Sensex, Nifty end in green for second day straight; can bulls continue pushing Dalal Street higher?

By: |
October 05, 2021 4:20 PM

Sensex settled at 59,744 while Nifty 50 closed at 17,822. Bank Nifty gained 0.43% to close at 37,741.

Chartists believe bulls will continue to control Dalal Street in the coming sessions. (Image: REUTERS)

Domestic equity markets continued to move higher for the second day straight on Tuesday. S&P BSE Sensex and NSE Nifty 50 opened flat with negative bias but staged a smart recovery each ending 0.75% higher at the end of the day’s trade. Sensex settled at 59,744 while Nifty 50 closed at 17,822. Bank Nifty gained 0.43% to close at 37,741. IndusInd Bank soared 5% to end as the top Sensex gainer, followed by Bharti Airtel, HCL Technologies, and Reliance Industries. Sun Pharma dropped 1.33% as the worst-performing Sensex stock, followed by ITC, and Power Grid. Chartists believe bulls will continue to control Dalal Street in the coming sessions. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

Nifty closed at almost the intraday high with high volumes and positive advance-decline ratio. Nifty shows good momentum. The next resistance for the Nifty is 17912-17948 while the support is at 17711.”

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

“The markets have successfully closed above the 17700 level which was acting as a resistance for 2-3 trading sessions. We should now aim higher for 18050 and then 18200. Good support for the markets has been created around the 17400 level. As long as that does not break, the Nifty is bullish and dips can be utilized to accumulate long positions.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the Index has formed Bullish Marabozu candle on daily time frame which points out strength in the counter. Furthermore, the index has given closing above 21&50 HMA, which suggests a northward direction in the counter. Hourly momentum indicator MACD is trading with positive crossover above the zero-level line as well as the index is trading above Ichimoku cloud, which indicate upside momentum in the upcoming session. At present, the Nifty has immediate support at 17580 while resistance comes at 17950 levels.”

Manish Shah, Founder, Niftytriggers –

“On Tuesday, Nifty opened at day’s low but and swiftly recovered to close at the high of the day. Today’s green candle confirms the bullishness in the market. The pattern for the day was a shaven candle that closed at the top end of the day. The buyers were in full control of the day’s session. The underlying trend remains sharply up as the directional movement index is showing signs of bullishness. ADX continues to show strength as it continues to show a reading above 40. The underlying current remains strong and we can expect Nifty to hit 18000-18150 over next couple of days. The bullish sentiment remains intact. Support for Nifty is at 17550-17500.”

Vinod Nair, Head of Research at Geojit Financial Services-

“Domestic equities opened on a weak note as investors turned cautious due to a weak closing of the US market and rising crude oil price. However, the upbeat mood of the European markets which rebounded after the US tech-based sell-off helped the Indian market to regain momentum. Also, the rout of Chinese economy led by power shortage provided a positive surprise to few sectors in the Indian market.”

Arijit Malakar, Head Research (Retail) of Ashika Stock Broking –

“Indian markets on Tuesday ended in positive led by Energy, IT, oil & gas and power indices. The rising crude oil and gas prices have been positive for the upstream oil & gas companies. Reliance Industries, ONGC and Oil India will benefit most from ongoing higher energy prices. Today, Reliance Industries scaled at a record high with market cap crosses Rs 17.50 lakh crore and that drove the NIFTY higher as it has higher weightage in the index. China’s power crisis, which affected nearly 40% of their industries, could prove to be helpful for Indian companies, especially for metal, chemical and capital goods sectors as these sectors are likely to witness higher demand from export markets.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Diesel price hits century in West Bengal
2Costliest fuel in India? Petrol crosses Rs 119 per litre in border districts of MP; diesel touches Rs 108
3Petrol price up Rs 36 a litre, diesel 26.58 in less than 18 months