Bulls help Sensex, Nifty scale fresh all-time highs again; here’s what experts make of today’s trade
(Image: REUTERS)
Bulls continued to pull domestic equity markets higher on Tuesday, setting fresh record highs. S&P BSE Sensex scaled a new all-time high of 57,625 during the day while Nifty 50 hit a record high of 17,153. However, both Sensex and Nifty slipped marginally from their highs to end at 57,552 and 17,132 — up 1.19% each. Bharti Airtel, Bajaj Finance, Bajaj Finserv, Asian Paints, TCS, Titan Company, Tech Mahindra and UltraTech Cement were among the top index gainers. On the contrary, Nestle India, IndusInd Bank, Reliance Industries Ltd (RIL) and Power Grid Corporation of India were top index laggards. Bank Nifty index gained 0.21 per cent to end at 36,424, while the Nifty Metal index added 1.54 per cent. Except for Nifty Media, all the sectoral indices were settled in the green.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Nifty gained for the third consecutive day on Aug 31 and closed above 17000 for the first time ever. Nifty sliced through 17000 without much effort. A flat advance decline ratio on such a day denotes traders flocking to largecaps and taking profits out of mid and smallcaps. Nifty could now face resistance at 17250 while 16951 could provide support.”
Ajit Mishra, VP – Research, Religare Broking-
“It’s been a phenomenal move in Nifty as it inched from 16,000 to 17,000 in August month, after spending nearly two months in consolidation. Going ahead, participants will first react to GDP data in early trade on Wednesday i.e. September 1. Besides, the auto sales will also start pouring in. We reiterate our bullish view on markets, with a focus on stock selection. The catch-up move in banking would now be the next deciding factor for the prevailing momentum to continue.”
S Ranganathan, Head of Research at LKP securities –
“Bulls went on a rampage to notch up the fastest 1000 point rise in the Nifty this month to cross 17k with ease. FMCG & IT biggies together with the Wireless & Bajaj Twins made it look effortless ahead of the Q1 GDP numbers today. Metal stocks too lent good support as Indices soared over a percentage in late afternoon trade today as the street awaits the 4W Auto numbers tomorrow with optimism.”
Palak Kothari, Research Associate, Choice Broking –
“On the daily chart, the nifty50 index has breached the psychological level of 17000 with the increase in volume and showed a straight upside rally which points out strength in the counter. Moreover, the index has given breakout of the rising trendline as well as its trading above the upper band of the Bollinger formation, which suggests a bullish presence in the counter. The index has been trading above all the important key indicators, which adds positive strength further. At present, the nifty index has immediate support shifted to 17000 levels while resistance may come around 17200 levels.”
Binod Modi, Head Strategy at Reliance Securities –
“Domestic equities extended gains with Nifty surpassing 17,000 levels within a month. Sustained buying momentum across all sectors and favourable global cues aided markets. Notably, all key sectoral indices traded in green with metals, financials (excluding banks) and pharma witnessing stronger recovery. Bharti Airtel was in focus again as clarity over fund raising and indication of tariff hike led stock to gain over 7% today. However, midcap, and small cap stocks underperformed today and profit booking in number of midcap stocks was visible. Volatility index too surged over 7% today. Bharti Airtel, Hindalco, Eicher Motors and Bajaj Finance were among top Nifty gainers, while Tata Motors, Nestle, IndusInd Bank and Reliance Industries were laggards.”
Gaurav Udani, CEO & Founder, ThincRedBlu Securities-
“Nifty made another lifetime high today. It has been showing strength since the last four trading sessions. It closed today at 17130, up by 200 points. Today’s increase in nifty was with good volumes , which indicates the strength may continue. We may see 17200 and 17220 in the next few trading sessions. 16950 to 16900 will act as support for nifty. Any correction in Nifty can be used as a buying opportunity with strict stop loss.”
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Text source: Currency Times
