Sensex up for 3rd straight day, Nifty settles Feb F&O series higher; check Nifty’s support, resistance levels

BSE Sensex and Nifty 50 settled over half a per cent up on Thursday, supported by positive F&O monthly roll-over and strong global cues. BSE Sensex ends 258 points or 0.51 per cent higher at 51,039, while the Nifty 50 index settled near 15,100, up 115.35 points or 0.77 per cent. Index heavyweights such as Reliance Industries Ltd (RIL), Axis Bank, Tata Consultancy Services (TCS), NTPC, and IndusInd Bank contributed the most to the indices’ gain today. The broader markets outperformed the equity benchmarks, with S&P BSE MidCap index rising 1.09 per cent or 220 points to end at 20,334. While S&P BSE SmallCap index gained 1.42 per cent or 285 points to settle at 20,305. The small-cap index hit a new 52-week high of 20,321 in intra-day trade and surpassed its previous high of 20,183.

Rohit Singre, Senior Technical Analyst at LKP Securities

One more positive session and index managed to close at 15093 with gains of nearly one per cent & formed a gravestone Doji kind of candle pattern on the daily chart. On the immediate basis, the index has good support near the 15k mark if the index managed to sustain above the 15k mark then-current positive move can extend further towards the 15200-15250 zone which are the hurdle zone on the higher side and if fails to sustain then strong profit booking can be a witness.

Vinod Nair, Head of Research at Geojit Financial Services

Domestic market added strength on yesterday’s rally supported by positive F&O monthly roll-over and robust global market. Small and mid-cap stocks continued its outperformance over the benchmark indices. World equity market rebound after getting assurance from central banks, importantly FED, that good liquidity will be maintained, in spite of being under pressure of rising inflation, since the economy is still well below the pre-covid standpoint.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14650-14850. The expectation is that the level should range between 15250 and 15000 in days to come. Technical pieces of evidence are not supporting any significant momentum from a short-term perspective, and the market is likely to stay in this range. The momentum indicators like RSI, MACD to poised neutrally supporting.

S Ranganathan, Head of Research at LKP Securities

The day clearly belonged to the NIFTY PSE Index which rose 4% today after the plan announced yesterday to privatise and monetise assets of PSE. The broader market also witnessed keen investor interest in Power stocks.