Sensex, Nifty gain for second consecutive trading session; check key support, resistance levels 

By: |
April 7, 2021 4:24 PM

State Bank of India, ICICI Bank, Nestle, and IndusInd Bank were the top gainers, surging over 2% each.

Sensex, NiftyBank Nifty ended 1.51% higher, Nifty PSU Bank index gained 1.95%. Volatility inched lower but still remained above 20 levels. (Image: REUTERS)

Domestic equity markets ended in the green on Wednesday, helped by the Reserve Bank of India’s first MPC meet of the current fiscal year. S&P BSE Sensex ended 460 points higher at 49,661 while the broader Nifty 50 closed at 14,819. State Bank of India, ICICI Bank, Nestle, and IndusInd Bank were the top gainers, surging over 2% each. Titan, NTPC, and HUL were the only drags on Sensex. Bank Nifty ended 1.51% higher, Nifty PSU Bank index gained 1.95%. Volatility inched lower but still remained above 20 levels.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

“The Index moved up smartly but failed to get past 14900-14950. If we can conquer that level, we will scale higher to 15300-15400. The markets might face some resistance around the current juncture. On the downside, 14600-14700 has become a good support for the Nifty and if we disrespect this zone, we could break further and go down to 14200-14300.” 

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed a day at 14819 with gains of nearly one percent and formed a bullish candle on the daily chart. Again 14900 acted as the strong hurdle in today’s session so until we don’t see a decisive breakout above 14900 upsides will be capped and once we see a breakout above 14900 then we may see a good short-covering move which can push the index towards the 15000-15100 zone quickly, immediate support is still placed at 14700-14600 zone.”

Vinod Nair, Head of Research at Geojit Financial Services

“Indian market is invigorated by RBI’s long-term dovish stance to maintain an easy money policy till the economy reverts to normalcy. A big cheer is the GSec buying program of Rs.1 lakh crore to ensure liquidity and flatten the long-term yields curve. RBI’s decision to maintain its high GDP growth forecast also helped the market to calm down its fears which had increased post the second wave infection and stringent lockdowns.”

Ajit Mishra, VP – Research, Religare Broking

“Markets witnessed a healthy rebound and gained nearly a percent, taking a breather after the recent dip. The banking stocks led the charge, thanks to the dovish monetary policy wherein the RBI left rates unchanged and maintained its accommodative stance. With RBI policy behind us, the investors’ focus would shift back to fundamentals and global cues. The rising COVID-19 cases and earnings announcement from companies would dictate the trend ahead. A decisive break above 14,900 in Nifty may result in a sustainable surge else consolidation will continue. Meanwhile, prefer hedged positions and focus more on the selection of stocks.”

S Ranganathan, Head of Research at LKP Securities

“On a day when several states go into polling, the dovish stance of RBI cheered the street as Rate Sensitives looked up even as several midcap names across sectors saw keen investor interest. IPO investors too saw gains on listing despite muted expectations.”

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