Domestic benchmark indices were under the firm grip of bulls on Monday. S&P BSE Sensex closed 813.94 points or 1.42% higher to settle at 58,014 while NSE Nifty 50 added 237.9 points or 1.39% to end at 17,339. Tech Mahindra was the top gainer, up 4.88%, followed by Bajaj Finserv, Infosys, and State Bank of India. IndusInd Bank fell 3.5% as the worst Sensex performer, accompanied by Kotak Mahindra Bank, and Hindustan Unilever. Bank Nifty soared 0.76% and broader markets mirrored the up-move. India VIX zoomed 6% and closed just shy of 22 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“The short-term uptrend of the market seems to have strengthened. There is a possibility of further upside in the next session, but the occurrence of high volatility can’t be ruled out. A sustainable upmove by Tuesday session could open more upside towards 17700-17800 levels in the near term. Immediate support is placed at 17260 levels.”
Rupak De, Senior Technical Analyst at LKP Securities –
“Bulls have faced challenges around 17416 which remains a crucial resistance. Any meaningful upside from here will require a decisive move above 17416; above 17416, Nifty may move towards 17600/17780 in the near term. Whereas on the lower end support is visible at 17200 below which resumption of correction may take Nifty towards 16800.”
Sachin Gupta, AVP, Research, Choice Broking –
“Technically, the nifty has breached the prior three days highs & settled in a green candle on the daily chart. The index is also trading above 78.6% Retracement Levels, which indicates further support around 16800 levels. Although, we are expecting high volatility in the Index for tomorrow on the account of the Indian Budget. At present, the Index has support at 17100/16800 levels while resistance comes at 17500/17650 levels. On the other hand, Bank nifty has support at 37300 levels while resistance at 38700 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Taking positive cues from global markets and favorable takeaways from the Economic Survey report, the market rallied ahead of the Budget day with all major sectors in the green. The major macro indicators of the survey gave confidence that the country is well placed to face future challenges with GDP growth for FY23 projected at 8-8.5%. Global markets turned positive backed by gains in the US market as investors ignored geopolitical disturbances and turned their eye towards strong earnings numbers from tech firms.”
Ajit Mishra, VP – Research, Religare Broking-
“It’s going to be a crucial day as all participants will be closely eyeing the Union Budget. The main focus would be on the GDP growth numbers, fiscal deficit target and disinvestment plans. Besides, sector-specific announcements and any relief on the taxation front will also be on participants’ radars. At the same time, corporate earnings and auto sales numbers would continue to induce stock-specific volatility. For further recovery, Nifty should decisively hold above 17,600 zone else profit-taking may resume and push the index towards 16,800-17,000 zone. We recommend maintaining a cautious stance and suggest preferring hedged positions.”
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