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Joseph Thomas, Head of Research, Emkay Wealth Management
The Sensex and the Nifty moved up to the highest levels ever during the trading session today, supported by a significant up-move in the public sector banks close to 5 percent, and the private sector banks rising by 2 percent. The PLI for the auto sector, greater clarity on the telecom dues with the moratorium announcement, and the likely announcement of guarantees for the Bad Bank soon, etc. were the factors that helped the markets rise higher.
This was again supported by the muted third wave of the pandemic so far, and the aggressive vaccination program by the government, all have added to the positive sentiment. There is also comfort from the fact that with inflation moderating in August from higher levels registered in the last couple of months, the RBI persisting with its accommodative stance for a longer time looks more probable.
Ajit Mishra, VP - Research, Religare Broking
Positive momentum continued for the second consecutive day as markets ended near day’s high with gains of more than half a percent. Markets are continuously hitting new highs on the back of positive news and improvement in the economic scenario. This time the PLI scheme announced by the government has helped banks to rally along with other sectors. Importantly, the banking index has also reclaimed its record high and we expect the momentum to continue.
Amid the recent buoyancy, we reiterate our view to focus on stock selection and overnight risk management as a minor fall in the index usually triggers a sharp reaction in stocks especially when the markets are at a record high.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty continued to march upwards on Sept 16. However, the advance-decline ratio has fallen below 1:1 denoting profit-taking across the broader markets. Sector and stock rotation among the large caps is witnessed. 17,700 is the next target for the Nifty while 17,519 could be the support for the near term.
Manish Shah, Founder, Niftytriggers.com
Nifty continues on a relentless rally as the index breaks out of the crucial resistance zone. Nifty has moved past the R1 pivot off the monthly. This paves the way for a rally towards 18,000 in near future. Market breadth was good as there is broad-based sector participation. Nifty moves along in a rising channel and the top end of the channel is at 17,750-17,840. If this level is taken out there could be some more upsides towards 18,000 odd levels. At best there the zone at 17,750-17,840 could act as a barrier. But the underlying trend and momentum are firmly in the grip of bulls.
Market breadth was good as there is broad-based sector participation. MACD continue to be in a bullish phase and ADX is moving up relentlessly. There are no signs of weakness in the market as yet. Notwithstanding short term declines Nifty is in a firm bull grip and any drop to 17,450-17,500 is a buying opportunity.
Palak Kothari, Research Associate, Choice Broking
On the technical front, Nifty has been trading at the higher high higher low formations and managed to breach its previous resistance level and started trading in uncharted territory which points out strength in the counter. Moreover, the index has been trading above all the moving averages, which adds strength to the counter. Momentum indicators RSI & Stochastic are supporting the positive trend in the index. At present, the index has given a breakout of 17,500 levels, now 17,700 levels could be a resistance while on the downside, 17,400 may act as support for the index.
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities
The rupee remained ranged and closed flat near 73.51 levels on spot against the dollar. The rise in US Dollar Index offset the negative impact of rising equity markets on USDINR. Thanks to relentless RBI intervention at lower levels and FPI flows and exporter selling, the rupee against the dollar remains range-bound between 73 and 74 levels on spot.
Rupee At Close | The rupee slipped 2 paise to close at 73.52 against the US currency on Thursday, tracking the strengthening of the greenback in the overseas markets. The domestic currency opened flat at 73.51, witnessed an intra-day high of 73.34 and a low of 73.52 against the American currency during day trade. The local unit finally settled for the day at 73.52, down 2 paise over its previous close.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The index has moved from strength to greater strength! We flew past the first target of 17,550 and we are now headed to 17,750! Good support lies at 17,500 and until that does not break, traders can accumulate long positions on intraday dips or corrections for higher targets.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
The market has once got back to its winning momentum as both benchmark indices hit fresh record highs while Sensex hit yet another milestone of surpassing the 59,000-mark. Despite weak Asian cues, domestic investors continued to bet big on Indian markets as recent data points showed steady economic revival is on track. We saw heavy buying in banking and other financial stocks.
Technically, the index has formed a robust breakout continuation formation and the short-term trend is extremely strong. For the day traders, 17,540-17,580 levels would be the key support level to watch out for. Above the same, the uptrend formation will continue up to 17,690-17,750 levels. On the flip side, Nifty would be vulnerable if it slips below 17,540.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed another day of positive movement after the market was able to sustain the Nifty50 Index level of 17,500. It shows Sustaining above 17,500, the market to gain momentum, leading to an upside projection till 17,850 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
Jay Thakkar, Marwadi Shares & Finance
Nifty was consolidating within that range of 17,450-17,250 that was 200 points range which got broken on the upside hence the short-term target would be 17,650. We still have around half percent upside pending in the short term. On the downside, I would say that 17,500 on Nifty is now very crucial support on the immediate basis because that is where we see the highest amount of good open interest now.
17,500 is a crucial support, 17,650 should be the immediate target and thereafter we can see the levels of almost 17,900 as well. That would be the positional target on Nifty.
The Bank Nifty has come back quite well. I would say that the probability of it taking off 37,700-37,800 levels is quite high, it is inching towards 38,000 now in the short term. I have a buy recommendation on both of these indices.