Sensex and Nifty were revisited by the bulls during Thursday’s monthly F&O expiration session. The S&P BSE Sensex added 454 points or 0.78% to close at 58,795 while the NSE Nifty 50 was up 121 points or 0.7% to close at 17,536. Bank Nifty ended down 0, 21% while the larger markets reflected the gain illustrated by the major indices. Reliance Industries was Sensex’s first winner, with a 6.1% increase, followed by Infosys, ITC and Tech Mahindra. Among the main laggards were Maruti Suzuki India, ICICI Bank and IndusInd Bank.
Deepak Jasani, Head of Retail Research, HDFC Securities-
“Nifty bounced back from a losing day. The lead-to-decline ratio extended to well above 1: 1. Now 17351 could be a crucial support to follow while 17613 continues to resist. “
Sachin Gupta, Assistant Vice-President, Research, Choice Brokerage –
“Technically the owl rose with support from the formation of the lower Bollinger Band and closed above the 17,500 levels. The stochastic indicator also reversed against the oversold territory with a positive crossover, indicating bullish strength in the index. Currently, The Nifty has immediate support at 17350 levels and resistance at 17650 levels. On the other hand, Bank nifty has support at 37000/36650 levels and resistance at 38000 levels.
Mohit Nigam, Head – PMS, Hem Securities –
“Technically speaking, immediate support and resistance for Nifty 50 are 17310 and 17560 respectively. For Bank Nifty, support and resistance are 37160 and 37810 respectively.
Ajit Mishra, Vice President – Research, Religare Broking –
“The markets are lacking in resolve at current levels and this could continue for the time being. If there is a rebound, Nifty would face resistance around 17,600-17,800 levels while the 17,350-17,150 area would act as a cushion. During this time, participants should continue with an equity-specific approach and maintain positions on both sides. “
Arijit Malakar, Research Manager (Retail) of Ashika Stock Broking –
“The Fed’s minutes of its last meeting, released on Wednesday, indicated that the central bank was ready to step up the pace of asset reduction and that could hurt global market sentiment. However, strong economic data in the United States and the lowest unemployment data over the past 52 years have boosted global investor confidence. Among the sectors, oil and gas, real estate, pharmaceutical indices rose by 1% each, however, some selling pressure was observed in autos and banking. The Midcap and Small Cap indices also supported today’s market rally.
S Ranganathan, Head of Research at LKP Securities –
“While the trajectory of central banks around the world on interest rates will undoubtedly remain the main controllable element for equities, Powell’s second term will be closely watched by emerging economies attracting foreign capital. Today’s commerce has witnessed a buying interest in energy, IT, pharmaceuticals, real estate and a few names of metals with Reliance in the lead. The buzz surrounding the new listings quite clearly reflects the ~ Rs.270 billion invested by REIT in primary markets this month.