Bulls were back in control on Dalal Street as domestic benchmark indices started the September F&O series with gains.
Bulls were back in control on Dalal Street as domestic benchmark indices started the September F&O series with gains. S&P BSE Sensex ended 0.31% higher at 56,124 while the NSE Nifty 50 hit an all-time high of 16,722 but failed to hold those levels and closed the day at 16,705. Ultratech Cement was up 3.64% as the top Sensex gainer, followed by L&T, Dr Reddy’s, Bajaj Finserv, and Sun Pharma. On the other end of the table, Infosys was down 1.07% as the top laggard, followed by IndusInd Bank and M&M. Bank Nifty closed flat with a positive bias at 35,627. Broader markets outperformed the benchmark indices with the Nifty Smallcap 50 gaining 1% and Nifty Midcap 50 up 0.91%.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –
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“We closed well above the 16600 level which is a good start to the new series! We should be heading to 16850-16900 which is the next level of resistance for the index. For now the stop loss level for the Nifty stands at 16400 but the same shall be updated on Monday.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Indian benchmark indices remained in positive territory even as global markets traded mixed as investors awaited announcements from the Jackson Hole Economic Symposium. Mid and small-cap stocks continued their outperformance while recovery in the Metal and Pharma sectors guided them to be the sectoral leaders. Globally, markets are awaiting comments from the Fed chair on the US economy and clarity on its future policy changes.”
Palak Kothari, Research Associate, Choice Broking –
“On the technical front, the Index has made a bullish candle on the weekly chart which suggests further upside movement in the counter. Moreover, the Index has been trading above 21&50 DMA, which suggests strength for the upside. Momentum Indicator MACD is also showing positive crossover on daily time frame which further adds strength in the index. At present, the nifty index has immediate resistance at 16730 levels while downside support shifted up to 16500 levels.”
Gaurav Udani, CEO & Founder, ThincRedBlu Securities _
“Nifty closed at its lifetime high level today. It closed at 16990 up by 55 points after making a high of 16722. Volumes in Nifty were lesser than its average volumes which brings in a possibility of a correction. Nifty has strong support in 16550-16580 range. The trend in Nifty remains bullish and any correction can be used to buy with strict stop loss.”
Rohit Singre, Senior Technical Analyst at LKP Securities –
“Index managed to close a week on a positive note at 16690 with gains of one and half percent on a weekly basis and formed a small bullish candle on the weekly chart. on hourly chart it seems index has given a breakout from its cup and handle pattern which is again a bullish continuation pattern by nature which hints if we managed to sustain above 16600 zone on closing basis we are good to touch 17k mark on the higher side, immediate support is formed near 16650-16600 zone & resistance is coming near 16800 zone.”