Bulls were back on Dalal Street after a 2-day break, pushing Sensex and Nifty higher just ahead of the monthly Futures & Options expiry and the US Federal Reserve meet. S&P BSE Sensex rose 547 points or 0.99% to settle at 55,816 while NSE Nifty 50 index rose 157 points or 0.96% to end at 16,641. Sun Pharma was up 3.3% on the closing bell as the best performing Sensex stock, followed by State Bank of India, and Larsen & Toubro. In the red was Bharti Airtel, falling 1.25%, accompanied by Kotak Mahindra Bank, and NTPC. Bank Nifty jumped 1.03% to close the day’s trade at 36,783. Indi VIX, after having risen earlier in the day, closed 0.22% lower but was still above 18 levels.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Nifty broke a two-day losing streak on July 27 ahead of the US Fed meet outcome in the evening. Nifty recouped the losses of the previous session and is now awaiting the outcome of the US Fed meet and the response of global markets to it. 16706-16719 is the next resistance while 16443-16463 band is the support for Nifty.”
S Hariharan, Head- Sales Trading, Emkay Global Financial Services –
“Nifty has regained its 200-ema, which is a technically positive development while Banks are showing greater relative strength. Barring any major shocks in monetary policy from the Fed, we can expect market breadth to expand and mid-caps to start participating more strongly in the market rally.”
Palak Kothari, Senior Technical Analyst, Choice Broking –
“On the technical front, Nifty has formed a Bullish Engulfing candlestick on the daily chart which suggests an upside rally for an upcoming session. Nifty has taken support 100 DMA which suggests a northward journey in the counter. On the OI Data, On the call side the highest witnessed at 16900 level & followed by 16800 while on the put side was at 16500 level. On roll over data front Nifty & Bank Nifty showed 61.45 & 63.43 The support for nifty has shifted around 16380 levels while on the upside 16800 may act as an immediate hurdle. On the other hand, Bank nifty has support at 35800 levels while resistance at 37300 levels. Overall, the Index has formed a strong candlestick pattern on a daily time frame which suggests an upside rally for an upcoming session.”
Mohit Nigam, Head – PMS, Hem Securities-
“On the technical front, the key resistance levels for Nifty50 are 16750 and on the downside 16400 can act as strong support. Key resistance and support levels for Bank Nifty are 37000 and 36200 respectively.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Indian market will react to the global trend in-line with FOMC meeting outcome. We are in a rally during the last one and half months assuming that much is factored in the price. The market has not factored in a recession as valuation continues to trade marginally above the long-term trend. Value buying should be the essence of investment till the risk of a recession subsides”