BSE Sensex, Nifty 50 showed strong recovery from the day's lows and managed to close on a positive note with minimal gains on Tuesday
The Index once again went to test the lower end of the current range of 13400-13700
Indian share market managed to end the day in the green, even after trading in the negative territory for the most part of the session. BSE Sensex gained 9.71 points to end at 46,263.17, while the broader Nifty 50 index settled above 13,550. In the broader market, S&P BSE MidCap index outperformed the equity benchmarks, rising 0.42 per cent or 75 points to finish at 17,733.87. While S&P BSE SmallCap index gained just 13 points and ended at 17,696. The newly listed Burger King India shares rose another 20 per cent today and finished trade at Rs 166.05 apiece. On the debut day, it zoomed 131 per cent from the issue price. Top Sensex contributors were Housing Development Finance Corporation (HDFC), HDFC Bank, Bajaj Finance, Bajaj Finsv and Kotak Mahindra Bank, among others.
“Index showed a strong recovery from a day low and managed to close a day on a positive note with minimal gains and formed a doji candle for fourth consecutive session hinting uncertainty. The index has formed a good base near 13500 zone holding above said levels we may see the index to march towards its immediate resistance zone of 13600 and if managed to sustain above 13600 then we may see a quick move towards 13700 zone. Nifty bank close a day at 30683 and formed a dragonfly doji candle pattern on the daily chart, support for a nifty bank is coming near 30500-30350 zone and resistance is coming near 30850-31000 zone”
“Indian market opened with a negative trend following the weak sentiments of the Asian market, but a strong recovery happened as European market opened positively ahead of policy meetings. The liquidity-driven rally, which has been heavily depending on foreign funds, will bet a lot on the ongoing FOMC policy meeting and a final decision will be announced tomorrow, and the US stimulus package to be finalized this week. The outcome of these events are expected to be positive, triggering further positively in the market”
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
“The Index once again went to test the lower end of the current range of 13400-13700 and bounced back to close above 13500. We have spent quite a bit of time within this range and a decisive move can be expected only post a break of 13400 or a conquer of 13700. Until then any dip can be utilised to accumulate long positions but it must be with strict stop loss limits.”