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

4 days ago 28

After a affirmative opening, the marketplace moved successful a range-bound manner, but remained successful the greenish passim the time and managed to adjacent astatine 14942.35 levels. Image: Reuters

BSE Sensex and Nifty 50 ended connected a affirmative enactment for the 4th consecutive league connected Monday, chiefly connected the backmost of a crisp driblet successful regular Covid-19 cases. BSE Sensex ended astir 296 points oregon 0.60 per cent higher astatine 49,502, portion the Nifty 50 scale surged 119 points oregon 0.8 per cent to 14,942. In the broader market, S&P BSE MidCap and SmallCap indices surged astir 1 per cent to extremity astatine 20,808 and 22,426, respectively. Index heavyweights specified arsenic L&T, Housing Development Finance Corporation (HDFC), ICICI Bank, Kotak Mahindra Bank, Sun Pharma, and HDFC Bank, among others, contributed the astir to the indices’ gain. Market breadth was affirmative arsenic 2,068 stocks precocious portion 1,037 scrips declined. A full of 225 shares remained unchanged.

Rohit Singre, Senior Technical Analyst astatine LKP Securities

Index opened a time with bully spread but traded range-bound passim time and closed a time astatine 14942 with gains of astir 1 per cent & formed a tiny bullish candle connected the regular chart. Strong hurdle inactive astatine 15050 zones if managed to prolong supra for a time oregon springiness immoderate adjacent supra said levels past lone we whitethorn spot further upside different immoderate nett booking possible, enactment are shifted to 14900-14850 portion holding supra said levels momentum good.

Ashis Biswas, Head of Technical Research astatine CapitalVia Global Research

The marketplace manages to clasp supra the Nifty 50 Index enactment portion of 14900. The method factors are aligned to enactment a affirmative outlook for the marketplace going forward. Therefore, the short-term traders to usage the rally to exit portion attempting to bargain a dip approach. The marketplace breadth to improve, indicating the likelihood of a beardown trend. Any corrective question down should find buying involvement astir 14800-14850.

Vinod Nair, Head of Research astatine Geojit Financial Services

Domestic bourses continued to thrust connected its optimistic question mirroring beardown across-the-board buying with metals, car and pharma stocks starring the rally. U.S occupation maturation importantly slipped its April forecast signalling sluggish momentum successful the labour marketplace portion a cyber onslaught hiked the US lipid prices. Despite a diminution successful April car income numbers owed to the interaction of covid lockdowns, the car assemblage managed to enactment afloat owing to its agelong word affirmative outlook.

Sumeet Bagadia, Executive Director, Choice Broking

After a affirmative opening, the marketplace moved successful a range-bound manner, but remained successful the greenish passim the time and managed to adjacent astatine 14942.35 levels with a summation of 119.20 points. While slope nifty closed astatine 33142.40 with a summation of 237.90 points. The marketplace breadth was affirmative too, with 38 of the nifty 50 stocks closing successful the green. Technically, the nifty scale has faced absorption from the falling trendline arsenic good arsenic the precocious set of Bollinger, which suggests crossing supra the aforesaid tin amusement an upside movement. Moreover, the scale has fixed closing supra the 21- Days Moving Average, which points retired spot successful the index. A momentum indicator RSI &MACD has indicated affirmative crossover, which supports the bullish inclination for the adjacent term. At present, the nifty scale is holding enactment astatine 14760 levels portion an upside absorption seems astatine 15000 levels.

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