F&O expiry: Sensex eyes 60,000 target, Nifty at fresh record closing; Is 18,000 on cards for Nifty?

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September 23, 2021 4:00 PM

On the day of weekly F&O expiry, BSE Sensex and Nifty 50 ended over 1.5% higher, led by buying in index heavyweights such as Reliance Industries Ltd (RIL), and HDFC twins

Sensex, Nifty, stock market, SBI cards, HUL, hero motocorpThe domestic firm sees up to 20 per cent rally in these stocks on the back of festive season demand. Image: Reuters

On the day of weekly F&O expiry, BSE Sensex and Nifty 50 ended over 1.5% higher, led by buying in index heavyweights such as Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), and HDFC Bank. BSE Sensex rallied 958 points or 1.63% to end at the highest ever level 59,885, while NSE’s Nifty 50 zoomed 276 points or 1,57% to settle at 17,823. During intraday, the 30-share Sensex hit a record high of 59,957, and Nifty rose to a fresh lifetime high of 17,843.90. Broader markets also participated in the rally today. BSE Midcap index surged 1.3% or 323 points to end at 25,490, while the Smallcap index gained nearly one per cent or 253 points to finish the trade at 28,109. Technical analysts say that the Nifty 50 index closed well above the resistance of 17600 and should now be headed to 17900-17950.

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

The index closed well above the resistance of 17600 and should now be headed to 17900-17950. Any dip or intra day correction should be utilized to accumulate long positions. 17500 has become a new support for the Nifty and as long as that holds, the overall trend remains bullish.

Devang Mehta, Head – Equity Advisory, Centrum Broking

The market took the US Fed statement of starting tapering as soon as November in its stride. Encouraging news on Evergrande crisis also helped to clear some uncertainty on the global front. Indian markets have been on a roll and the rally today was symbolic of the prevailing strong sentiment locally on the back of reduction in covid cases and the strong vaccination numbers. With improvement in economic activity and the optimism around the capex cycle revival, the earnings trajectory for India Inc will naturally get a big boost. Most of the companies which are market leaders in their respective domains have seen operating efficiencies and productivity improve and also been able to reduce debt with prominent gain in market share as well.

Vinod Nair, Head of Research, Geojit Financial Services

Amidst a strong start, bulls showed no signs of weakness to soar higher boosted by strong global cues and broad-based buying led by realty, metal and banking stocks. Global markets tempered optimism despite a slightly hawkish tilt by the Fed Reserve intimating that the US Central Bank will begin reducing its asset purchases in November and conclude the tapering process around mid-2022. However, investors continue to remain on the edge awaiting clarity on the Chinese economy. The domestic reality sector continued its rally sparked by demand revival in the property space.

Rohit Singre, Senior Technical Analyst, LKP Securities

Index witnessed a decisive breakout and closed a day at 17823 with good gains of one and a half per cent forming a bullish candle on the daily chart. The index has witnessed a range breakout which hints if current levels are held then we may witness next quick move towards 18k mark, immediate supports for nifty is shifted to 17770-17700 zone any dip near mentioned supports zone will be again buying opportunity with keeping immediate stop out level below 17700 zone and if said levels are held we may see the index to march towards 17900-18000 zone which is immediate hurdle zone on the higher side.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty made a new all-time high of 17843.9 today. It closed at 17826 up by 280 points from yesterday’s close. Nifty is now trading in uncharted territory that is extremely bullish. It may face some minor resistance 17860-17900 range. It has strong support in 17580-17620 range. Traders can consider buying on dips with strict stop loss.

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