Sensex extends gaining streak to third day straight, Nifty needs to breach 17250 for further upside

S&P BSE Sensex ended 384 points or 0.68% higher at 57,315 while NSE Nifty 50 jumped 117 points or 0.69% at 17,072.

Nifty 50
India VIX fell 4.52% to close below 16 levels. (Image: PEXELS)

Bulls refuse to give up on Dalal Street, extending their gaining streak to third day straight. S&P BSE Sensex ended 384 points or 0.68% higher at 57,315 while NSE Nifty 50 jumped 117 points or 0.69% at 17,072. The baking gauge, Bank Nifty soared 0.46% to settle at 35,191. Power Grid jumped 3.4% to end as the top gainer on Sensex, ITC, Bajaj Finance, and Infosys were the other top gainers. Bharti Airtel was the top laggard falling 0.93%, followed by Sun Pharma, Maruti Suzuki India, and Ultratech Cement. India VIX fell 4.52% to close below 16 levels. 

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

“17150-17250 is a resistance zone and we are shying away from those levels. Once we close above 17250, there will be renewed confidence in trading on the buy side. Until then the bias continues to remain on the sell side. The support for the Nifty is at 16800-16900 and if that breaks, we will retest the recent lows.”

Senior Technical Analyst at LKP Securities

“Index opened a day with good gap but after opening traded in narrow range throughout day & closed a day at 17073 forming a doji candle pattern on daily chart which hints indecision in the markets. Index has shifted its support to 17000-16900 zone & holding above said levels one can expect a positive moment in index in coming sessions also any dip near said levels will be buying opportunity, immediate hurdle is placed at 17120-17200 zone.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the index has been trading higher highs & higher low formation from the last three trading sessions which suggest strength in the counter. Moreover, the index has given a breakout of the extended trend line as well as trading above 21&50-HMA which suggests strength in the counter. However, A momentum indicator STOCHASTIC trading with a positive crossover on the daily time-frame. At present, the Index has support at 16800 levels while resistance comes at 17180 levels, crossing above the same can show 17300-17400 levels. On the other hand, Bank nifty has support at 34800 levels while resistance at 35500 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic bourses continued to trade firm mirroring an upbeat mood in the global markets led by gains in realty, financials and IT stocks, while broader markets strengthened. US third quarter GDP expanded at an annualized 2.3%, which is higher than expected. Reports on reduced risk of hospitalization and severity of Omicron as compared to the delta variant has supported the upward momentum along with favourable US economic data.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets are taking comfort from their global counterparts, but it will be difficult to extend the rebound amid the updates on rising COVID cases. Participants should continue with a cautious approach and maintain their focus on stock selection. Apart from IT, we’re seeing select counters from pharma and FMCG also doing well. However, the underperformance of the banking pack remains the key concern. We believe a decisive move above 17,150 in Nifty and 35,500 in the banking index would trigger further rebound else profit taking would resume.”

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