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Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty is in a strong mode and the broad market indices were also in the driver's seat. One may expect further upside in the next 1-2 sessions, before showing another round of consolidation or minor profit booking from the new highs. The next upside levels to be watched around 17,500 and immediate support is placed at 17,150.
Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking
As of now, there’s no sign of weakness and hence, we may see the index moving towards its next resistances of 17,270 and 17,330. The near term support zone is now placed around 17,100-17,050 for Nifty. Traders are advised to look for sectors/stocks which are in momentum on a given day and trade with the trend in such counters. Also, at higher levels, one should look to book timely profits on their trading positions.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty reversed the losses of the previous day and nullified the bearish signal. Advance decline ratio has improved to much above 1:1. FPIs seem to be in a mood to keep buying Indian stocks. The Nifty keeps breaching resistances one after the other in fresh territory. Nifty could now stay in the 17,340-17,154 band for the next 1-2 sessions.
Rupee At Close | The Indian rupee settled with a marginal gain of 2 paise at 73.06 against the US dollar despite a sustained rally in domestic equities. The local unit opened at 73.04 against the previous close of 73.08 and witnessed an intra-day high of 72.96 and a low of 73.13.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
Markets were back in action after yesterday's small correction and benchmark Nifty found support near the 17,050 level. After a muted opening the index successfully cleared the intraday resistance of 17,150 and is comfortably trading above the same which is positive. The intraday rally indicates a further uptrend from the current levels but the market has formed a double top kind of formation. For the trend following traders, 17,150 would be the key support level, and above the same, the uptrend structure could continue up to 17,300-17,350 levels. On the flip side, if the Nifty slips below 17,150, it may trigger a quick intraday correction till 17,100-17,075 levels.
Ajit Mishra, VP - Research, Religare Broking
Markets regained momentum after a minor pause in yesterday’s session and closed higher by nearly a percent. We’re seeing buying on every dip across sectors which shows that the bulls are in control. Besides the supportive global cues, the recent positives from the domestic front viz. the pace of the vaccination drive and further reopening by the states are fuelling the momentum. We’re now eyeing 17,500 in Nifty. Amid all, we reiterate our positive yet cautious stance and suggest focusing on accumulating quality stocks on dips.
Rahul Sharma, Co-Founder, Equity99
Bulls winning streak continues and Nifty floating in Blue Sky territory. On Hourly charts a clear higher top higher bottom formation has been formed for the day indicating a very strong upside move, Now going further Nifty has strong support at 17,200 levels below to which 17,150-17,075 will act as support levels, Similarly on the upper side 17,250 will act as immediate resistance followed by 17,300-17,350 levels.
Bank Nifty which showed greater strength and made high of 36,895 & settled at 36,831 at closing which is 257 higher from previous closing levels, Now Immediate Support for Bank Nifty is placed at 36,700 levels followed by 36,550 – 36,500 levels & similarly upside hurdle is placed at 36,950-37,000- 37,150 levels.
Mohit Nigam, Head - PMS, Hem Securities
the market is witnessing a continuous positive trend and if the Nifty 50 sustains above 17,200 level, we can expect an upside till 17,400 level in the short term. MACD is also indicating a positive trend in the markets. On the downside, 16,900 remains a crucial support for Nifty 50.
Norbert Rücker, Head Economics and Next Generation Research, Julius Baer
Natural gas markets surged to new multi-year highs with the European energy complex once again showing the strongest dynamics. The sharp rebound of the global economy combined with a shift towards natural gas for environmental reasons pushed markets to capacity limits, with outages in North America and Europe adding some extra spice over the past days.
We believe that we are looking at previously underestimated and unforeseen dynamics related to the new low-carbon world, which our previous views and forecasts did not fully capture. The wild swings and the broader up move will likely continue in the near term, but the bullish mood and weather uncertainties bring downside risks in the longer term.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed the continuation of a positive trend, after sustaining above the level of 17,100. If the market sustains above the level of 17,200-17,250, it is expected that the market to gain momentum, leading to an upside projection till 17,400-17,450 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
Market At Close | Here are the highlights of today's trading session
-Sensex & Nifty Post Record Close Led By TCS, RIL & HDFC
-Nifty Ends 157 Pts Higher At 17,233 After Hitting Intra-day Life High Of 17,246
-Sensex Gains 514 Points To 57,853 & Nifty Bank 257 Points To 36,831
-Midcap Index Rises 287 Points To Post A Record Close At 28,917
-Market Breadth Favours Advances With Advance-Decline Ratio At 2:1
-8 Nifty Stocks Hit Fresh Life Highs In Thursday’s Trading Session
-RIL Hits `2,300/Sh Intra-day For The 1st Time Since October 2020
-HDFC Life Closes With A Gain Of Over 5% Ahead Of Fund Raising Board Meet
-Cement Stocks Gain On Rising Real Estate Demand; Shree Cement Top Nifty Gainer
-FMCG Stocks Post Healthy Gains With Nifty FMCG Closing At Record High Of 40,292
-Autos Under Pressure On Chip Shortage Concerns, M&m Top Nifty Loser
-Voda Idea Surges 17% On Rpts Of Govt Mulling Relief Measures For The Sector
-CONCOR, IndiaMART, ABFRL, Exide, Polycab, L&T Tech, Havells Top Midcap Gainers
-Escorts, Ipca, City Union Bank, Dr Lal, Torrent Pharma Top Midcap Losers
Closing Bell | Indian equity benchmarks Sensex and Nifty ended higher Thursday led by broad-based gains. The Sensex surged 514.33 points, or 0.90 percent, to close at 57,852.54, while the Nifty ended 157.90 points, 0.92 percent, higher at 17,234.15. Broader markets outperformed the frontliners as the midcap and smallcap indices jumped 1 percent each.
Among sectors, a strong rally was seen in IT, FMCG, pharma, realty and metal indices, while Nifty PSU Bank and Nifty Auto indices ended in the red. Shree Cements, HDFC Life, Cipla, TCS and Hindustan Unilever were the top Nifty50 gainers, while M&M, ONGC, Bajaj Auto, Divis Laboratories and Tata Motors were the top index losers. Read here.