After two consecutive days of trading flat, domestic equity markets surged higher on Wednesday and closed with gains. Sensex added 379 points to close at 51,017 while Nifty 50 was above 15,300. Among the top gainers were Bajaj Finserv, Infosys, Bajaj Finance, and Mahindra & Mahindra were the top index gainers. Most broader markets concluded Wednesday’s trade with gains, except Nifty Next 50 and the Midcap 50 index. India VIX skyrocketed 11.11% on closing. Among sectoral indices Bank Nifty was in the green but, Nifty Metal and the PSU Bank index closed in the negative.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –
“The index managed to cross 15300; if we can sustain these levels, we should be headed to 15500-15600. We have a good support range at 15000 and hence can buy into corrections. As long as the Nifty maintains 15000 on a closing basis, we are in the bullish territory.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors like tourism, aviation and hospitality along with MSMEs. Value buying was seen in the IT sector while Metals stocks remained in the correction phase due to muted international commodity prices.”
Rohit Singre, Senior Technical Analyst at LKP Securities –
“After two consecutive dull sessions index showed some traction and closed a day at 15301 with gains of 100 points & formed a small bullish candle on daily chart. now again index has shifted its support to 15250-15200 zone holding above said levels can see more strength and we may head towards previous swing highs, an immediate hurdle is coming near 15370-15430 zone said levels will be immediate profit booking levels fresh breakouts above 15430 on closed.”
Mohit Nigam, Head, PMS – Hem Securities –
“Markets ended the day on a positive note with Nifty 50 closing above the resistance level of 15,300. The top gainers were the Bajaj twins. Bajaj Finserv & Bajaj Finance closed the trading session with gains of 4.5% & 2.6% respectively. Among the Sectoral indices the Nifty IT acted as the major gainer in today’s trade with the gains of over 1.7%. With Indices just shy of the February all time highs , tomorrow’s expiry will be a crucial factor to determine the trajectory of the markets. Also, majority of the companies have declared their results. 15200 will act as a support for the markets & they might inch towards new all time highs in the next few trading sessions.”
Manish Shah, Founder, Niftytriggers –
“Nifty closed the day marginally positive. Nifty is now just a couple of points away from making a new historic high. If Nifty manages to sustain above 15430 we should be looking at a sustained rally over next several weeks or months. Previous swing highs do act pressure points and we still need to see Nifty trading above the previous swing high with an increase in volumes and range. Once Nifty manages to trade and hold above 15430-15450 it is likely that Nifty will see a rally towards 16000-16200 over the next several weeks. Support for Nifty is at 14900 as long as support at 14900-14950 holds our view of a sustained rally remains intact.