Sensex, Nifty propelled higher once again on Wednesday as bulls dominated D-Street movement. Sensex zoomed 695 points or 1.18% on Wednesday to close at 59,558 while the NSE Nifty 50 added 203 points or 1.16% to settle at 17,780. Bajaj Finserv was the top Sensex gainer, up 4.96% followed by IndusInd Bank, HCL Technologies, and Bajaj Finance. Tech Mahindra was the top laggard on Sensex, down 1.4%, accompanied by Nestle India, Ultratech Cement, and Larsen & Toubro. Bank Nifty added 825 points to end the day above 39,300, broader markets mirrored the up-move. India VIX was up 6.64%.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities –
“The short-term trend of Nifty continues to be positive and there are no signs of any tiredness at the higher levels. The next upside to be watched is around the 18000 mark, before showing any weakness from the highs. Immediate support is placed at 17650 levels.”
Rupak De, Senior Technical Analyst at LKP Securities –
“Indian equity remained strong during the last trading session as Nifty moved to its 61.8% retracement level of the previous fall. Going forward, Nifty needs to sustain above 17775-17800 to witness further rally toward 18000 and higher over the short term. On the lower end support seen at 17700, below which the index may consolidate over the near term.”
Mohit Nigam, Head – PMS, Hem Securities –
“On the technical front, the key resistance levels for Nifty 50 are 18000 and on the downside 17500 can act as strong support. Key resistance and support levels for Bank Nifty are 39700 and 38750 respectively.”
Sachin Gupta, AVP, Research, Choice Broking –
“Technically, the nifty index has been rising consecutively from the last three trading sessions and in the recent candle, it has managed to close above 61.8% Retracement Levels of its prior moves, which suggest a bullish presence in the index. At present, the Index has support at 17600 levels while resistance comes at 18000 levels, crossing above the same can show 18300-18500 levels. On the other hand, Bank nifty has support at 38700 levels while resistance at 40000 levels.”
Ruchit Jain, Lead Research, 5paisa –
“The indices kept the momentum intact after the budget day as the sentiment remained positive and the global markets too continued the up move. Technically, Nifty has retraced 61.8 percent of the recent corrective phase which is placed at 17700-17800. Although this is a resistance zone, the index maintained its positive structure for the most part of the day around this zone which is a positive sign and hence, we could see a continuation of the up move. If the markets sustain above 17800, then the index could approach 18000-18050 zone in the near term. The immediate support for Nifty is now placed in the range of 17675-17600.”