BSE Sensex and Nifty 50 ended in the positive territory on Friday, after RBI MPC kept the repo and reverse repo rates unchanged at 4 per cent and 3.35 per cent, respectively
BSE Sensex and Nifty 50 ended in the positive territory on Friday, after RBI MPC kept the repo and reverse repo rates unchanged at 4 per cent and 3.35 per cent, respectively. BSE Sensex ended 380 points or 0.64 per cent up at 60,059, while the NSE Nifty 50 settled at 17,895, up 105 points or 0.59 per cent. Index heavyweights such as Reliance Industries Ltd (RIL), Infosys, Tata Consultancy Services, L&T, HCL Technologies contributed the most to the indices gain. In the broader market, the S&P BSE Smallcap index outperformed the equity benchmarks. BSE Small cap index soared 241 points or 0.83 per cent to settle at 29,330. S&P BSE MidCap index settled at 25,837, up 38 points or 0.15 per cent. India VIX, the volatility index, cooled off 3.11 per cent to 15.65 level. Analysts say that Nifty may touch 18,200, if it gets past 17950.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index closed a week at 17895 with gains of two percent on a weekly basis and formed a bullish candle on the weekly chart. Index has reached to strong hurdle zone of 17950 where we can see sort of double top formation & if index managed to cross above-said levels decisively then we may see good move towards 18300-18500 zone in near term but if failed then we may see some more consolidation in the overall range of 17300-18000 zone, immediate support is coming near 17820-17730 zone.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investment
The index reached very close to the 17950 level but failed to sustain there. This is the upper end of the current range. The lower end is 17400 and unless we do not get past either ends, we will not see a meaningful rally up or down. If we get past 17950, the next achievable target will be 18200 and if we break 17400, we should slide down to 17200.
Vinod Nair, Head of Research, Geojit Financial Services
Domestic indices traded higher with optimism underpinned by dovish RBI policy and mixed global cues due to US jobs data awaited later in the day. RBI kept rates unchanged and maintained the status quo on an accommodative stance. FY22 GDP growth was maintained at 9.5% while trimming inflation worries by lowering CPI forecast from 5.7% to 5.3%, provided the push to the market. On the sectoral front, the IT sector was in focus ahead of the result releases of sectoral majors while realty and FMCG succumbed to profit booking.
S Ranganathan, Head of Research, LKP Securities
With the RBI continuing with its accommodative policy, Indices remained firmly bullish through the day led by the IT Index as the street awaits TCS earnings and guidance. Reliance led from the front today with the broader markets seeing action across pockets like Exchanges and select Midcap names. State-run banks were sought after today in Afternoon Trade ahead of a Press Conference by the Civil Aviation Ministry.
Sachin Gupta, AVP – Research, Choice Broking
On the technical chart, the nifty has formed like a Doji candlestick and settled higher. On a weekly basis, the index has gained almost 2% from the previous week’s close. A momentum indicator RSI moved above 60 levels while Stochastic has indicated positive crossover on a daily timeframe. At present, the index has immediate support at 17700 while resistance comes at 18000 levels.