Sensex, Nifty end higher for 2nd straight day, mid-, small caps outperform; where is D-St headed now?

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March 2, 2021 4:15 PM

BSE Sensex and Nifty 50 extended the previous session's gains to close a per cent higher on Tuesday.

Sensex, NiftyIndian market witnessed a positive opening backed by a strong US market due to steady treasury bond yields, but market pared its gains as Asian peers traded weak. Image: Reuters

BSE Sensex and Nifty 50 extended the previous session’s gains to close a per cent higher on Tuesday. BSE Sensex jumped 447 points or 0.90 per cent to 50,297, while the Nifty 50 index gained 157.5 points or 1.07 per cent to settle at 14,919. Index heavyweights such as Infosys, Tata Consultancy Services (TCS), Mahindra and Mahindra, HDFC Bank, Hindustan Unilever Ltd (HUL) contributed the most to the Sensex’ gains. In intraday, Sensex hit day’s high of 50,440, while the Nifty 50 touched 14,959.10. The broader market outperformed the equity benchmark indices, with S&P BSE Midcap index gaining 1.55 per cent or 315 points to end at 20,585. S&P BSE Smallcap index surged 1.60 per cent or 327 points to finish at 20,806.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

The market has formed a continuation formation followed by the formation of the Harami pattern which it had formed on Monday. This indicates bullishness for the market. The Nifty/Sensex closed between the bearish gap, which it had left between 15065-14919 / 50250-50991 last Friday. The market breadth was also encouraging as along with IT and FMCG we saw bullish activity in financials. Based on the daily chart the Nifty/Sensex is heading for the minimum target of 15065/50750. On the other side, 14830/50100 and 14750/49800 would be major supports. The focus should be on Technology and FMCG stocks.

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

The Nifty has crossed 14950 which is the upper end of the resistance patch. If we can keep above that level for the next couple of days, we would be all set to reactivate the bullish undertone of the markets and should then see higher levels of 15200-15300. The new updated support for the Nifty is 14600-14650.

Vinod Nair, Head of Research at Geojit Financial Services

Indian market witnessed a positive opening backed by a strong US market due to steady treasury bond yields, but market pared its gains as Asian peers traded weak. A quick recovery was seen towards the end of the session as investors hurried to buy on dips showing huge confidence & liquidity in the market. An improved outlook post-February auto sales numbers resulted in continued buying in auto stocks with IT sector also being a major contributor in the rally.

Rohit Singre, Senior Technical Analyst at LKP Securities

Index again opened a day with gap & held its bullish stream for second consecutive day and activated the bullish harami candle pattern which formed in yesterday session hinting we may see some more upside if index managed to save 14500 zone in the near term. On the immediate basis, index has support near 14800-followed by 14750 zone any dip near said levels will be again buying opportunity and resistance is coming near 15k mark

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