Bulls force Sensex, Nifty higher during final hour of trade; Rally may gain pace above 15,900

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Updated: July 07, 2021 4:22 PM

Final hour rally on Dalal Street saw bulls push domestic indices higher on Wednesday.

Stock market today, Nifty todayTata Steel, Bajaj Finserv, and HDFC were the top gainers on Sensex today. (Image: REUTERS)

Final hour rally on Dalal Street saw bulls push domestic indices higher on Wednesday. S&P BSE Sensex ended above 53,000, gaining 193 points or 0.37%, while Nifty 50 closed at 15,879 or 0.39%. Tata Steel, Bajaj Finserv, and HDFC were the top gainers on Sensex. Titan, Maruti Suzuki India, and Reliance Industries were the top laggards. Broader markets closed in the green on Wednesday as midcap and smallcap indices outperformed benchmark gauges. India VIX, the volatility index, closed 0.50% lower at 12.21. Bank Nifty jumped 192 points. Among other sectoral indices, Nifty Auto and Nifty Media ended in red.

Deepak Jasani, Head of Retail Research, HDFC Securities-

“Nifty has closed at the all-time high on July 07. It is just shy of the intraday high of 15915. The current momentum can take the Nifty past the previous high. Sectoral rotation continues while volumes remain subdued. On falls, Nifty could take support at 15818, while on rises, once the previous high of 15915 is sustainably breached, it could rise towards 15970.”

Vinod Nair, Head of Research at Geojit Financial Services

“Amid mixed global cues and ahead of Q1FY22 earnings data, domestic equity indices traded flattish with a positive bias towards the end of the day. Global markets traded mixed ahead of the FOMC minutes as investors preferred safe-haven bonds and dollars. Healthy pre-sale numbers boosted buying interest in realty stocks while metal stocks followed the trend.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed the day on a positive note at 15880 with gains of half a per cent and formed a bullish candle on the daily chart. The index is on the verge of giving breakout from its ascending triangle pattern on the daily chart which will happen above 15920 zone and ascending triangle is continuation pattern by nature which means once we sustain above 15920 we may see good up move in the near term, support for the index is coming near 15830-15780 zone & resistance is coming near 15920-16000 zone.”

 Mohit Nigam, Head, PMS – Hem Securities –

“The stock markets recovered from day’s low and ended on a positive note with Sensex closed + 0.37% and Nifty 50 ended + 0.39%. Markets managed to hold important levels of 15,800 in Nifty 50. PSU Bank stocks showed some buying interest in the market with the Nifty PSU Bank index up by 0.44% percent and Nifty PSE up by 0.43%. Tata Steel, JSW Steel and Bajaj Finserv were among the top gainers in Nifty 50 while Titan Company, ONGC and Maruti Suzuki were among the top losers in Nifty 50 today.”

Manish Shah, Founder, Niftytriggers –

“Breakout from 15900-15950 will lead to a significant rally as it is associated with a pattern breakout. The probability that the markets are likely to see a significant rally has increased manifold. If the break above 15900-15950 does manifest. Expect a swift move to 16200-16300. Tomorrow is a weekly expiry and it is likely that Nifty will not trade below 15700 for the day. On the upside, the possibility of the Nifty moving higher during the month is high. MACD line has flattened out though we are not seeing a hookup. Once hook up does happen brace for a swift move.”

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