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Sensex tops 49,500, Nifty ends just below 14,950; here’s what experts make of today’s trade

Financial Express - Business News, Stock Market News

Sensex, Nifty, stock marketsAfter a positive opening, the market moved in a range-bound manner, but remained in the green throughout the day and managed to close at 14942.35 levels. Image: Reuters

BSE Sensex and Nifty 50 ended on a positive note for the fourth consecutive session on Monday, primarily on the back of a sharp drop in daily Covid-19 cases. BSE Sensex ended nearly 296 points or 0.60 per cent higher at 49,502, while the Nifty 50 index surged 119 points or 0.8 per cent to 14,942. In the broader market, S&P BSE MidCap and SmallCap indices surged nearly one per cent to end at 20,808 and 22,426, respectively. Index heavyweights such as L&T, Housing Development Finance Corporation (HDFC), ICICI Bank, Kotak Mahindra Bank, Sun Pharma, and HDFC Bank, among others, contributed the most to the indices’ gain. Market breadth was positive as 2,068 stocks advanced while 1,037 scrips declined. A total of 225 shares remained unchanged.

Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with good gap but traded range-bound throughout day and closed a day at 14942 with gains of nearly one per cent & formed a small bullish candle on the daily chart. Strong hurdle still at 15050 zones if managed to sustain above for a day or give any close above said levels then only we may see further upside otherwise some profit booking possible, support are shifted to 14900-14850 zone holding above said levels momentum good.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market manages to hold above the Nifty 50 Index support zone of 14900. The technical factors are aligned to support a positive outlook for the market going forward. Therefore, the short-term traders to use the rally to exit while attempting to buy a dip approach. The market breadth to improve, indicating the likelihood of a strong trend. Any corrective wave down should find buying interest around 14800-14850.

Vinod Nair, Head of Research at Geojit Financial Services

Domestic bourses continued to ride on its optimistic wave mirroring strong across-the-board buying with metals, auto and pharma stocks leading the rally. U.S job growth significantly slipped its April forecast signalling sluggish momentum in the labour market while a cyber attack hiked the US oil prices. Despite a decline in April auto sales numbers due to the impact of covid lockdowns, the auto sector managed to stay afloat owing to its long term positive outlook.

Sumeet Bagadia, Executive Director, Choice Broking

After a positive opening, the market moved in a range-bound manner, but remained in the green throughout the day and managed to close at 14942.35 levels with a gain of 119.20 points. While bank nifty closed at 33142.40 with a gain of 237.90 points. The market breadth was positive too, with 38 of the nifty 50 stocks closing in the green. Technically, the nifty index has faced resistance from the falling trendline as well as the upper band of Bollinger, which suggests crossing above the same can show an upside movement. Moreover, the index has given closing above the 21- Days Moving Average, which points out strength in the index. A momentum indicator RSI &MACD has indicated positive crossover, which supports the bullish trend for the near term. At present, the nifty index is holding support at 14760 levels while an upside resistance seems at 15000 levels.

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