Sensex, Nifty end in green for second day straight; here’s what experts make of today’s trade

Sensex and Nifty gained 1% each this week.
(Image: REUTERS)

Domestic stock markets moved higher for the second day running, nearing all-time highs. S&P BSE Sensex gained 226 points to close at 52,925 while the 50-stock NSE Nifty jumped 69 points and ended at 15,860. Broader markets outperformed benchmark indices. Midcap indices zoomed more than 1% on NSE. Tata Steel was the best performing stock among the 30 constituents of BSE Sensex, followed by Axis Bank, SBI, and ICICI Bank. Index heavyweight Reliance Industries was down in the negative as the worst Sensex performer for the second day running. Bank Nifty jumped 1.58%. The volatility index tanked 11%. Benchmark indices closed the week 1% higher, each.

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Nagaraj Shetti, Technical Research  Analyst, HDFC Securities –

“The underlying short term trend of Nifty continues to be positive with range bound action. The market is now placed to show upside momentum above the hurdle of 15900 levels in the coming few sessions. A sustainable move above this area could open further upside towards 16200 in the near term. Immediate support is placed at 15770.”

Ajit Mishra, VP – Research, Religare Broking –

“The benchmark is hovering near a record high largely led by a gradual pickup in economic activities, as states start unlocking, the expectation of better earnings and ramp-up of vaccination. On the flip side, the possibility of the third wave of Covid can impact market sentiments. We remain cautiously optimistic on the markets and suggest aligning the positions accordingly.”

Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS –

“Tracking positive cues from the global markets, Indian markets traded on a firm note today, with Nifty inching back near its life-time high that was registered last week. After nearly one month of consolidation, Bank Nifty showed renewed strength today. The index broke out of an inverse Head and Shoulder pattern on the hourly time frame. This is a bullish pattern that indicates an up move. Currently, Bank Nifty is trading near its immediate resistance of 35350. If it sustains above this next week, we could see the index rising towards the 36400-36800 zone soon.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Index closed a week at 15860 with gains of more than one per cent and formed a bullish candle on the weekly chart. Going forward 15900 will act as make or break level once we see any decisive close above said level we may see a good upward move incoming session towards 16000-16100 zone but if failed to sustain above 15900 zone we may see some profit booking towards 15800-15700 zone which are immediate support on the downside but correction would be again buying opportunity, trend reversal signal will come only below 15500 zone.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Domestic equities rose in today’s session mirroring an upbeat mood in the global markets after US President Joe Biden embraced Senate infrastructure deal to help stimulate the economy. The overall mood in Wall Street was lifted since the US jobless claims ticked down as the economy heals. On the domestic front, recovery was seen in banks and metal stocks following its consolidation during the past few days.”

Manish Shah, Founder, Niftytriggers –

“On the daily time frame Nifty as been trading below the resistance of 15900-15950 for the last couple of weeks. Now it seems that Nifty will start to move above this resistance level. The support trendline and rising moving averages hold at this point. On lower time frame charts are could be seeing a cup-and a handle pattern. Nifty needs to break and hold above 15900-15950 for a couple of days to confirm a breakout. With banks, IT, and metals showing active buying interest; Nifty could see an extended run on a break above 15950. Expect a bout of sharp up move over the next two weeks.”