Sensex rises for fourth day straight, Nifty breaches 17900, resistance placed near 18000

S&P BSE Sensex gained 367 points or 0.61% to settle at 60,223 while NSE Nifty 50 added 120 points or 0.67% to end the day’s trade at 17,925.

Bank Nifty outperformed, rising 2.32% to close at 37,695. (Image: REUTERS)

Dalal Street continued to march higher on Wednesday after bulls fought off bears in the early hour of trade. S&P BSE Sensex gained 367 points or 0.61% to settle at 60,223 while NSE Nifty 50 added 120 points or 0.67% to end the day’s trade at 17,925. Bajaj Finserv was the top Sensex gainer, up 5%, followed Bajaj Finance, Kotak Mahindra Bank, Axis Bank, and Tata Steel. Tech Mahindra was the top laggard, down 2.7%, accompanied by Infosys, HCL Technologies, and Power Grid. Bank Nifty outperformed, rising 2.32% to close at 37,695 while India VIX shot up 6.9% to regain 17 levels. Broader markets traded mixed. 

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities –

“The market continued with upside momentum on Wednesday, but the pace of the market seems to have reduced and the volatility has started to occur at the higher levels. There is a possibility of consolidation movement or minor weakness near the 18000 mark in the next 1-2 sessions, before showing further upside movement from dips. Immediate support is placed at 17760.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed the day on a positive note for the fourth consecutive session at 17925 and formed a bullish candle on the daily chart. Now index has reached near its good hurdle zone of 18000-18100 zone where one can look for trimming their long position also if managed to sustain above said resistance we may see fresh breakout & then we may inch towards previous swing high, on the other hand good support zone is formed near 17800-17700 zone any dip near mentioned support zone will be again fresh buying opportunity.”

Palak Kothari, Research Associate, Choice Broking –

“On a daily chart, the index has confirmed the Three White Soldier candlestick pattern which points out bullish momentum for upcoming sessions. Moreover, the index has been trading above 21&50-HMA which suggests strength in the counter. However, A momentum indicator MACD trading with a positive crossover on the daily time-frame. At present, the Index has support at 17500 levels while resistance comes at 18000 levels, crossing above the same can show 18200-18300 levels. On the other hand, Bank nifty has support at 36800 levels while resistance at 38000 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“In a highly volatile session, the domestic market witnessed a recovery following a mild dip though the global sentiments were not in favour of bulls. Increasing covid cases leading to stricter restrictions has pressurised market volatility. The banking sector outshone other sectoral indices as few private lenders reported double-digit business growth during the third quarter.  IT stocks took a blow as investors awaited the onset of the quarterly results season. US and Asian markets traded weak ahead of the release of the US Fed meeting minutes while European indexes held ground.”

Mohit Nigam, Head – PMS, Hem Securities –

“Indian equity markets were hovering near highs of the day on the back of strong gains in financial shares. The broader indices, the BSE Mid cap index and Small cap index are trading with marginal gains. Sector wise, pharma industry remains in focus, as ratings agency ICRA in its latest report has said that the Indian pharma industry is estimated to grow at 9-11 per cent in 2021-22 and in the next few quarters, supported by gradual recovery post the impact of COVID-19. On the technical front, Nifty’s immediate support and resistance can be 17,600 and 18,200 respectively. While for Bank Nifty 37300 and 38200 may act as immediate support and resistance.”

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