After opening and trading in red for majority of the day, Indian equity benchmarks managed to make a smart recovery in the second half of the volatile trading session, led by buying in IT, financial, oil & gas and auto shares. However, weakness in pharma and FMCG names played spoilsport. Globally, drop in crude oil prices after five days of gains also aided market sentiment, though investors remained cautious tracking news updates about the Russia-Ukraine war. While BSE Sensex ended 696.8 points at 57,989.3 and the Nifty 50 benchmark settled at 17,315.5, up 197.9 points from its previous close.
Sachin Gupta, AVP, Research, Choice Broking
“On the technical front, the nifty index has formed a bullish candle after taking a support at 50% Retracement Levels and moved above 50 days Exponential Moving Averages that suggests a bullish strength for the coming day. All important key indicators like RSI, Stochastic & MACD witnessed positive crossover that supports the bullish bias. At present, the index has support at 17000 levels while resistance comes at 17470 levels. On the other hand, Bank nifty has support at 35700 levels while resistance at 37000 levels.”
Mohit Nigam, Head – PMS, Hem Securities
“We believe inflation may be a concern for investors in the near term so investors should focus on quality stocks with strong growth visibility and where the rise of commodity prices have minimal impact on their business. On the technical front, Immediate support and resistance in Nifty 50 are 17000 and 17500 respectively. Bank Nifty immediate support and resistance are 36800 and 37000 respectively.”
Ajit Mishra, VP – Research, Religare Broking
“Markets posted strong gains and settled around the day’s high amid mixed cues. Initially, the bias was slightly on the negative side in continuation to Monday’s fall, however a strong surge in the select index majors from IT, energy, and banking space completely changed the tone in the latter half. We reiterate our positive yet cautious view on markets amid global uncertainty. A decisive break above 17,350 in Nifty would pave for a further surge towards 17,500-17,700 levels. And, we feel the banking pack holds the key from hereon. Participants should align their positions accordingly.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Nifty bounced back sharply after a small downward correction. The overall chart pattern indicate next upside of around 17500 in the short term and one may expect further upside targets of around 17800-18000 levels in the near term. Immediate support is placed at 17200.”
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
“Markets are facing headwinds from the escalation in the Ukraine conflict, rising Oil prices and hawkish commentary from the US Fed. Also rise in domestic retail fuel prices added to overall cautious sentiments. However, any positive development on the Russia-Ukraine issue can revive market momentum. Above 17350, we can see Nifty to move towards 17500-17750 zones. Accordingly we expect Index heavyweights like Reliance, Banking stocks to do well. Select Midcap IT stocks are also witnessing strong momentum.”
