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Sensex, Nifty claim fresh all-time highs on Friday; here’s what experts make of today’s trade

Financial Express - Business News, Stock Market News

Share Market Today, Share Market LiveIndia VIX ended 4.99% higher.
(Image: REUTERS)

Bulls were in firm control on Dalal Street today pulling the benchmark indices to fresh all-time highs. S&P BSE Sensex zoomed 593 points or 1.08% to close at 55,437 while the NSE Nifty 50 galloped 164 points of 1.01% to close at 16,529 — their highest closing levels ever. TCS jumped 3.22% to end as the top Sensex gainer, followed by Larsen & Toubro, Bharti Airtel, and HCL Technologies. Power Grid was the worst Sensex performer on Friday, ending 1.28% lower. This was followed by Dr Reddy’s. IndusInd Bank, and Bajaj Finance. Bank Nifty managed to not only breach the 36,000 mark but extend its gains to end at 36,169, jumping 0.65%. Broader markets closed mixed as midcap and smallcap indices closed with losses.

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities –
“It was yet another record-breaking performance from key benchmark indices, with Sensex zooming to end past 55000 as key economic readings boosted investors’ sentiment. After a breakout formation, the Nifty consolidated in the range of 16200-16350 levels. On daily and weekly charts, the Nifty has formed a strong breakout continuation formation and the texture of the chart suggests an uptrend wave is likely to continue in the short run. However, momentum indicators and intraday charts indicate a temporary overbought situation, and traders may prefer to take some profits near the 16650-16750 level. We are of the view that the short-term trading setup is positive and the ideal strategy would be to buy on dips and sell on rallies. In the near future, the 16400-16320 levels would act as a key support zone for the index and trading above the same the uptrend momentum could persist up to 16600-16750 levels. On the flip side, a correction could be seen below 16320, and could possibly trigger one more leg of downside up to 16150-16000 levels.”

Vinod Nair, Head of Research at Geojit Financial Services –
“Domestic main indices raised the bars, registering new highs, bolstered by favorable economic data and a strong performance by large caps like defensive sectors such as IT, FMCG and telecom. Investor sentiments were boosted as retail inflation eased to 5.59% in July from 6.26% in June owing to softening food prices. Moreover, Industrial Production rose by 13.6% YoY in June on account of good performance by manufacturing, mining and power sectors.”

Mohit Nigam, Head – PMS, Hem Securities-
“Benchmark Indices closed on a positive note with Sensex crossing 55,000 and Nifty 16,500 for the first time. More than 200 stocks, including Bharti Airtel, HCL Tech, Infosys, Larsen & Toubro and TCS, hit their fresh 52-week highs on BSE today. On the technical front, immediate support and resistance for Nifty 50 is 16600 and 16400 respectively.”

Sachin Gupta, AVP, Research, Choice Broking –
“Overall, the market sentiment remains positive as the industrial production data showed some signs of recovery in the manufacturing sector. The nifty index has given a breakout of immediate consolidation and settled above the prior resistance at 16375.50 levels. On the daily chart, it has formed like a bullish Marubozu candlestick, which indicates bullish strength for the coming session. The nifty50 index has been trading above all the important key indicators as well as MACD & RSI is also showing positive crossover, which suggests a further upward move. At present, the nifty index has immediate support at 16350 levels while resistance may come around 16650 levels.”

S Ranganathan, Head of Research at LKP securities –
“Buoyed by Inflation numbers, Indices galloped their way to new highs powered by the IT index as TCS together with biggies like Larsen & Siemens stole the show even as Midcaps remained subdued. FMCG names lent good support today to the Sensex which has vaulted from 50k in just seven months to endorse that the Bull Market is still firmly in place.”

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