Sensex, Nifty rally during week’s first trading session; will bulls continue running further?

By: |
April 26, 2021 4:21 PM

Benchmark indices got off to a flying start this week, surging higher during Monday’s trading session.

Stock market today, Nifty today S&P BSE Sensex zoomed 508 points to close at 48,386 while the 50-stock NSE Nifty ended just below 14,500.

Benchmark indices got off to a flying start this week, surging higher during Monday’s trading session. S&P BSE Sensex zoomed 508 points to close at 48,386 while the 50-stock NSE Nifty ended just below 14,500 mark. Among sectoral indices, Nifty Realty, Nifty Metal, and the Bank Nifty were the best performers. Axis Bank, Ultratech Cement and ICICI Bank were the top-performing stocks on the BSE Sensex. HCL Technologies, Sun Pharma, HDFC Bank, and Maruti Suzuki India were the top laggards. 

Ajit Mishra, VP – Research, Religare Broking –

“Markets started the week on an optimistic note led by supportive global cues. After a gap-up opening, the benchmark continued its positive momentum led by healthy buying in sectors such as banking, metals and consumer durables. Upbeat global cues combined with supportive earnings are helping the index to hold at higher levels despite COVID challenges. We remain cautiously optimistic as volatility is likely to remain high on the back of derivative expiry and upcoming earnings announcements. Banking, metal and pharma are showing tremendous resilience and should be preferred for long trades on dips.”

Vinod Nair, Head of Research at Geojit Financial Services

“With the support of strong global markets, accumulation in the domestic market increased as the rate of infection is slowing down with a flattening path. Buying interest was broad-based led by banking, realty and metal stocks with a hope that we are nearing the peak of infection. Banking stocks outshined other major sectoral indices due to the positive beginning of quarterly results. The market may remain volatile in the coming days as covid cases continue to be high, April F&O expiry and upcoming FOMC meeting.”

S Ranganathan, Head of Research at LKP Securities

“Positive Global Cues coupled with good numbers from ICICI Bank ensured a strong opening on Monday for markets led by BFSI and Metals. However, we did see bouts of profit-taking in Afternoon Trade-in FMCG & Pharma stocks ahead of a big earnings day tomorrow.”

Manish Shah, Founder, Niftytriggers –

“Nifty closed the day higher by around 149 points. In last four days we see a series of bullish candles. It seems that Thurday’s bullish piercing line is giving way to bullish sentiments in the market. But we still need additional confirmation of a change in trend which on the last available data point is absent. There are  no reversal signals from the oscillator based trading signals. Nifty has immediate resistance at 14550-144570 a break above this and the index should see a move up towards 14700. On the lower side 14350-14320 should act as a support.”

Mohit Nigam, Head, PMS & Advisory, Hem Securities –

“Markets took a breather from the downward movement it witnessed in the past week and moved up by around 1% today. Financials were the key drivers today leading the momentum after a decent result declared by ICICI Bank. We feel that Covid related developments in the next 2 weeks, corporate results & commentary are going to be very crucial to gauge the direction of the markets in the following months. 14200 remains a key support on the downside.”

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