BSE Sensex and Nifty 50 ended on a positive note for the fourth consecutive session on Monday, mainly on the back of a sharp drop in every day Covid-19 circumstances. BSE Sensex ended almost 296 points or .60 per cent larger at 49,502, when the Nifty 50 index surged 119 points or .8 per cent to 14,942. In the broader marketplace, S&P BSE MidCap and SmallCap indices surged almost one per cent to finish at 20,808 and 22,426, respectively. Index heavyweights such as L&T, Housing Development Finance Corporation (HDFC), ICICI Bank, Kotak Mahindra Bank, Sun Pharma, and HDFC Bank, amongst other people, contributed the most to the indices’ acquire. Market breadth was positive as 2,068 stocks sophisticated when 1,037 scrips declined. A total of 225 shares remained unchanged.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index opened a day with fantastic gap but traded variety-bound all through day and closed a day at 14942 with gains of almost one per cent & formed a compact bullish candle on the every day chart. Strong hurdle nonetheless at 15050 zones if managed to sustain above for a day or give any close above stated levels then only we might see additional upside otherwise some profit booking feasible, assistance are shifted to 14900-14850 zone holding above stated levels momentum fantastic.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The marketplace manages to hold above the Nifty 50 Index assistance zone of 14900. The technical things are aligned to assistance a positive outlook for the marketplace going forward. Therefore, the quick-term traders to use the rally to exit when attempting to purchase a dip method. The marketplace breadth to increase, indicating the likelihood of a robust trend. Any corrective wave down need to locate acquiring interest about 14800-14850.
Vinod Nair, Head of Research at Geojit Financial Services
Domestic bourses continued to ride on its optimistic wave mirroring robust across-the-board acquiring with metals, auto and pharma stocks top the rally. U.S job development drastically slipped its April forecast signalling sluggish momentum in the labour marketplace when a cyber attack hiked the US oil rates. Despite a decline in April auto sales numbers due to the effect of covid lockdowns, the auto sector managed to remain afloat owing to its lengthy term positive outlook.
Sumeet Bagadia, Executive Director, Choice Broking
After a positive opening, the marketplace moved in a variety-bound manner, but remained in the green all through the day and managed to close at 14942.35 levels with a acquire of 119.20 points. While bank nifty closed at 33142.40 with a acquire of 237.90 points. The marketplace breadth was positive also, with 38 of the nifty 50 stocks closing in the green. Technically, the nifty index has faced resistance from the falling trendline as effectively as the upper band of Bollinger, which suggests crossing above the similar can show an upside movement. Moreover, the index has offered closing above the 21- Days Moving Average, which points out strength in the index. A momentum indicator RSI &MACD has indicated positive crossover, which supports the bullish trend for the close to term. At present, the nifty index is holding assistance at 14760 levels when an upside resistance appears at 15000 levels.