BSE Sensex and Nifty 50 ended the calendar year 2021 with a double growth, surging up to 24 per cent. On the last day of this calendar year, BSE Sensex jumped 460 points or 0.80 per cent to end at 58254, while the Nifty 50 index added 150 points or 0.87 per cent to settle at 17354. Stocks such as HDFC Bank, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), Titan Company contributed the most to the indices gain today. The broader markets also particpated in the rally. S&P BSE Midcap ended the year 2021 with a surge of 37.5 per cent, while S&P BSE Smallcap index skyrocketed a massive 61.3 per cent. Sectorally, Nifty Bank index added 14 per cent this year. India VIX settled 2.06 per cent down at 16.22 levels.
Ajit Mishra, VP – Research, Religare Broking
Markets traded firm on the last trading day of 2021 and gained nearly a percent. The tone was upbeat from the beginning however profit taking in the latter half marginally trimmed the gains. Healthy buying in heavyweights from metal, auto and banking space supported the rally. The broader markets too ended higher in the range of 1.5-1.6%. Consequently, the Nifty closed at 17354 levels; up by 0.9%. Though we’re seeing steady recovery so far, rising COVID cases and precautionary restrictions imposed by a few key states could dent the sentiment ahead. On the other hand, the participation of the banking index is certainly encouraging which may help Nifty to test the 17,500. We reiterate our view to focus on themes/sectors which are trading in sync with the benchmark and align the positions accordingly.
Palak Kothari, Research Associate, Choice Broking
On the technical front, the index has been trading in falling channel formation and facing resistance from the upper band of formation crossing above the same can show upside rally in the counter. On the Four-Hourly Chart, the index has confirmed the bullish marubozu candle which suggests strength for an upcoming session. Moreover, the index has been trading above 21&50-HMA which suggests strength in the counter. However, A momentum indicator STOCHASTIC & MACD trading with a positive crossover on the daily time-frame. At present, the Index has support at 17150 levels while resistance comes at 17450 levels, crossing above the same can show 17550-17700 levels. On the other hand, Bank Nifty has support at 34800 levels while resistance at 35800 levels.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index managed to close the December month on a positive note at 17354 with gains of over a percent and formed a bullish candle on monthly chart. On daily chart, the index has witnessed a falling trend line breakout which hints if index managed to trade above 17200 zone then next move towards 17600 is possible, also any dip around 17200 zone can be fresh buying opportunity with keeping stop out level below 17200 on closing basis, immediate support for Nifty is coming near 17270-17200 zone and resistance is coming near 17400-17500 zone.
Mohit Nigam, Head – PMS, Hem Securities
On the technical front, overall structure looks positive for Nifty 50 as it manages to sustain well above 17200 level on a closing basis for the last few sessions which is a positive sign for the index technically and we believe we can witness 17500 levels in near term. 17200 and 17500 are immediate support and resistance in Nifty. For Bank Nifty, 35000 and 36000 are immediate support and resistance.