The bulls kept control on Dalal Street during the weekly futures and options expiry session. The S&P BSE Sensex zoomed 874 points or 1.53% to close the day at 57,911 while the NSE Nifty 50 added 256 points or 1.49% to end at 17,392. Mahindra & Mahindra was the top gainer on Sensex with an increase of 3.23%. Kotak Mahindra Bank, Maruti Suzuki India and Bajaj Finserv were the top earners. Nestlé India fell the most on Sensex, followed by Tata Steel, Bharti Airtel and Bajaj Auto. Bank Nifty added 1.38% while the India VIX index fell 4.4% and fell 18 levels. Broader markets reflected the rise.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“Previously, the 17000-16800 level area had seen decisive moves either side. The recent rebound from the near 18,000 levels and the emerging strength of the bullish momentum indicate substantial upside from here.Nifty’s short-term trend continues to be positive.A move A hold above immediate resistance at the 17450-17500 levels may open the next bullish levels around the short-term 17800-18000 levels, immediate support is placed at 17250.
Sumeet Bagadia, Executive Director, Choice Broking –
“On the derivatives front, the highest call OI is at 18,000 strike price followed by 17,500 strike price while on the sell side, the highest call OI is at 17,000 strike price strike followed by 17,200 strike Technically, the nifty index confirmed the breakout of the bullish Harami Candlestick pattern on the daily chart suggesting a reversal move in the index. (14) & Stochastics saw a positive crossover, supporting the immediate trend.On an hourly chart, the nifty index also held above 200-HMA, suggesting positive sideways movement. Currently, the index has support at 17180 levels while resistance is placed at 17600. On the other hand, Bank nifty has support at 36200 levels while resistance at 37400 levels.
Mohit Nigam, Head – PMS, Hem Securities –
“The market breadth was skewed in favor of the bulls. About 2,309 stocks were up, 1,109 were down and 103 were unchanged. In the 50-stock pack, Eicher Motors was the biggest gainer, up 4 .52% percent Cipla was the big loser of the pack, down 1.33%.Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500.”
Kunal Shah – Principal Technical and Derivatives Analyst at LKP Securities –
“The Bank Nifty Index has formed a bullish reversal candle on the daily chart which indicates 36000 levels to act as a cushion on the downside. Momentum oscillators also showed a reversal on the lower time frame confirming a pullback towards the lows. 37200-37500 levels Traders should maintain a buying approach with 36500 acting as immediate support.
Narendra Solanki, Head of Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers –
“Benchmarks for Indian equities opened in the green and extended gains from their previous session despite mixed Asian market peers. During the afternoon session, markets continued to trade firmly in early trades led by buying IT, technology and capital goods stocks, in addition to these gains in blue-chip frontline stocks such as Asian Paints, Reliance Industries and Infosys also helped lift Sentiment was also upbeat, with the International Monetary Fund saying that a high growth rate for India, as projected in the latest World Economic Outlook, is not just healthy for the country, but also good news for the world India is expected to be the fastest growing major economy in the world this year.