Sensex extends up-move, ends at 59462, Nifty just shy of 17700; check support, resistance for next week

Domestic benchmark indices continued to soar higher on Friday, ending the week with gains. S&P BSE Sensex added 130 points or 0.22% to settle at 59,462 while the NSE Nifty 50 index was just shy of 17,700 on closing bell.

Sensex extends up-move, ends at 59462, Nifty just shy of 17700; check support, resistance for next week
Bank Nifty index was also in the firm control of bulls, ending the day above 39,000 while India VIX fell and closed just above 17.6 levels

Domestic benchmark indices continued to soar higher on Friday, ending the week with gains. S&P BSE Sensex added 130 points or 0.22% to settle at 59,462 while the NSE Nifty 50 index was just shy of 17,700 on closing bell after gaining 39 points or 0.22%. Bank Nifty index was also in the firm control of bulls, ending the day above 39,000 while India VIX fell and closed just above 17.6 levels. NTPC was the top gainer up 3.26%, followed by TATA Steel, and Power Grid. Reliance Industries and SBI were also among the gainers. Infosys was the top laggard, down 1.5%, accompanied by Maruti Suzuki India, Tech Mahindra, and Larsen & Toubro. 

Deepak Jasani, Head of Retail Research, HDFC Securities

“Nifty ended in the positive for the 5th consecutive session on Aug 12 ahead of the long weekend. Nifty has risen for 7 weeks from the lows of 15183 (with one negative close in between). It could now make a top for this move in the coming week in the 17784-18115 band and later correct. On falls, 17556 and 17407 are the supports.”

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Mohit Nigam, Head – PMS, Hem Securities

“On the technical front, Nifty 50 is showing bullish momentum after the recent consolidation and this momentum may continue to 17800 levels in the short term. On the downside 17400 may remain immediate support in Nifty 50. Immediate support and resistance for Bank Nifty are 38,500 and 39,400 respectively.”

Rupak De, Senior Technical Analyst at LKP Securities

“Nifty traded in a tight range as no directional urgency was visible on the last day of the week. On the weekly chart, the Nifty has gained for the fourth week in a  row suggesting an ongoing bullish trend. Despite the proximity to the trend line resistance, the trend remains strong. On the higher end, 17750-17800 is likely to remain strong. A decisive breakout above 17800 may induce a further rally in the market. On the lower end, support is visible at 17300.”

Palak Kothari, Senior Technical Analyst, Choice Broking

“On the technical front, the Nifty has formed a bullish candle on the weekly chart which suggests strength in the counter. Nifty has been trading above 200-DMA as well as supper trend indicator which adds strength for upside. However, nifty is facing resistance from falling trendline closing above the same can show further upside rally. The support for nifty has shifted around 17500 levels while on the upside 17800 may act as an immediate hurdle.”

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Vinod Nair, Head of Research at Geojit Financial Services

“Return of FIIs and declining dollar index aided the market rally. While Metals and Oil & Gas garnered buying interest, IT and pharma weighed on sentiments. Oil and gas stocks were in focus as the government diverted some natural gas from industries to city gas operators in an effort to moderate the prices of CNG and piped cooking gas.”

Ajit Mishra, VP – Research, Religare Broking

“Markets will react to the macroeconomic data viz. IIP and CPI and other global cues in early trade on Tuesday. The recent buoyancy on the global front combined with rotational buying across sectors are pointing towards the prevailing up move to extend further with intermediate pause. Participants should align their positions accordingly.”

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