Sensex ends in green for the third day running, Nifty holds above 16200, check support, resistance levels

Bulls asserted control on Dalal Street on Friday, forcing the headline indices to close with gains for the third day straight. S&P BSE Sensex zoomed 303 points or 0.56% to settle at 54,481 while NSE Nifty 50 index ended at 16,220, gaining 87.70 points or 0.54%. L&T stock price gained 4.56% as the top Sensex gainer, followed by Power Grid, and NTPC. Tata Steel was the top laggard, down 1.6%, accompanied by Maruti Suzuki, and IndusInd Bank. TCS closed 0.61% lower ahead of its Q1 results. India VIX was down 4%, giving up 19 levels while Bank Nifty ended at 35,124.

Deepak Jasani, Head of Retail Research, HDFC Securities

Mohit Nigam, Head – PMS, Hem Securities –

“In stock-specific, Mahindra & Mahindra (M&M) remains in focus, as the company and British International Investment (BII), have executed a binding agreement to invest up to Rs 1,925 crore each into a wholly owned subsidiary of M&M that will be newly incorporated (EVCo). Immediate support and resistance for Nifty are 16,000 and 16,350 respectively. Immediate support and resistance for Bank Nifty are 34,700 and 35,800 respectively.”

Palak Kothari, Senior Technical Analyst, Choice Broking –

“On the Technical Front, The Nifty has been sustaining above the upper band of rising wedge formation which suggests strength for next day. Furthermore, the Index has formed a bullish candle on a weekly time frame which suggests an upside rally.The momentum indicators Stochastic & MACD are trading with a positive crossover on a daily time frame which suggest northward journey in the counter. The Nifty may find support around 16100 levels while on the upside 16350 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank nifty has support at 34500 levels while resistance at 35500 levels. Overall, Stock specific moment has been observed sustained above 16200 level can open the gate for 16500 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“The Indian rally got stronger as crude prices corrected halving FIIs selling when compared to last week. However, this rally can fizzle out as correction in commodities prices & tightening monetary policy are negative for global economy, limiting earnings growth & valuation expansion. Q1 earnings season will be the prime focus of the market, in the near-term.”