Bulls back on D-Street- Sensex ends 4-day losing streak, Nifty needs to cross 16661 to continue up-move

Bulls back on D-Street? Sensex ends 4-day losing streak, Nifty needs to cross 16661 to continue up-move

Sensex and Nifty snapped their 4-day losing streak on Thursday as bulls pushed benchmark indices higher. S&P BSE Sensex rose 427 points or 0.78% at 55,320 while the NSE Nifty 50 index gained 121 points or 0.74% to settle at 16,478. On Sensex, Reliance Industries was the top gainer, up 2.6%, followed by Dr Reddy’s, Bajaj Auto, and Bharti Airtel. Tata Steel fell 3.84% to end as the worst-performing Sensex stock, accompanied by Ultratech Cement, and NTPC. Bank Nifty was up 0.40% while India VIX ended 3.53% lower at 19.14 levels. Broader markets gained. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

Ajit Mishra, VP – Research, Religare Broking –

“Markets have been witnessing volatile swings in a broader range and most sectors are trading in tandem with the trend. We reiterate our cautious stance and recommend focusing more on sector/stock selection. Among sectors, auto and oil & gas look strong to us while metals may continue to trade subdued so plan your positions accordingly.”

Rupak De, Senior Technical Analyst at LKP Securities–

“Nifty has formed a bullish engulfing pattern at the end of a volatile trading session. Besides, the Nifty has moved back above 16400, which suggests bullishness. The daily RSI is in bullish crossover and rising. Over the near term, the trend may remain positive as long as it remains above 16400. On the higher end, resistance is visible at 16600/16800. Bank Nifty has formed a piercing line pattern at the end of a volatile trading session. Besides, the Bank Nifty has moved back above 35000 suggesting bullishness.”

Mohit Nigam, Head – PMS, Hem Securities –

“Indian benchmark indices snapped four day losing streak and closed in green in highly volatile session. On the technical front, the key resistance levels for Nifty50 are 16500 and on the downside 16200 can act as strong support. Key resistance and support levels for Bank Nifty are 35500 and 34700 respectively.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The market continued to be dominated by a volatile global market with investors weighing the impact of the upcoming global central bank meetings. However, the domestic market reversed its losses during the closing hours due to positive movements in the US futures. FIIs are cautious ahead of the Fed policy even though the market may have factored-in an interest rate hike of 50bps, due to risk of hawkish measures.”