Sensex breaches 49,000, Nifty jumps above 14,500; are stock markets heading higher from here?

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Updated: Mar 26, 2021 4:24 PM

Domestic equity markets ended with gains, reversing some of the losses recorded in the previous two trading sessions.

Stock marketAmong the top gainers on Sensex were Bajaj Finserv, Asian Paints and Titan Company limited, all jumping over 4% each. (Image: REUTERS)

Domestic equity markets ended with gains, reversing some of the losses recorded in the previous two trading sessions. S&P BSE Sensex closed 568 points higher at 49,008 while the Nifty 50 ended 201 points higher at 14,518. Among the top gainers on Sensex were Bajaj Finserv, Asian Paints and Titan Company limited, all jumping over 4% each. Powergrid, IndusInd Bank, ITC, and Maruti Suzuki were the only stocks on Sensex that closed with losses. India VIX plunged 10%.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities –

“Today, the market has formed a bullish harami pattern. On Thursday, the market stopped at a large support area and formed a bullish pattern today, which give us an indication that the coming week may be positive for the market. On a weekly basis, the market has completed a corrective pattern and the Nifty could see a level of 14750 or 14900 until it breaks to 14250.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

The markets were unable to get past higher resistance hurdles of 14,700-14,800. Hence not much progress was made post the opening. However, what needs to be seen in the coming week is that we do not retest the lows of this week as that could cripple the index. Should that happen, we will slip further to test 14,000.” 

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed a week at 14520 with loss of one and a half percent and formed bearish candle for a second consecutive week. The index has stiff resistance near 14600 zone any decisive move above 14600 zone can active good traction and then we may see quick move-in index towards 14800-15000 zone in the near term, good support is coming near 14300 zone if index saved mentioned levels then we may see sort of consolidation move in the range of 14300-15000 zone.”

Vinod Nair, Head of Research at Geojit Financial Services

“Equity market has been consolidating under fear of losing its traction of economic growth recovery. Positive US job data and climb in fourth-quarter US GDP to 4.3% helped to reduce the gravity of the contraction. On the domestic front, high-frequency data suggests good economic activity in Q4FY21 and results will be announced from April. The second wave of Covid and high valuation will maintain volatility in the near term.”

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