Sensex, Nifty continue trading with positive momentum; here’s what experts make of today’s trade
(Image: REUTERS)
Dalal Street’s bull continued on Monday morning as Sensex and Nifty opened at fresh all-time highs. However, the headline indices failed to sustain at the highs but managed to close with gains. S&P BSE Sensex closed the day at 58,296, gaining 0.29% while NSE Nifty 50 ended the day at 17,377 or up by 0.31%. HCL Technologies jumped 2.67% today, followed by Infosys, and Reliance Industries as the top gainers. IndusInd Bank was down 1.13% as the top laggard, followed by Kotak Mahindra Bank, ITC, and HDFC Bank. Bank Nifty closed with losses, falling 0.50%. India VIX zoomed 3.92%. Nifty Midcap 50 and Nifty Smallcap 50 were up in the green. Nifty Next 50 ended in red.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities –
“The market continued its positive momentum and mirrored the upmove in other global markets. The Nifty is still maintaining a higher bottom formation which is broadly positive. However, the markets being in an overbought situation could trigger a quick intraday correction if it trades below 17330 support level. As long as the index is trading above 17330 the uptrend texture is likely to continue up to 17450-17500 levels. On the flip side, if Nifty trades below 17330, it could trigger an intraday correction up to 17250-17210 levels.”
Rohit Singre, Senior Technical Analyst at LKP Securities –
“Index opened a day with a good gap but showed a range-bound session and closed a day at 17378 with gains of half a per cent. Index again shifted its support to 17300-17200 zone any dip around mentioned level will be fresh buying opportunity and if managed to hold above-said levels we may see the extension in the current up move towards 17500 zone where traders can lock their gains as 17500 will act as strong hurdle also if sustain above 17500 zone then fresh doors will open for 18k mark.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Positive global markets and strong support from IT and realty stocks, aided domestic markets to trade modestly higher. Hopes of continued economic support by the Fed Reserve due to weak US job data and talks of more stimulus in Japan and China boosted global markets. Economic normalisation attracted buyers in realty stocks while safe haven IT stocks continued to lead the upbeat market.”
Mohit Nigam, Head – PMS, Hem Securities –
“Nifty IT and Media indices gained more than 1.3% while Nifty Bank closed in red today. Nifty Realty stocks continued to move towards record high, a broad-based buying was recorded in the sectoral index as all scrips were on a green note with Prestige Estate surging 16%. IOC and ONGC were among the top losers in Nifty 50 today. On the technical front, the market is witnessing a continuous positive trend and it has sustained well above 17,300-350 levels and we believe this up move will extend till 17500 level in the short term. On the down side 17,100 is the immediate support in Nifty 50 followed by 16,900.”
Gaurav Udani, CEO & Founder, ThincRedBlu Securities –
“Nifty traded in a small range of 50 points today. The view in Nifty remains bullish with levels of 17450 and 17500 in the next few trading sessions. Nifty closed at 17379 up by 55 points. Nifty has support in the 17280 and 17250 range. Traders can use buy-on correction with strict stop loss in the current markets.”
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Text source: Currency Times
