S&P BSE Sensex rose 1.047 points or 1.84% to settle at 57,863 while the NSE Nifty 50 index zoomed by 311 points or 1.84% to close at 17,287.
Domestic stock markets continued to be dominated by bulls, the weekly expiration session for Futures & Options. S&P BSE Sensex rose 1.047 points or 1.84% to settle at 57,863 while the NSE Nifty 50 index zoomed by 311 points or 1.84% to close at 17,287. Housing Development Finance Corporation was the biggest gainer on Sensex, up 5.5%, followed by Tita, Reliance Industries and Kotak Mahindra Bank. Only Infosys and HCL Technologies closed at a loss. Wider markets reflected the upward movement. Bank Nifty was up 1.9% at the end of the day to 36,428, while India VIX closed 6.26% lower at 22.61 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Previously, the area of 16800-17000 level has been a strong support for the market in the past and its recent downward breakout has resulted in a 1000 point drop in a short period of time. Therefore, the current decisive upward breakout from this area could indicate a continuation of the sharp upward momentum for the near term. The potential upside targets will be looked at around the 17800-18000 levels in the coming weeks. Immediate support is placed at 17050 levels.”
Rupak De, Senior Technical Analyst at LKP Securities –
“The benchmark index has moved into the positive zone on the back of a breakaway gap candle on the daily chart, indicating a trend change. Going forward, the trend is likely to remain positive for the short to medium term as long as 17,000 is maintained on a closing basis. On the upside, immediate resistance is visible at 17330. A decisive move above 17330 could trigger a stronger rally in the market.”
Ajit Mishra, VP – Research, Religare Broking –
“On the index front, a durability of over 17,350 would pave the way for the 17,500-17,700 zone. In the event of a decline, the zone 16,800-17,000 would serve as a buffer. Participants should focus on sectors/stocks that show resilience and tailor positions accordingly.”
Narendra Solanki, Head Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers –
“Indian markets opened positively and followed optimistic signals in the Asian market as investors reacted to the Fed’s hike. During the afternoon session, markets traded briskly as frontline counters buy back. Also, long-term buyers FPIs and softness in crude oil supported the markets. In addition to the optimism, traders welcomed the statement from the Minister of Trade and Industry that bilateral trade in goods is expected to increase from the current $60 billion to $100 billion a year within five years of the implementation of the free trade agreement between India and the United States. UAE.
S Ranganathan, Head of Research on LKP Effects –
Positive global signals following the Fed rate hike, easing oil prices and progress in the Russia-Ukraine talks boosted Bulls confidence as benchmark indices rose more than 2% in Afternoon Trade. With the volatility index cooling significantly today, broader markets have also shown optimism as several companies of the Tata Group posted 52-week highs today, recalling one of Philip Fisher’s famous words: it’s often easier to say what will happen to the price of a stock than how much time will pass before it happens.”
This post Sensex extends uptrend, Nifty can continue up-move if it is above 17000-17050 . stays was original published at “https://www.financialexpress.com/market/sensex-extends-uptrend-nifty-may-continue-up-move-if-its-holds-above-17000-17050/2464104/”