Sensex closes with gains, resumes uptrend, Nifty resistance placed in 17900-18000 range

S&P BSE Sensex added 142 points or 0.24% to close at 59,744 while the NSE Nifty 50 index closed 66 points or 0.38% higher at 17,812.

Bank Nifty was up 0.67% on the closing bell while broader markets ended the day largely in the green, barring the smallcap 50. (Image: REUTERS)

Domestic benchmark indices closed in green on Friday after bulls forced Sensex and Nifty higher in the dying hour of trade. S&P BSE Sensex added 142 points or 0.24% to close at 59,744 while the NSE Nifty 50 index closed 66 points or 0.38% higher at 17,812. Asian Paints was the top Sensex gainer, up 1.8%, followed by TCS, Nestle India, and Ultratech Cement. Bajaj Finserv was the top drag, falling 1.4%, accompanied by Mahindra & Mahindra, Larsen & Toubro, and Bajaj Finance. Bank Nifty was up 0.67% on the closing bell while broader markets ended the day largely in the green, barring the smallcap 50. India VIX fell 2.11% to settle at 17.6 levels. 

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities  –

“The underlying short term trend of Nifty remains positive with high volatility. The uptrend strength remains intact and we are unlikely to see any sharp trended decline from here. Any weakness from here could be a buying opportunity around the crucial support of 17600 levels and we expect further upside from the lower levels. Immediate resistance is placed at 17900.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the index has been trading with higher high & higher low formation on a weekly chart as well as formed open marubozu candlestick which suggests an upside rally in the counter. Moreover, the index has been trading above 21&50-HMA which suggests strength in the counter. However, A momentum indicator MACD trading with a positive crossover on the daily time-frame. At present, the Index has support at 17500 levels while resistance comes at 18000 levels, crossing above the same can show 18200-18300 levels. On the other hand, Bank nifty has support at 36800 levels while resistance at 38300 levels.”

Mohit Nigam, Head – PMS, Hem Securities –

“On the global front, Asian markets were trading mixed after more declines in big technology stocks pulled major indexes lower on Wall Street. European markets were trading lower as investors bet Friday’s U.S. jobs data would do little to change the Federal Reserve’s path toward faster-than-expected tightening. On the technical front, Nifty’s immediate support and resistance can be 17,500 and 18,000 respectively. While for Bank Nifty 37000 and 38200 may act as immediate support and resistance.”

Vinod Nair, Head of Research at Geojit Financial Services
“Domestic indices erased early gains following weak cues from global peers as markets globally await the eurozone inflation rate and US payroll data due later today. Strong appetite for healthcare and consumer durable stocks aided the markets in closing flat with a positive bias. Although rising omicron cases and hawkish stance by the US Fed is keeping the market volatile, hopes of favourable earnings season and FIIs switching to net buyers is pumping in optimism into the market.”

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