Home Business Sensex ends above 50k after 3-day gap, Nifty up 2% as bulls takeover; here’s what experts make of trade today

Sensex ends above 50k after 3-day gap, Nifty up 2% as bulls takeover; here’s what experts make of trade today

Financial Express - Business News, Stock Market News

sensex, nifty, stock marketThe formation of a Bullish Harami served as a powerful reversal formation for the market, said an analyst

BSE Sensex and Nifty 50 ended over 2 per cent higher on the first trading day of the week, primarily driven by buying in IT, pharma, and metal stocks. BSE Sensex surged 1128 points to end at 50,136, while the Nifty 50 index settled at 14,845. During intraday, Sensex hit a day’s high of 50,268 and a low of 49,331.68. Nifty 50 touched 14,876 as day’s high and 14,617 as low. Market breadth favored bulls as 1,551 stocks advanced while 1,402 declined. A total of 209 scrips remained unchanged. HDFC Bank, Infosys, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS) and ICICI Bank were among top BSE Sensex contributors. The broader market indices underperformed equity benchmarks. S&P BSE MidCap gained nearly one per cent or 196 points to settle at 20,166.59. While the S&P BSE Smallcap index finished 1.3 per cent or 264 points higher at 20,543.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty has successfully closed past its resistance zone of 14700-14800. However, I would be more comfortable if we can get past 14950 on a closing basis. That would trigger a rally up to levels closer to 15300. Until we do not get past 14950, there is always a chance we take a U-turn from these levels and head southwards to 14400. Extreme caution is advised at the current levels.

S Ranganathan, Head of Research at LKP Securities

Markets opened firm on strong global cues with Joe Biden slated to announce his $3tn infra package. Investors shrugged off the rising coronavirus cases in few states as the GOI prepares for a vaccine rollout on a larger scale. Steel & IT stocks led the bull charge while FMCG stocks joined the party in late afternoon trade as the Sensex scaled past 50k.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

As expected, the same thing happened in the market today. The formation of a Bullish Harami served as a powerful reversal formation for the market. The Nifty crossed the 14750 levels and moved very close to 14900. Today, all sectors except Bank Nifty and Auto performed well. Tomorrow we would see some increase in bank stocks, mainly because the Bank Nifty closed above the level of 33700. Bank Nifty can go up to 34500/34700. If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side, Nifty / Sensex would find major support at 14730 and 14620 levels. Buy between 14750/14730 and for that keep a stop loss at 14600.

Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS

Indian markets have extended their recovery for a second session, boosted by strength across the board. Global cues have been supportive of the rally since Friday, with both US and European markets advancing to life-time highs. Despite the recovery over the past two sessions, Indian markets have been under-performing their global peers for the past few days. For the short-term, in spite of the generally supportive global cues, we could witness bouts of volatility in the domestic markets. The strengthening dollar and rising US yields, in particular, remain the key forces to watch out for as they could act as headwinds to the short-term recovery.

This article is auto-generated by Algorithm Source: www.financialexpress.com

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