Sensex, Nifty end flat, midcap, smallcap stocks outrun; here’s what analysts make of today’s trade

Markets traded volatile in a range and ended marginally in the green amid mixed cues

BSE Sensex and Nifty 50 ended in the positive territory for the second consecutive session on Monday. The 30-share Sensex topped 50,650, while Nifty 50 ended just shy of 15,200. Broader markets outperformed the equity benchmarks. S&P BSE MidCap jumped 0.86 per cent or 184 points to end at 21,669.64, while S&P BSE SmallCap index gained 162 points or 0.70 per cent to finish at 23,292. Market breadth was positive with 1,967 stocks advancing, while 1,250 scrips declined. A total of 169 shares remained unchanged.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

15200-15250 is posing a short-term resistance for the Nifty. However, the trend continues to remain positive and we should be able to achieve 15300. Until then, dips or intraday corrections can be used to enter long positions. The support of 15000 is an important one and as long as that holds on a closing basis, we are in a bullish market.

Vinod Nair, Head of Research at Geojit Financial Services

A steady decline in fresh covid cases and hopes of the lockdown being lifted sooner has influenced the domestic market to extend its gains. Positive quarterly earnings and easing asset quality woes helped banking stocks to attract buying interest while mid and small-cap stocks outperformed. On the global front, UK and US Manufacturing PMI data reported record-high numbers however investors are awaiting inflation data for guidance on monetary policy.

Sumeet Bagadia, Executive Director, Choice Broking

Technically, the nifty index has breached the prior resistance of 15044 levels and sustained above the Falling Trendline as well as the Ichimoku Cloud formation that suggests a bullish strength in the counter. An oscillator Stochastic & MACD also suggested positive crossover on the daily time frame which further added strength in the counter. At present, the nifty seems to have an immediate resistance at 15340 levels and major resistance is intact at 15450 levels while support is placed at around 15000 levels.

Ajit Mishra, VP – Research, Religare Broking Ltd

Markets traded volatile in a range and ended marginally in the green amid mixed cues. After the initial uptick, the benchmark hovered in a range till the end while the movement on the broader front kept the participants busy. On the sectoral front, a mixed trend was seen, wherein FMCG, metals and consumer durables were the losers, while banks, capital goods, power and oil & gas were the top gainers. Among the benchmark indices, Nifty ended up by 0.2% at 15,198 levels. The broader markets outperformed and ended in a range of 0.7-9%. Markets are likely to take cues from the last leg of earnings and scheduled F&O expiry. Besides, global cues and news related to COVID cases and vaccine drive will be closely monitored by the participants. We reiterate our bullish yet cautious stance and suggest keeping the focus on selection of sectors and stocks.

Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with a small gap but showed small profit booking and closed a day at 15197 with minimal gains & formed a small bearish candle on daily chart. Going forward index has good support zone around 15100-15000 mark any dip around said level will be again buying opportunity with keeping overall stop out level below 15k mark, immediate resistance is placed at 15250-15330 zone around these level we may see some profit booking.