Buying in Realty and IT stocks lifted BSE Sensex and Nifty 50 nearly half a per cent higher on the day of weekly options expiry. The 30-share Sensex scaled new closing peak of 53,159, up 255 points and Nifty 50 settled at 15,924, rising 74 points. During intraday, the Sensex hit new lifetime high of 53,266 and the Nifty touched 15,952. The broader markets underperformed equity benchmarks. BSE MidCap index rose 0.3 per cent or 72 points to settle at 23,026.64. During the day, BSE Smallcap index hit an all-time high of 26,423, however, it ended at 26,362.80. India VIX, the volatility index, cooled off 2.5 per cent to end at 12.27 levels.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has successfully closed above the 15915 level which was a resistance to watch out for. This should allow the index to scale up further to 16100. The revised support for the market is now at 15700. Keeping a close below this level as a stop, traders could consider long positions or an accumulation strategy on intra day dips.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
After a long consolidation, Nifty closed above its resistance level of 15900. Nifty made a high of 15952.35 and closed at 15924.2. Nifty has now confirmed the uptrend and traders can expect levels of 16100 and 16200 in the next few weeks. Nifty bank closed at 35907 which is marginally above its resistance level of 15900. Traders are suggested to buy above today’s high with a stop loss of 35700 and targets of 36500 and 37000.
Mohit Nigam, Head- PMS, Hem Securities
Nifty 50 broke an important resistance level of 15,900 today and we believe this momentum should continue. 15600 remains a crucial support on the downside and we think markets may move towards 16400 levels gradually after closing over 15900 today.
Sumeet Bagadia, Executive Director, Choice Broking
On the technical chart, the Nifty has given the breakout of its previous resistance level, which suggests strength for the next day. The index has given the closing above 50 DMA with a positive crossover which adds further strength in the index. A momentum indicator RSI (14) has turned upward from the 50 levels & stochastic suggested positive crossovers on the daily timeframe, which indicates further upward momentum in the counter. At present, the nifty is having support at 15800 level while sustaining above 15900 level can show 16100-16200 levels in upcoming days.
Vinod Nair, Head of Research, Geojit Financial Services
Indian indices extended its gains to all-time high supported by positive Asian market and rally in Reality, IT, Financials and Metals stocks, in anticipation of robust Q1 earnings & recovery in demand. Asian markets were positive as China reported better than forecasted economic data and the global market was boosted by the accommodative stance in the Fed official’s statement, reducing risk of change in rates.