Sensex snaps 3-day losing streak, ends near day’s high; Nifty above 18150 will aim for 18600

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November 12, 2021 4:15 PM

BSE Sensex and Nifty 50 ended 1.3 per cent higher on Friday, snapping the three-day losing streak on the back of buying in IT shares

Sensex, NiftyThe momentum which was lost during the week was regained as inflation worries started fading with investors shifting their focus to good quarterly earnings. Image: Pixabay

BSE Sensex and Nifty 50 ended 1.3 per cent higher on Friday, snapping the three-day losing streak on the back of buying in IT shares. BSE Sensex rallied 767 points or 1.3 per cent to end at 60,686, while Nifty 50 index soared 230 points or 1.3 per cent to settle at 18,102. Index heavyweights such as Infosys, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), Tech Mahindra, and Tata Consultancy Services (TCS) contributed the most to the indices gain. Broader markets underperformed the equity benchmarks. BSE MidCap index gained 0.6 per cent or 150 points to end at 26,369, while BSE SmallCap index was up 0.25 per cent or 73 points to settle at 29,232. India VIX, the volatility index, tumbled nearly 7 per cent to finish trade at 15.22 levels.

Rohit Singre, Senior Technical Analyst, LKP Securities

The index opened a day with a good gap and managed its bullish stream throughout the day & closed a day at 18103 with gains of more than one percent forming a bullish candle on daily chart. The index has moved above its strong hurdle zone of 18k mark which hints if prices managed to hold above 18k mark then one can expect a current pullback to extend further towards 18200-18300 zone which are an immediate hurdle zone on the higher side also any din near 18k mark will be again fresh buying opportunity.

Vinod Nair, Head of Research at Geojit Financial Services

The momentum which was lost during the week was regained as inflation worries started fading with investors shifting their focus to good quarterly earnings, economic recovery and strong domestic macro data points. Today’s market rally was led by IT, energy and realty stocks while global peers traded mixed.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

We respected the gap opening and the index moved up further to close above 18100. Next week would be crucial for the Nifty. If we can keep above 18150 for a couple of sessions, the markets can scale up higher to 18400 and then 18600. This will also take out the upper end of the current range which will add further momentum to the index.

Vijay Dhanotiya, Lead of Technical Research, CapitalVia Global Research

The market witnessed some swift recovery after a reversal from the support levels of 17800 and breaching the level of 18000. Market suggests that sustaining above 18000 will be an important level for the market to stay positive in the short term. If the market is able to sustain the level of 18000, it can witness a positive momentum in the market which can lead to the higher levels near 18250. The momentum indicators like RSI and MACD indicating positive momentum in the market.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty made a bullish bar today, it closed at 18100 up by 225 points. However volumes on daily charts we lesser than its average. Aggressive traders can consider buy on dips with strict stop loss, while others should wait for a volume confirmation. Nifty has resistance in 18150-18200 range and support in 17950-18050 range.

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