Sensex starts 2022 in firm grip of bulls, Nifty to find resistance near 17800-17850

S&P BSE Sensex soared 929 points or 1.6% to settle at 59,183 while the NSE Nifty 50 closed 271 points or 1.57% higher at 17,625.

The Bank Nifty index was closed 2.65% higher at 36,421. (Image: REUTERS)

Bulls dominated the first trading session of 2022, forcing Dalal Street higher. S&P BSE Sensex soared 929 points or 1.6% to settle at 59,183 while the NSE Nifty 50 closed 271 points or 1.57% higher at 17,625. Bajaj Finance ended as the top Sensex gainer, up 3.5%, followed by Bajaj Finserv, ICICI Bank, and Axis Bank. On the other hand, Dr. Reddy’s was down 1.13%, accompanied by Mahindra & Mahindra, Tech Mahindra, and Nestle India. The Bank Nifty index was closed 2.65% higher at 36,421. Broader markets mirrored the up-move and India VIX jumped 1.42%. 

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

“The index has marched forward gallantly and is all set to move up higher. As expected on Friday, we have achieved the target of 17600. We should now be headed to 17850 as the next level of resistance. Post that 18050 would be the next possible target for the Nifty. Since we are in positive terrain, any drop or intra day dip can be utilized to accumulate buy positions for higher targets.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index started a new year with a strong positive move as it closed at 17625 with gains of more than one & half percent and formed a strong bullish candle on the daily chart. On an immediate basis index has hurdle near 17650 zone if managed to given close above 17650 then we may see immediate change in trend from down to up and then next leg of move can be towards 18k mark, on the other hand support for nifty is coming near 17500-17440 zone also any dip near mentioned support zone can be fresh buying opportunity.”

Sachin Gupta, AVP, Research, Choice Broking

“Technically, the nifty index moved above 50% Retracement Levels on a daily chart, which suggests a positive strength in the index. Moreover, the index has also settled above 50-days Simple Moving Averages. A momentum indicator RSI & MACD witnessed a positive crossover on the daily time frame.  During the day, the index has also moved above the prior resistance of 17639.50 levels and made a high at 17646.65 levels.  At present, the Index has support at 17500 levels while resistance at 17800 levels. On the other hand, Bank nifty has support at 36000 levels while resistance at 36900 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic bourses kicked off the New Year on a strong footing supported by banking, auto and IT stocks, following positive cues from global markets. Auto stocks were in focus today as investors digested the mixed auto sales numbers amid the ongoing chip shortage. India’s Manufacturing PMI continued to be in the expansion zone at 55.5 in December supported by strong momentum in production and new orders, although the growth was slower on a sequential basis.”

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

“Indian markets opened on a positive note on the first trading day of the year despite mixed Asian market trade. During the afternoon session markets maintained their upward momentum and continued to trade in positive territory, following gains in auto, banking, and realty stocks. Healthy buying was observed in blue-chip stocks. Sentiments were upbeat as Finance Ministry said that Goods and Services Tax (GST) revenues grew 13 percent to over Rs 1.29 lakh crore in December 2021, as compared to Rs 1.15 lakh crore GST revenues in the same month last year, mainly due to pickup in economic activity and anti-evasion steps. However, traders overlooked reports that India’s manufacturing activity lost some momentum in December easing to a three-month low after hitting a 10 month high in November, amid fears that the rapidly spreading third wave of the Coronavirus (Covid-19) pandemic may hit consumer sentiment and output.”

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