Sensex stages smart recovery, ends nearly 300 pts up; Nifty faces resistance at 17180

While the market witnessed volatility in early trades, it later settled in positive territory and stayed range-bound thereafter, said an analyst

Sensex, Nifty
Despite spiking covid cases globally, the domestic market took a rebound post its weak opening factoring the low mortality rate of the new variant.

BSE Sensex and Nifty 50 ended higher on Monday, post one day blip in the previous session. Sensex ended 296 points or 0.52 per cent up at 57,420.24, and Nifty 50 index finished trade at 17,086, up 49 per cent or 82.50 points. Stocks such as ICICI Bank, HDFC Bank, Housing Development Finance Corporation (HDFC), Tech Mahindra, Kotak Mahindra Bank contributed the most to the indices gain. Broader markets also finished trading in the postive territory. S&P BSE MidCap index gained 0.27 per cent or 64.72 points to end at 24,422, while S&P BSE SmallCap index was up over half a per cent or 148 points to end at 28,515.

Palak Kothari, Research Associate, Choice Broking

On the technical front, the index has confirmed Hammer kind of candle on an Hourly chart which suggests strength for upside in the counter. Moreover, the index has been trading above 21&50-HMA which suggests strength in the counter. However, A momentum indicator STOCHASTIC trading with a positive crossover on the daily time-frame. At present, the Nifty index has support at 16800 levels while resistance comes at 17180 levels, crossing above the same can show 17300-17400 levels. On the other hand, Bank Nifty has support at 34200 levels while resistance at 35500 levels.

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers

Indian markets opened in red tracking mixed Asian market cues as investors tracked Omicron variant amid holiday-thinned trade. During the afternoon session the markets scaled back to green showing a steady trade with gaining momentum supported by gains in healthcare, industrials, and capital goods stocks. Traders were encouraged as a member of the Monetary Policy Committee (MPC) of the Reserve Bank expressed hope that in a few quarters from now, capital investment would begin to pick up even in the old economy, and said the next fiscal year is also expected to witness a decent growth.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

While the market witnessed volatility in early trades, it later settled in positive territory and stayed range-bound thereafter. We may see trading activity largely remaining listless in the next few days with year-end drawing closer, unless there are any major developments globally that could trigger sharp sideways movement. The Nifty recovered sharply from the intraday low level and has also formed a strong bullish candle which indicates strong possibility of continuation of an uptrend in the near future. We are of the view that 17000 would be the key level for the trend following traders, above the same the uptrend formation is likely to continue till 17150-17250. On the other side, below 17000, the index could possibly see another round of correction wave up to 16900-16860 levels.

Rohit Singre, Senior Technical Analyst at LKP Securities

Index started a positive week as it managed to closed a day at 17086 with gains of half a percent and formed a bullish candle on daily chart. On immediate basis, index has formed a support zone near 17000-16900 zone if managed to sustain above said levels then one can expect a swift extension in current pullback towards immediate hurdle zone of 17150-17220 zone & fresh breakouts will be only above 17300 zone till then one can expect a sideways move in Nifty.

Vinod Nair, Head of Research, Geojit Financial Services

Despite spiking covid cases globally, the domestic market took a rebound post its weak opening factoring the low mortality rate of the new variant. Gains in pharma, IT and finance were the major sectorial contributors to the market recovery. Asian markets traded mixed backed by a pledge of support measures from the Chinese central bank while the US and European indices traded flat amid wounded risk sentiments owing to rocketing Omicron cases.

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.