Sensex rises for second-day straight, Nifty closes above 16100, index may head towards 16200 soon

Sensex rises for second-day straight, Nifty closes above 16100, index may head towards 16200 soon

For the second day straight bulls pushed domestic headline indices higher. S&P BSE Sensex zoomed 427 points or 0.80% to close at 54,178 while the NSE Nifty 50 index settled at 16,132, adding 143 points or 0.89%. Among stocks, Titan was the top gainer, ending 5.88% higher, followed by Tata Steel, L&T, and IndusInd Bank. Dr Reddy’s was the top laggard, falling 1.3%, accompanied by Nestle India, and Bharti Airtel. On the weekly futures & options expiry session, Bank Nifty soared 1.74% higher while India VIX fell 5.28% to give up 20 levels. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

Palak Kothari, Senior Technical Analyst, Choice Broking –

“On the Technical Front, The Nifty has given the breakout of the upper band of rising wedge formation which suggests strength for next day. Furthermore, the Index has formed a bullish candle on a daily time frame which suggests an upside rally. Nifty has given closing above 21-DMA which points out strength for next trading session. The Nifty may find support around 16000 levels while on the upside 16200 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank nifty has support at 34000 levels while resistance at 35500 levels. Overall, Index can show upside momentum with the support of 16000 level, crossing above 16200 can show more upside rally.”

Mohit Nigam, Head – PMS, Hem Securities –

“Immediate support and resistance for Nifty are 16,000 and 16,250 respectively. Immediate support and resistance for Bank Nifty are 34,400 and 35,500 respectively.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Domestic bourses mirrored an upbeat mood in global equity markets as investors digested the latest FOMC minutes while falling crude and commodity prices lifted investor sentiments. This upside momentum could dominate the markets in the near term, underpinned by hopes of reducing inflation. The RBI’s latest slew of measures to boost foreign exchange inflows is expected to aid the tumbling rupee.”

S Ranganathan, Head of Research at LKP securities –

“The penultimate day ahead of the earnings season witnessed buoyancy as Bulls pressed the accelerator with the south-west monsoon lashing the financial capital. Financials led the rally with the market breadth showing a marked improvement as several stocks in the Small & Midcap space saw keen investor interest. Cooling Oil prices coupled with the progress made by the Monsoon has now set the stage for the first quarter earnings beginning tomorrow.”