Sensex, Nifty recover all intraday losses to close near all-time highs; will bulls continue running?

By: |
January 12, 2021 4:14 PM

S&P BSE Sensex closed at 49,517 points while 50-stock Nifty ended at 14,563 -- once again reaching fresh all-time highs.

hare Prices LIVE: Image Alt Tag:India VIX jumped 4% and closed the day above 24 levels.

Domestic equity benchmarks ended the day in green, bouncing back from their intra-day lows. S&P BSE Sensex closed at 49,517 points while 50-stock Nifty ended at 14,563 — once again reaching fresh all-time highs. Broader markets were also seen surging as Nifty Midcap 50 outperformed the benchmark and gained more than 1%. Bharti Airtel, State Bank of India, and Reliance Industries were the top gainers while Asian Paints, Titan, and Nestle were top laggards. India Vix gained again on Tuesday, still above 22 levels. Among Nifty sectoral indices, only Nifty Pharma and Nifty FMCG closed in the red.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities –

“Today, financial stocks, especially PSU banks, showed strong support in the market to move above the critical psychological barrier point of 14500. In the short term, the trend would remain uncertain due to concerns over rising crude and dollar index prices, but traders should try to find buying opportunities in the market until a negative reversal appears on the daily chart. On Wednesday, the Nifty would take hold at the level of 14650/49800 or at 14700/50000. On the downside, the Nifty should find support between 14450 or at 14400. Our strategy should be to buy select stocks on dips or Index between 14460/14430 levels. The bullish reversal formation of Reliance Industries would help the Sensex to reach the milestone of 50,000 in the near term.”

Vinod Nair, Head of Research at Geojit Financial services

“The pace of the market rally continued despite RBI’s caution over elevated NPA levels in 2021, supported by PSU Banks and Auto stocks.  Majority of the sectors traded in the green in anticipation of good quarterly result while pharma and FMCG experienced some selling. US bond yield has changed its trajectory to a rising trend, which could impact EMs in the future. But FII inflows are strong and the dollar continues to be weak due to oversupply of USD led by the high amount of fiscal stimulus.”

S Ranganathan, Head of Research at LKP Securities

“Markets began the day on a sombre note post the stability report on banks released yesterday late evening but afternoon trade witnessed buying across the PSU basket with state-owned banks posting a smart rally pushing the NIFTY past the 14500 marks effortlessly. Reliance finally took centre stage after a long time giving Bulls the much-needed ammunition.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Nifty managed to hold its bullish stream and decisively cross 14500 zone which was a good hurdle in nifty and managed to close a day at 14563 with gains of half a per cent. Going ahead 14500 will act as fantastic support in nifty and holding above said levels we may see some more decisive move in nifty towards 14600-14700 zone. The nifty bank has witnessed a bullish flag breakout on the two-hour chart which suggest nifty bank can outperform and see next move towards 32500-32700 zone.”

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
1Petrol, diesel price hiked again; petrol price nears Rs 99 in Mumbai
2Gold import jumps to USD 6.3 bn in April
3A Poetic Moment: Hindi poetry witnessing a huge rise in popularity