Sensex rallies 886 points as bulls return to Dalal Street, Nifty may breach 17,300 soon

S&P BSE Sensex soared 886 points or 1.5% to end at 57,633 while NSE Nifty 50 zoomed 264 points to settle at 17,176.

Tata Steel was the top gainer on Sensex, up 3.63%, followed by Axis Bank, ICICI Bank, Kotak Bank, and SBI. (Image: REUTERS)

Bulls returned to Dalal Street on Tuesday amid positive global cues, forcing benchmark indices higher. S&P BSE Sensex soared 886 points or 1.5% to end at 57,633 while NSE Nifty 50 zoomed 264 points to settle at 17,176. Tata Steel was the top gainer on Sensex, up 3.63%, followed by Axis Bank, ICICI Bank, Kotak Bank, and SBI. Asian Paints slipped 0.22% to end as the only Sensex stock in red. The Bank Nifty skyrocketed 2.47% to finish above 36,600 levels. Broader markets mirrored the up-move. India VIX tumbled 8.07% to finish at 18.46. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty clawed back most of the losses of the previous day on Dec 07.16,983 could now be the support for the Nifty while 17,401 could be the resistance. The way the advance decline ratio has improved suggests a few more days of upward moves in the Nifty, though the pace could slow.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Nifty showed a decisive move & crossed above many strong hurdle zones turning them into support so going forward immediate support is coming near 17100-17040 zone holding above said levels we may see the index march towards its immediate hurdle zone of 17250-17300.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, after yesterday’s sell-off, today’s index has shown strength and closed above 21 HMA, which points out that sustained above the same can show upside movement. At present, the Index has support at 17000 levels while resistance comes at 17300 levels, crossing above the same can show 17500-17700 levels. On the other hand, Bank nifty has support at 35500 levels while resistance at 37000 levels.”

Mohit Nigam, Head – PMS, Hem Securities –

“Investors will be keeping a close look at tomorrow’s RBI MPC Meeting and from thereon we can see the next movement of the market. Immediate support and resistance for Nifty 50 is 16800 and 17300 and for Bank Nifty is 35700 and 37000.”

Ruchit Jain, Trading Strategist, 5paisa.com –

“As the market rallied, the call writers looked to cover their positions while fresh writing was seen in 18000 puts. This indicates that for the next couple of sessions, 17000 will now be seen as immediate support while 17300-17400 will be seen as immediate resistances. The Bank Nifty index has formed a higher low from its 200-day moving average. The momentum could lead the index towards its 20 EMA which is around 37150, while 36350 and 36200 will be the immediate supports.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic bourses staged a recovery bucking the trend in the international markets supported by broad-based buying while healthcare stocks lost ground. Global markets traded with optimism on reports that the Omicron strain may not be as severe as expected. Moreover, additional liquidity freed up by the Chinese Central Bank through policy easing boosted the Chinese markets. In the Indian Markets, banking and financial stocks advanced since the MPC is scheduled to announce its policy decision tomorrow where the RBI is likely to keep its policies unchanged considering the short-term uncertainties.”

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