BSE Sensex and Nifty 50 ended with over per cent gains for the second straight day on Wednesday, as bulls made a comeback on D-Street. BSE Sensex ended 657 points higher at 58,466 while the NSE Nifty 50 index ended 197 points or 1.14% higher at 17,463. Bank Nifty ended 1.53% higher. Index heavyweights such as HDFC Bank, Reliance Industries Ltd (RIL), Infosys, ICICI Bank, Maruti Suzuki, and Housing Development Finance Corporation (HDFC) contributed the most to the indices’ gain. Broader market also participated in the rally today. S&P BSE Midcap index gained 1.23 per cent or 299 points to finish at 24,631, while S&P BSE Smallcap index gained over half a per cent or 165 points to settle at 29,233. India VIX, the volatility index, cooled off 5.74 per cent to close at 18.56 levels.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Strong global market cues boosted local benchmark gauges as investors lapped up beaten-down stocks. Buying was seen in banking, realty and auto stocks on hopes interest rates may remain unchanged in the credit policy meet this week. The last hour intraday breakout formation indicated continuation of an uptrend in the near future. In addition, on intraday charts, the Nifty is holding higher bottom formation which is broadly positive. For the trend following traders, 17365 would be the trend decider level and above the same the index could move up to 17550-17625 levels. However, if the index trades below 17350, a strong possibility of a quick correction up to 17300-17240 levels is not ruled out.
Palak Kothari, Research Associate, Choice Broking
On the technical front, the index has confirmed the Hammer Candlestick Pattern on the daily chart which points out strength in the. Furthermore, the index has given a breakout of the falling trend line and sustained above the same as well as trading above the middle band of Bollinger which suggests upside movement in the counter. On an Hourly Chart, the index has been trading above 9*21-HMA with the positive crossover which suggests strength for the next session. Moreover, the daily momentum indicator Stochastic is trading with a positive crossover which adds strength to prices. At present, the Index has support at 17200 levels while resistance comes at 17600 levels. On the other hand, Bank nifty has support at 38000 levels while resistance at 39400 levels.
Rupak De, Senior Technical Analyst, LKP Securities
Nifty has formed a green candle after a Dragonfly Doji pattern on the daily chart suggesting a short-term bullish reversal. On the higher end, immediate resistance is visible at 17530. A decisive move above 17530 may induce a rally towards the recent peak of 17775-17800. On the lower end, support is placed at 17315.
Vinod Nair, Head of Research, Geojit Financial Services
The domestic market joined the global rally with all major sectors barring PSU Banks trading with gains. US stocks rallied yesterday shrugging off concerns over rising crude oil and rate hike worries ahead of the release of US inflation data. RBI’s policy announcement will be the key focus tomorrow as domestic inflation and policy tightening by global central banks would pressurize the central bank to adopt a similar stance.
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