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Sensex, Nifty end in green for second day straight; here’s what experts make of today’s trade

Broader markets closed mixed with some midcap and smallcap indices closing in the red. India VIX was down 1.09%.
(Image: REUTERS)

Domestic benchmark indices ended the last trading session of the week in the positive territory. S&P BSE Sensex closed just at 52,976, gaining 0.26% or 138 points, while the Nifty 50 index was at 15,856, adding 32 points of 0.20%. ICICI Bank was the top Sensex gainer, surging 3.18%, followed by ITC, State Bank of India, HCL Technologies, and Axis Bank. Meanwhile, the laggards on the index were Larsen & Toubro, Hindustan Unilever, Reliance Industries, and NTPC. The banking index, Bank Nifty closed above 35,000, gaining 1.03%. Broader markets closed mixed with some midcap and smallcap indices closing in the red. India VIX was down 1.09%. Friday saw the stock market debut of Zomato. The new-age technology company soared 65% from IPO price.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“Nifty on the weekly chart formed a reasonable positive candle in a range move with long lower shadow. We observe a long lower shadow in the last two weekly candles. This signal buy on dips opportunity in the market. The short term uptrend of Nifty remains intact. There is a possibility of further consolidation or minor downward correction from the highs in early next week. A sustainable move above 15900 could open next upside towards 16100 levels in the short term. Any weakness could find support at 15750 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic indices continued to advance ahead tracking rising global risk appetite and higher domestic inflows from local investors. Earnings season continued to pump in optimism in India & global markets while the Fed is set to deliberate their easy-money policy in the meeting ahead. Attractive IPOs, Banking and realty stocks attracted domestic buyers while mid and small-cap traded mixed.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed a day on a positive note for a second consecutive day at 15856 with mild gains and formed a doji candle on daily chart which hints indecision in the markets. Going forwards overall range is coming in between 15600-16000 mark & either side breakouts will decide the final direction of the markets, immediate support is coming near 15800-15700 zone holding above said levels one can expect a breakout above 16000 mark which is immediate & strong hurdle on the higher side also any dip near mentioned supports will be again buying opportunity.”

Manish Shah, Founder, Niftytriggers –

“Nifty remains in a range between 15600 on the lower side to 15950 on the higher side. The volatility contraction is taking longer than normal. With international markets supporting the move we could see  Nifty showing some positive moves on a break above 15950. Nifty has tested the resistance At 15950-15900 thrice. The general rule is that price should see a breach the fourth time. On the daily Nifty has taken a pause at gap resistance at 15880-15840. A close above 15880 will be the first sign that the gap area is closed and the markets could move higher. Next week is the last week of July expiry. Traders could consider betting that Nifty would trade beyond 16200-16300 going into the August expiry.”

Gaurav Udani, CEO & Founder, ThincRedBlu securities –

“Nifty closed around 15850, up by about 25 points since yesterday’s close. It made a doji candle on the daily chart. The volume for the day was lower than yesterday which means that the bulls are losing conviction.  15880 acted as a strong resistance and Nifty failed to close above it. New longs are suggested only if Nifty closes above 16000 levels. Readers are suggested to keep booking profits and re-enter if Nifty closes above 16000.”

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