Sensex, Nifty halt 4-day losing streak to end in green; here’s what experts make of today’s trade

Index heavyweights such as Reliance Industries and ICICI Bank, State Bank of India, HDFC, and Mahindra & Mahindra were the top gainers on BSE Sensex.

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Sensex, Nifty snap 4-day losing streak. (Image: REUTERS)

Domestic benchmark indices snapped four-day losing streak and surged higher on Friday, helped by a strong rally during the final hours of trade. S&P BSE Sensex closed 166 points higher at 52,484 while the 50-stock NSE Nifty gained 42 points to close at 15,722. Index heavyweights such as Reliance Industries and ICICI Bank, State Bank of India, HDFC, and Mahindra & Mahindra were the top gainers on BSE Sensex. Tata Steel, Power Grid and Asian Paints were the worst-performing stocks. Broader markets, except Nifty Next 50 and Nifty Midcap 50 closed in the green. India VIX fell 6%. Among sectoral indices, only Nifty FMCG, Nifty Auto, Nifty PSU Bank index, and Nifty steel closed in red. Bank Nifty closed with gains.

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed a day on a positive note at 15722 with mild gains of nearly half per cent and formed a hammer sort of candle pattern after consecutive four bearish candles and on the weekly chart, the index has formed a bearish candle with loss of nearly one per cent. The index has shown some bounce from its demand zone of 15600 zone which will be intact support for next sessions also followed by 15550 zone & dips will be suggested around said levels, resistance is coming near 15800-15900 zone.”

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

“The markets are taking support at lower levels and today was no different. We have respected the 15600-15650 patch today and the bias still remains on the upside as long as 15400 does not break on a closing basis. The Nifty still has the wings to achieve 16100 and hence any dip can be utilized to accumulate long.” 

Vinod Nair, Head of Research at Geojit Financial Services

“Amid lack of domestic triggers, main indices traded flattish and ended with minor gains, while broad market maintained its optimism driven by Mid & Small caps. Domestic banking stocks gained although RBI in its Financial Stability Report indicates that Gross NPA percentage could climb to a baseline of 9.8% by March 2022. The rapid increase of covid cases globally is having an effect on the international market. Also on the global front, bourses are closely awaiting the release of the US job data to take clues regarding the US Fed’s monetary policy stance.”

Mohit Nigam, Head, PMS – Hem Securities –

“Nifty continues to stay in the range of 15,600 and 15,900 . Overall, we feel that 15600 is a strong support for the short to medium term. The market saw outstanding returns from the recently listed IPO companies especially in Route, Happiest & Sona Comstar. We feel that there is still a lot of momentum in the small cap space across different sectors.”

Manish Shah, Founder, Niftytriggers –

“On the weekly timeframe, it was a narrow range candle which seems to be a pause in the trend. We maintain that the range bound action seen since the beginning of June 2021 is more of a time correction. In terms of Dow Theory, this is a line, and this acts as a continuation pattern. If Nifty manages to trade above 15750-15785 we get triggered on the long side for a target of 15900-15950. If Nifty manages to break past 15950 expect more upsides to 16200-16300 in the coming weeks. Most likely it will be advantage bulls in July 2021.”

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