Sensex rises for third-day straight, regains 58,800, Nifty 50 resistance placed near 17600

S&P BSE Sensex ended 157 points or 0.27% higher at 58,807 while the NSE Nifty 50 index closed 47 points or 0.27% higher at 17,516.

Bank Nifty closed 0.54% in the red while broader markets edged higher. (Image: REUTERS)

Bulls moved between gains and losses on the weekly futures & options expiry session before closing in the green. S&P BSE Sensex ended 157 points or 0.27% higher at 58,807 while the NSE Nifty 50 index closed 47 points or 0.27% higher at 17,516. ITC was the top Sensex gainer, up 4.85%, followed by Larsen & Toubro, Asian Paints, and Reliance Industries. HDFC Bank was the top laggard, down 1.72%, followed by Titan, Nestle India, and NTPC. Bank Nifty closed 0.54% in the red while broader markets edged higher. The volatility index continued to move lower, slipping 3.88%.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty saw lower upward momentum on day three, as expected. However, the advance-decline ratio continues to remain high, comforting the sentiments. Nifty could face resistance from the 17564-17600 band while the 17351-17379 band could provide support.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the Index has been trading in higher high’s & higher lows formation for the last three days which suggests strength for an upside in the index. Furthermore, the index has given closing above 21&9 HMA, which suggests a northward direction in the counter. Daily Momentum indicator MACD & Stochastic is trading with a positive crossover which suggests upside momentum in the upcoming session. At present, the Index has support at 17300 levels while resistance comes at 17600 levels. On the other hand, Bank nifty has support at 36500 levels while resistance at 37500 levels.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index managed to close a day on a positive note for the third consecutive day at 17517 with mild gains and formed a dragonfly doji on the daily chart which hints at indecision in the markets. Index has formed stiff hurdle zone on the higher side around 17550-17600 zone for further up move index need to cross said levels decisively otherwise we may again witness profit booking on every rise and support for index is coming near 17400-17300 zone now fresh buy can be initiated only if we see sustainability above 17600 zone.”

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

Market has seen good recovery in the last three days as buying emerged at lower levels with the comfort of lower valuation and receding fears of Omicron virus. We expect the market to consolidate at current levels for the next few days after moving up sharply. The overall structure to remain positive, hence suggest trades to maintain buy on dips strategy.

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic indices surrendered to profit booking in the early session but later gained ground owing to positive global sentiments. Investors are keenly awaiting the US inflation data in order to gauge the Fed’s decision on rolling back economic stimulus. Easing fears over the Omicron variant continue to temper optimism in the markets. Gains in FMCG and consumer durables were offset by losses in Oil & Gas and healthcare.”

Ajit Mishra, VP – Research, Religare Broking –

“All eyes will be on crucial macro data (CPI & IIP) outcome which may further provide some direction to the markets. Meanwhile, the focus will remain on the global cues and updates regarding the new variant. We reiterate our cautious yet positive stance on the markets and suggest traders to focus on managing risk.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.