Sensex ends in green for second day straight, Nifty resistance now placed in 17150-17200 range

S&P BSE Sensex added 611 points or 1.09% to close at 56,930 points while NSE Nifty 50 index rose 184 points or 16,955.

Nifty, Bank Nifty
The Bank Nifty index closed 1.22% higher, breaching the 35,000 mark. (Image: REUTERS)

Domestic markets continued to move higher on Wednesday, extending their gaining streak to the second day straight. S&P BSE Sensex added 611 points or 1.09% to close at 56,930 points while NSE Nifty 50 index rose 184 points or 16,955. Bajaj Finance was the top gainer, up 2.94%, followed by Bharti Airtel, Sun Pharma, and Reliance Industries. Down in the red was ITC as the top laggard, falling 0.24%, accompanied by Nestle India and HDFC. The Bank Nifty index closed 1.22% higher, breaching the 35,000 mark. Broader markets outperformed benchmark indices while India VIX closed 5.47% lower.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty rose but has halted near the downgap resistance of 16966. In case this resistance is not crossed on December 23, then we could see Nifty correcting the latest rise before rising higher. Once this resistance is crossed, 17192 could be the next resistance while 16771-16840 could be the support band in the near term.”

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

“The markets have closed on a strong footing; however caution needs to be exercised on the upside. 17150-17200 is a resistance zone for the Nifty and until we do not close above that level, the bias is on the downside.”

Sachin Gupta, AVP, Research, Choice Broking –

“On the technical chart, the nifty has settled above the prior day Doji Candlestick, which suggests a decisive movement in the index. Moreover, the price has also moved above the 9 & 21 hour SMA on the hourly chart & also confirmed a breakout of Bullish Harami candlestick on a four hourly chart. In addition, the stochastic has witnessed a positive crossover on the daily time frame. At present, the Index has support at 16750 levels while immediate hurdle at around 17000 levels, crossing above the same can show 17200-17300 levels, which may act as resistance zone. On the other hand, Bank nifty has support at 34600 levels while resistance at 35500 levels.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index opened a day with gap and managed to hold its bullish stream throughout the day & closed a day at 16955 with gains of more than one per cent forming a bullish candle after Doji formation in the previous session which shows positivity. Index managed to close a day above strong hurdle zone of 16900 now it will act as strong support zone followed by 16800 zone and trading above said levels one can expect a positive moment incoming session so one can use buy on dip strategy near mentioned supports, the immediate hurdle is coming near 17000-17100 zone”

Mohit Nigam, Head – PMS, Hem Securities

“Overall markets seem to be once again in positive momentum but we advise investors to remain in a cautious mode and accumulate quality stocks in dips with good growth visibility. On the technical front, 16500 and 17200 are immediate support and resistance for Nifty 50. For Nifty Bank, 34600 and 35500 might act as immediate support and resistance respectively.”

S Hariharan, Head- Sales Trading, Emkay Global Financial Services

“Low market volumes in the last few sessions have contributed to exaggerated market volatility. Despite a sharp correction in the last week, Retail net long open interest in stock futures has come off by only 2%, pointing to continued confidence in staying invested. Consumer-facing sectors like Banking & FMCG have broken critical moving averages pointing to a break in the medium-term uptrend. A consolidatory phase going into results season is expected as volumes would remain muted for the rest of December since there are expected to be few triggers in terms of newsflow. IT sector continues to attract greater interest while bottom-fishing is seen in Auto sector. PSU banks appear relatively stronger than private banks, and Metals names are expected to resume their uptrend after finding support at the 2-year trendline.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.