Nifty, Sensex end higher for 3rd straight day amid high volatility; ‘Use dips to add value stocks’
时间:2024-09-29 02:33:12 阅读(143)
After trading flat for most of the day, Indian benchmark indices ended on a positive note for 3rd straight session on Tuesday. The BSE Sensex gained 246 points and ended at 54,767 points, while the NSE Nifty 50 crossed the 16,300 mark and settled at 16,340, gaining 62 points. Bank and realty stocks led the rally; while pharma and media were the laggards in the market. Sectorally, all indices except oil & gas and pharma ended in the green with realty and PSU Bank gaining over 2 per cent each. Volatility is likely to persist in coming sessions ahead of FOMC meeting next week. Overall, stock specific movement is observed, investors can add value stocks on dips for long term, according to analysts.Vinod Nair, Head of Research at Geojit Financial Services
“Domestic indices witnessed bouts of volatility amid weakness in global markets, IT and Pharma sectors. But it was well countered by recovery in banking, auto and metal stocks. Developed markets traded negatively due to slow hiring plans announced by blue chips MNC like Apple Inc. in anticipation of global economic slowdown. However, due to the Indian economy’s strong fundamentals, we believe that the immediate impact of the slowdown in the domestic economy will be milder than of global peers.”
Ajit Mishra, VP – Research, Religare Broking“Markets extended gains and rose nearly half a percent amid mixed cues. Initially, weak global cues were weighing on the sentiment however surge in select index majors especially from the banking space gradually pushed the index higher. Markets are taking comfort from global indices and buoyancy in the banking pack, which holds considerable weight, further adding to the positivity. The recent bounce in laggards like IT and metal has further eased the pressure. We maintain our positive yet cautious stance and prefer sectors like auto, FMCG and banking for long opportunities.”
Palak Kothari, Senior Technical Analyst, Choice Broking“On the technical front, the nifty has been trading with higher highs & higher low formation from the last three trading sessions which suggest strength in the counter. Nifty has formed a bullish Marubozu candle which suggests a northward journey in the counter. Index has been facing resistance from upper band of rising wedge formation as well as 100 DEMA crossing above 16440 level can show more upside rally. The momentum indicators Stochastic is trading with a positive crossover on daily time frames which suggest strength in the counter. The Nifty may find support around 16150-16100 levels while on the upside 16440 may act as an immediate hurdle. On the other hand, Bank nifty has support at 34900 levels while resistance at 36000 levels.”
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