.85 levels. Analysts say if Nifty sustains above 17850, it could touch 18125.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
It was a volatile session for the markets but bulls gained strength in late trades as Nifty as soon as once again breached the 18,000 mark just before ending a tad reduce beneath the psychological mark. On each day and intraday charts, Nifty has formed a promising greater bottom formation. The intraday structure suggests 17850 could be the trend decider level for the bulls. Above the identical, the uptrend formation is most likely to continue up to 18050-18125 levels. On the flip side, beneath 17850/59850 the uptrend would be vulnerable.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The markets are facing tremendous resistance about the 18000 level. We require to get previous 18050 for the next leg of this rally to set in. Once that is crossed, we will head to 18200-18250 as the next target level. 17800 is robust assistance for this market place and as extended as this holds, all dips and corrections can be used to enter extended positions.
Mohit Nigam, Head – PMS, Hem Securities
Going ahead, bull momentum does not look like fizzling out having said that one demands to keep cautious following international trends. Sectors that could stay in traction are Banks, Energy, Metals, Infrastructure and Consumer Discretionary. Technically, Nifty50 appears like holding on to 18,one hundred as close to term resistance though 17,700 could act as crucial assistance level.
Ashis Biswas, Head of Technical Research, CapitalVia Global Research
The market place witnessed some volatile movements and an try to hold the level about the Nifty 50 Index level of 17900. The market place shows that it is going to be critical for the brief-term market place situation to sustain above the 18000 Nifty50 Index level. If the market place is in a position to sustain the level of 18000, we can witness greater levels of 18250. The momentum indicators like RSI and MACD indicating positive momentum is most likely to continue.
Vinod Nair, Head of Research, Geojit Financial Services
Following promoting in IT stocks as a outcome of a weak start off to the earnings season and weakness in international markets, the domestic market place traded in the unfavorable zone. However, with robust assistance from PSU Banks on revamped hopes of privatisation and continued obtaining interest in customer goods, metals and auto, indices managed to finish on a positive note. While international markets traded with cuts in fears of increasing inflation due to soaring commodity costs and power crunch.