Bulls drive Sensex higher, Nifty ends F&O expiry session above 16900, 17000 may be on the cards soon

Bulls drive Sensex higher, Nifty ends F&O expiry session above 16900, 17000 may be on the cards soon

Bulls came back out on Dalal Street on the monthly futures & options expiry session and in a show of dominance, pushed the headline indices higher. S&P BSE Sensex rallied 1,041 points or 1.87% to settle at 56,857 while the NSE Nifty 50 zoomed 287 points or 1.73% to end at 16,929. Bajaj Finance and Bajaj Finserv were the top gainers on Sensex both up more than 10% each, followed by Tata Steel and Kotak Mahindra Bank. Bharti Airtel was the top laggard, accompanied by Ultratech Cement, and Dr Reddy’s. Bank Nifty soared 1.62% and Indi VIX was down 6.18% to settle at 17 levels.

Deepak Jasani, Head of Retail Research, HDFC Securities-

Mohit Nigam, Head – PMS, Hem Securities-

“On the technical front, the key resistance levels for Nifty50 are 17100 and on the downside 16800 can act as strong support. Key resistance and support levels for Bank Nifty are 37700 and 36900 respectively.”

Rupak De, Senior Technical Analyst at LKP Securities–

“Nifty has moved above its previous swing high, suggesting a rising bullishness. Besides, a bullish crossover of short-term moving averages is likely to provide tailwind to the index value over the short term. On the higher end, resistance is visible at 17000/17200 whereas on the lower end, support is visible at 16700.”

Om Mehra, Research Associate, Choice Broking –

“Technically, Nifty has formed a runaway gap on the daily chart which suggests an upside rally for an upcoming session. Index is very close to regaining its 200 DMA as well. Volume profile suggests 16700 levels would act as strong support in the coming week. From the OI Data, on the call side the highest OI witnessed at 17200 followed by 17100 levels while on the side of put the highest OI was at 16700 levels. Bank nifty has support at 36600 levels while resistance at 38000 levels. Overall, Index looks strong on chart; buy on dips would be advisable in coming days.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Positive cues from global markets following the Fed policy outcome, as well as domestic large caps’ upbeat earnings, drove the market rally. The Fed’s decision was as expected, while their positive comment dismissing the possibility of a recession and hinting at a slower pace of rate hikes in the coming months boosted global sentiments. As a result, the Indian rupee strengthened, potentially attracting foreign funds into the domestic market. Domestic investors are now bracing for the RBI’s MPC meet next week expecting a rate hike by 25-50 basis points.”