Sensex rebounds 834 pts from lows, Nifty ends at 15,765; here’s what experts make of today’s trade

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June 21, 2021 4:14 PM

Domestic equity markets rebounded sharply from the lows on Monday to end the day’s trade in the green.

Stock marketNifty Auto and Nifty IT were the only sectoral indices on NSE to end with losses. Bank Nifty ended with gains. PSU Bank index surged more than 4%. (Image: REUTERS)

Domestic equity markets rebounded sharply from the lows on Monday to end the day’s trade in the green. S&P BSE Sensex jumped 834 points from the day’s low to close at 52,574 while the 50-stock NSE Nifty index closed just shy of the intra-day high of 15,765. Among the index gainers were NTPC, Titan Company, and State Bank of India. The worst-performing stocks were Maruti, Tech Mahindra, and TCS. Broader markets outperformed benchmark indices. Smallcap and midcap indices continued to rally, with Nifty Midcap 50 closing 1% higher and smallcap 50 up 0.6%. Nifty Auto and Nifty IT were the only sectoral indices on NSE to end with losses. Bank Nifty ended with gains. PSU Bank index surged more than 4%.

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities –

“After showing high volatility on Friday, Nifty witnessed another excellent intraday comeback after sharp lower opening on Monday and closed the day higher by 63 points. The short term trend of Nifty has turned up after a dramatic fall and a swift upside bounce of the last two sessions. A sustainable move above 15800 levels is likely to pull the market into new all-time highs in the next few sessions. Any weakness could find support around 15650-15600 levels.”

Vinod Nair, Head of Research at Geojit Financial Services-

“The domestic market opened on a weak note due to the hawkish monetary policy of the U.S Federal Reserve. But the market clawed back above day’s low and closed in the green as the market expects a faster economic recovery owing to the PM’s announcement on free inoculation for all citizens. PSU Bank was the top sectoral performer on reports of the government finalizing Central Bank of India and Indian Overseas Bank for privatization.”

Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS –

“For a second session, Nifty has registered a remarkable intraday recovery, gaining over 200 points from the low of each session. The index seems to have found support right near the vicinity of its previous record high of 15431. The sharp reversal from the 15600-15500 zone indicates that the near-term selling pressure has subsided. The immediate resistance to now watch out for is 15770, which has held firmly over the last three sessions. If the index sustains above this resistance going forward, we could see a march towards 16000 in the next few days. On the downside, 15600 remains the key short-term support from a closing basis perspective.”

Gaurav Bissa, AVP Derivatives & Technicals at LKP Securities

“Nifty opened on a very weak note on account of global cues but managed to witness smart recovery finally closing near the high point of the day. This is the second consecutive time where nifty made a strong comeback reflecting the strength in the markets. However, on an hourly basis, it is just about closing near Ichimoku cloud support. For Nifty to inch toward 16000 level, it has to give hourly closing above 15780-15800 levels.”

Manish Shah, Founder, Niftytriggers –

“Nifty saw a reversal of sorts opening at the low of the day at 15505 and closing at the high of the day. Pattern formed highlights the predicting power of right candlestick pattern at the right location and in the right context. Nifty continues to attract buyers on declines. Expect the up move to continue for some time. Friday’s candlestick was a bullish hammer it is confirmed by a long green candle and together with candle for the day the pattern is a bullish engulfing pattern. If we draw a simple trendline from the lows of April 22, 2021 the low of the day took support at this rising trendline and reversed.  Oscillators are showing signs of reversal RSI hooks up from marginal below 60 levels. Moving averages continue to show rising slope. Though MACD is bearish; within the context of the trend is seems to be a corrective decline. Simple price action now points out at Nifty rallying towards 15900 before the expiry and above that to 16200.”

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