Bulls continue to dominate, Sensex regains 59800, Nifty could be heading to 18000-18200 soon

S&P BSE Sensex zoomed 672 points or 1.14% to close at 59,855 while NSE Nifty 50 index jumped 179 points or 1.02% to end at 17,805.

Broader markets closed with gains but underperformed the benchmark while India VIX ended 2% lower. (Image: REUTERS)

Bulls remained in control for the second consecutive trading session of 2022 on Tuesday. S&P BSE Sensex zoomed 672 points or 1.14% to close at 59,855 while NSE Nifty 50 index jumped 179 points or 1.02% to end at 17,805. Bank Nifty was up 1.15% on the closing bell, settling at 36,840. NTPC was the top Sensex gainer, up 5.56%, followed by State Bank of India, Power Grid, Titan, and Reliance Industries. Sun Pharma was the worst-performing Sensex constituent, sinking 1.09%, accompanied by Ultratech Cement, IndusInd Bank, and Dr. Reddy’s. Broader markets closed with gains but underperformed the benchmark while India VIX ended 2% lower.

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities –

“The short-term trend of Nifty is sharply up and this upside momentum is likely to continue for the short term. The next upside target to be watched at 18200 levels and this could be achieved in the next one week. Immediate support is placed at 17650 levels.”

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“We have achieved the 17800-17850 target for the index! There might be some level of resistance between 17800-17950, but eventually, the market might want to scale higher to 18050-18100. Any dip or intraday correction can be utilized to add long positions on the Nifty.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the nifty index has managed to sustain above the prior swing high of 17639.50 levels, which indicates a bullish presence for the coming day. Moreover, the nifty index has also moved above Upper Bollinger Band formation and 50-Days Simple Moving Averages that suggests a bullish trend. A MACD is showing good strength with positive crossover and RSI reading is above 60 marks. At present, the Index has support at 17600 levels while resistance at 18000 levels. On the other hand, Bank nifty has support at 36300 levels while resistance at 37500 levels.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Strong move has been witnessed in nifty as it managed to close a day at 17806 with gains of more than one percent and formed a bullish candle for the third consecutive session. now on an .immediate basis index has formed a base near 17700-17600 zone holding above said support zone we may see some more extension in current pullback towards 18k mark, on the higher side immediate hurdle is coming near 17900-18000 mark also overall structure looks buy on dip.”

Vinod Nair, Head of Research at Geojit Financial Services

“Tracking strong momentum of global peers, domestic bourses witnessed a smooth sail, steered by index heavyweights and gains in financials & consumer durables. Despite surging covid cases, investor sentiments remain positive globally as reports suggest lower impact of the new variant on economic recovery. However, India’s unemployment rate rose to 7.9% in December as compared to 7% in November owing to muted economic activity in rural and urban India amid rise in Omicron cases.”

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