Sensex, Nifty, midcap index end at record closing highs; here’s what experts make of today’s trade

The Indian market continued to add investor wealth as the broad market traded to record highs. Image: Reuters

BSE Sensex and Nifty 50 posted a fresh record closing high n Wednesday, following days of consolidation. BSE Sensex surged 476 points to end at 58,723, while the Nifty 50 index shut shop at 17,519.45, rising 139.45 points or 0.80 per cent. Index heavyweights such as Infosys, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, SBI contributed the most to the indices gain. During intraday, Sensex hit a record high of 58,777.06, while Nifty surged to a historic high of 17,532.70. Broader markets performed in line with equity benchmarks. BSE Midcap gained 0.65 per cent or 162 points to settle at 25,216. While BSE SmallCap index surged 0.86 per cent or 241.62 points to finish trade at 28,284.07. India VIX, the volatility index, gained 1.14 per cent to end at 13.73 levels.

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

Bulls were back in action and both benchmark indices closed at fresh record highs on renewed buying support, which was missing in the last few sessions. After a firm opening, benchmark Nifty cleared the important resistance of 17450. The intraday index rally was largely aided by strong investor participation in the Telecom and Oil & Gas stocks. Technically, post the 17450 range breakout, the index succeeded to close above 17500, which indicates strong possibility of a continuation uptrend wave up to 17575. Above the same, the index could rally up to 17625, whereas trading below 17450 may trigger a quick intraday correction up to 17400-17350 levels.

Sahaj Agrawal, Head of Research- Derivatives, Kotak Securities

Nifty continues to trade with a positive bias for the short as well and medium term. We expect the index to conquer 18000 and above in the medium term. Last matured support for the index is seen at 17080 above which we remain positive. Options concentration is seen at 17000 put and 17500 call – this is indicative of some resistance at 17500-17600 levels. Value is seen in Auto and Mid-cap Banking stocks; expect outperformance in the midcap space to continue.

Rohit Singre, Senior Technical Analyst, LKP Securities

Index managed to close a day on fresh highs at 17518 with gains of nearly one percent and formed a bullish candle on the daily chart. It seems the index has given a bullish flag breakout on the daily chart which is considered to be a bullish continuation pattern by nature so one can expect more upside if 17400-17300 levels are held which are immediate & good support zone on the downside, on the higher side immediate hurdle is at 15600-15700 zone also any dip near mentioned support zone can be again fresh buying opportunity.

Vinod Nair, Head of Research, Geojit Financial Services

The Indian market continued to add investor wealth as the broad market traded to record highs. Auto and telecom were the key sectors in anticipation of reforms to be announced by the government in the cabinet meeting. Cabinet cleared Rs.26,000cr PLI scheme for the auto sector in order to boost production of electric vehicles and hydrogen fuel vehicles. Reports of approval of a relief package for the telecom sector including a likely moratorium of AGR payment will provide relief to the debt-laden sector. On the global front, the much-awaited US inflation data indicated a slower than expected rise in prices, which is positive for the global market because of the likely fall in tapering risk

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