Domestic markets finished with gains in the weekly futures and options expiration session, as bulls Sensex and Nifty rallied after a brief pause yesterday. S&P BSE Sensex rose 488 points, or 0.82%, to end at 59,677, while the Nifty 50 Index rose 144 points, or 0.82%, to close at 17,790. Titan was the top winner at Sensex today, rising 10.69% at the closing bell, followed by M&M, Maruti, IndusInd Bank and Sun Pharma. Dr. Reddy’s was the worst with 1.3% less, followed by HDFC and Nestlé India. Going forward, the markets will keep an eye on the outcome of tomorrow’s RBI MPC meeting.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Nifty has formed a doji that appears in the high-low range of the previous day. Therefore, this pattern is not predictive. Breaking today’s high of 17858 could result in further bullish movement in the markets. 17641 is support for the Nifty in the near future. “
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
” Technically, a strong bearish candle followed by an in-body candle formation clearly indicates indecision. between the bulls and the bears. The market is constantly looking for support near the 20-day SMA, but it has also seen profit bookings near the 17,900 level. For day traders, 17720 would be the trend decision level ”.
Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments –
“Markets remain choppy and open. Traders should avoid taking positions in either direction unless they rise 17,950 or break 17,400. “
Mohit Nigam, Chief – PMS, Hem Securities –
” Starting this holiday season, we believe auto, textile and goods stocks roots have been strengthened buy. IT earnings start tomorrow and the market looks pretty bullish on it. On the technical front, Nifty may find resistance at 17,915 levels and good support can be seen at 17,688 levels. “
Palak Kothari, Research Associate, Choice Broking –
” On the technical front, the index formed a kind of candlestick pattern. Doji, indicating confusion between buyer and seller. Also, the index was trading above 21 DMA, indicating strength on the meter. The stochastics of the momentum indicator trade with a positive crossover, which gives the counter strength. On an hourly chart, the index is trading with the support of the middle band of the Bollinger Band formation, a hold above that may indicate further bullish movement. Currently, the index has immediate support at 17,500 while resistance is at 17,900. “
Vinod Nair, Head of Research, Geojit Financial Services –
” The domestic market made its way into a gap after strong global sentiment as concerns on US debt defaults fell and bond yields and crude oil prices fell. The domestic market was driven by strong buying in the auto, real estate and IT sectors, which strengthened the market to maintain the trend in favor of the bulls. Despite the global shortage of semiconductors, auto stocks rallied in hopes of a pick-up in demand over the holiday season, while expectations for better Q2s for IT and strong pre-sales helped real estate. “
Vinod Nair, Head of Research, Geojit Financial Services –
“The domestic market has paved its way into a gap following strong global sentiment as concerns about US debt defaults waned and bond yields declined. and crude oil prices. The domestic market was driven by strong buying in the auto, real estate and IT sectors, which strengthened the market to maintain the trend in favor of the bulls. Despite a global semiconductor shortage, auto stocks rallied in hopes of a pickup in demand over the holiday season, while expectations for better second-quarter numbers for IT and strong presales helped real estate. “
