Ajit Mishra, VP - Research, Religare Broking
Markets traded upbeat and gained over half a percent, tracking favourable global cues. After the gap-up start, it hovered in a narrow range in the first half and inched marginally higher as the day progressed. Global cues are upbeat however support from the banking pack is critical for any sustainable up move in the Nifty index. Besides, participants will also be eyeing the results of the IT major, Infosys Ltd, scheduled on Wednesday i.e. July 14. Amid all, we feel it’s prudent to maintain focus on the selection of stocks and managing overnight risk until we see the resumption of the uptrend.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty continues to be positive with range bound action. One may expect further upside towards 15,900-15,915 levels in the short term before showing the next round of consolidation. The emergence of strength at the hurdle could only open a sharp upside breakout of the resistance in the short term. Immediate support is placed at 15,710 levels.
Sumeet Bagadia, Executive Director, Choice Broking
The Nifty index has formed a bullish candle on a daily chart which suggests buyers are active. Moreover, the stochastic & MACD has indicated a positive crossover on an hourly chart which adds bullish momentum in the index. Furthermore, the index has moved above the 21&50 HMA, which suggests an upside rally in upcoming sessions. At present, the nifty seems to have resistance at 15,915, crossing above the same can show 16,100-16,200 levels while immediate support comes at 15,700.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
In the contrast to Monday’s trade, Nifty sustained today after the initial round of profit-taking and quickly reversed back to 15,800 levels, which is an ultimate resistance for the market. Purely under the leadership of financials stocks, the market has managed to close above the levels of 15,800. It’s a bullish continuation pattern and with the help of it, the Nifty would again hit the tall wall of 15,900-15,930. On a daily basis, 10 and 20 days SMA offer significant support to the short-term trend of the market that would act as the final stop loss for holding any long positions. For Wednesday, 15,900-15,930 would be major hurdles on the Nifty and supports would be at 15,730 and 15700 levels. Keep a strategy of buying on dips.
Mohit Nigam, Head, PMS - Hem Securities
Benchmark Indices closed on a positive note after favorable economic outcomes and positive sentiments from Asian markets. Immediate support and resistance for Nifty50 are 15,600 and 15,900 respectively. Overall we are bullish on markets and believe that any significant dip is a good opportunity to buy in quality stocks.
Manish Shah, Founder, Niftytriggers.com
Nifty needs a massive push above 15,900-15,950 and once this happens we should see a rally towards 16,200-16,300 in a double-quick time. The zone at 15,900-15,950 has been tested three times, and the rule is that the fourth time the price should go through. International equity markets, especially, Asian markets are seeing recovery and among the peer group, Nifty remains an outperformer. If the revival in Asian markets continues and the current upswing in European equity persists; then Nifty should be on a roll. Now traders should watch how Nifty behaves at the crucial 15,900-15,950 zone. Odds of an upside breakout are higher.
Market At Close | Here are the highlights of today’s trading session
- Market Closes With Healthy Gains, Led By Financials
- Sensex & Nifty Gain Nearly 1% Each, Nifty Bank Up Over 1%
- Nifty Gains 120 Points To 15,812 & Sensex 397 Points To 52,770
- Nifty Bank Moves 475 Points Higher To 35,673 Led By ICICI, HDFC Bank & Axis
- Nifty Midcap Index Continues To Post Record Close, Up 57 Points To 27,561
- ICICI Bank Is The Biggest Contributor To Nifty & Nifty Bank’s Gains
- 36 Nifty Stocks Close In The Green; ICICI, HDFC, Grasim, Axis, Sun Top Gainers
- IT Under Pressure Ahead Of Quarterly Earnings; HCL Tech Top Loser
- Info Edge Slips Over 4% Ahead Of Zomato’s IPO launch Tomorrow
- Retail Stocks Like AB Fashion & Trent Amongst Top Midcap Gainers
- Tyre Stocks Rise With MRF Gaining Nearly 4% & Apollo Tyres Over 2%
- NMDC Rises On Board Approval For Demerger Of The Steel Business
- Market Breadth Favours Advances with advance-Decline Ratio At 1:1
Closing Bell | The Indian equity benchmark indices ended higher Tuesday led by banking and financial stocks amid positive global cues. The Sensex gained 397.04 points, or 0.76 percent, to 52,769.73, while the Nifty ended 119.75 points, or 0.76 percent, higher at 15,812.35. Broader markets, smallcap and midcap indices supported the rally, ending 1.03 percent and 0.21 percent higher, respectively.
Among sectors, banks, financial services, metals, auto and pharma indices gained, while Nifty IT and Nifty FMCG ended in the red. ICICI Bank, Grasim Industries, HDFC, Axis Bank and SBI Life were the top Nifty50 gainers while Adani Ports & SEZ, Dr Reddy’s Laboratories, HCL Technologies, Tata Consumer Products and Tech Mahindra led the losses.