Domestic equity markets continued to be dominated by bulls on Thursday, the weekly Futures & Options expiry session. S&P BSE Sensex rose 1,047 points or 1.84% to settle at 57,863 while the NSE Nifty 50 index zoomed 311 points or 1.84% to close at 17,287. Housing Development Finance Corporation was the top gainer on Sensex, up 5.5%, followed by Tita, Reliance Industries, and Kotak Mahindra Bank. Only Infosys and HCL Technologies closed with losses. Broader markets mirrored the up-move. Bank Nifty was up 1.9% at the end of the day’s trade at 36,428 while India VIX closed 6.26% lower at 22.61 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Previously, the area of 16800-17000 level has acted as strong support for the market in past and the recent downside breakout of it has resulted in a 1000 points decline in short span of time. Hence, the present decisive upside breakout of this area could indicate a continuation of sharp upside momentum for the near term. The potential upside targets to be watched around 17800-18000 levels in the next few weeks. Immediate support is placed at 17050 levels.”
Rupak De, Senior Technical Analyst at LKP Securities –
“The benchmark index has moved into the positive zone on the back of a breakaway gap candle on the daily chart, indicating a change of trend. Going ahead, the trend is likely to remain positive for the short to medium term as long as 17000 is maintained on a closing basis. On the higher end, immediate resistance is visible at 17330. A decisive move above 17330 may induce a stronger rally in the market.”
Ajit Mishra, VP – Research, Religare Broking –
“On the index front, sustainability above 17,350 would pave the way for the 17,500-17,700 zone. In case of any decline, the 16,800-17,000 zone would act as a cushion. Participants should focus on sectors/stocks which are showing resilience and align the positions accordingly.”
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers –
“Indian markets opened on a positive note tracking upbeat Asian market cues as investors react to Fed hike. During the afternoon session the markets traded firm on account of buying in front line counters. Also, FPIs turning buyers after a long time and softness in crude also supported the markets. Adding to the optimism, traders cheered Minister of State for Commerce and Industry’s statement that the bilateral trade in goods is projected to increase from the current $60 billion to $100 billion annually within five years of the implementation of the India-UAE free trade agreement.”
S Ranganathan, Head of Research at LKP securities –
“Positive Global Cues post the Fed rate hike, softening oil prices and progress in Russia- Ukraine talks boosted the confidence of the Bulls as benchmark indices were up over 2% in Afternoon Trade. With the Volatility Index cooling off considerably today, the broader markets too displayed optimism as several Tata Group companies posted 52-week highs today reminding one of the famous Philip Fisher’s words – It is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens.”
