Sensex rallies for second-day straight, Nifty ends near 17500 resistance zone, more upside expected

S&P BSE Sensex zoomed 1,016 points or 1.76% to close at 58,649 while the NSE Nifty 50 jumped 1.71% to settle at 17,469.

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Among Sensex constituents, Bajaj Finance was the top gainer, up 3.67%, followed by Maruti Suzuki India, State Bank of India, Bajaj Finserv, and Asian Paints. (Image: REUTERS)

Bulls continued to propel domestic markets higher on Wednesday. S&P BSE Sensex zoomed 1,016 points or 1.76% to close at 58,649 while the NSE Nifty 50 added 1.71% to settle at 17,469. Bank Nifty index jumped 1.82%, regaining 37,200 levels. Among Sensex constituents, Bajaj Finance was the top gainer, up 3.67%, followed by Maruti Suzuki India, State Bank of India, Bajaj Finserv, and Asian Paints. Only Kotak Mahindra Bank and Power Grid closed with losses. Broader markets ended in the green, jumping more than 1% each while the volatility index fell more than 6%, closing at 17.27 levels.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty has risen sharply over two days. The next resistance is at 17564 while the support could come in at 17252. Sharply positive advance-decline ratio hints at some more upside in the near term.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the Nifty index has taken support at Lower Bollinger Band and settled above 100-days Moving Average, which suggests a further upward move in the coming day. The index has also formed a Double Bottom pattern on an hourly chart, which indicates bullish sentiments. A momentum indicator RSI & Stochastic have suggested positive crossover on the daily chart. At present, the Index has support at 17300 levels while resistance comes at 17600 levels. On the other hand, Bank nifty has support at 36800 levels while resistance at 38000 levels.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Another strong session as index opened gap up and closed a day near its high at 17470 with gains of nearly two percent and formed a bullish candle for the second consecutive session. Nifty has reached good hurdle zone of 17500, if it manages to sustain above the said levels or if it closes above the same then we may see more upside in the coming session towards 18k mark, immediate support is coming near 17400-17300 zone holding above said levels one can expect index to touch its resistance zone of 17550-17600.”

Ajit Mishra, VP – Research, Religare Broking –

“As RBI policy is behind us, the focus will shift back to global cues and upcoming macro data (IIP & CPI). Further, as the number of IPOs is lined up, primary markets will keep investors busy. Given the high volatility in the market, we would remain cautiously optimistic on the markets. “

Vinod Nair, Head of Research at Geojit Financial Services

“Fears over Omicron faded as recent reports suggested that the new virus isn’t deadly as earlier anticipated and this helped the market to add-on to recent strong gains. The market turned positive over RBI’s continued accommodative stance and MPC kept the rates unchanged. The GDP forecast for FY22 remained high at 9.5% showing confidence over economic recovery and inflation forecast is below the market estimates.”

Siddhartha Khemka, Head – Retail Research, Motilal Oswal –

“Both Sensex and Nifty gained around 1.7% for the day. Broader markets performed in line with midcap and smallcap indices gaining 1.6- 1.8%. Strong buying was seen in rate sensitive like PSU banks auto banking and reality stocks. Metals too were in focus. Both Nifty and Bank Nifty are recovering well from the recent correction. Strength is clearly visible along with strong buying interest in the market. Hence traders are advised to maintain buy on dips strategy for the next few days.”

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