Sensex, Nifty leaps from the bottom to finish near the high point of the day; charts suggest a wider trading range ahead

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Tata Motors, TCS, Adani Enterprises, Adani Ports, L&T, Gail, among others, have reached new heights in 52 weeks.

The S&P BSE Sensex gained 91 points on Thursday while the 50-stock NSE Nifty closed just below 14,600. In another volatile trading session, Sensex jumped 402 points from intra-day lows. Among the top winners on Sensex were IndusInd Bank, TCS and Larsen & Toubro. The larger markets mirrored the uptrend and ended the day in the green. Among the sector indices, only Nifty Realty, Media, Metal and IT finished the day in red while others gained. Tata Motors, TCS, Adani Enterprises, Adani Ports, L&T, Gail, among others, have reached new heights in 52 weeks.

Shrikant Chouhan, Executive Vice President, Technical Equity Research at Kotak Securities –

“It was a limited session for the market. The weekly expiration of options contracts and mixed activity in global markets kept traders in the undecided mode throughout the day. As the candlestick forms an indecisive pattern for the market which would keep the market in a wider trading range between the levels of 14400/49100 and 14700/49900. We need to be equity specific to drive the current market momentum as long as the market does not break through the bullish barrier. Above 14700/49900 the Nifty / Sensex would hit the 15000/50500 levels. The Bank-Nifty also survived well above the psychological barrier point of 32,500 which is positive for it and could reach 33,200 in the near term.

Vinod Nair, Research Manager at Geojit Financial services –

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“Despite better-than-expected results from Infosys and Wipro, the IT industry saw sales when it first opened. However, the sector rebounded quickly, which led to a market recovery after its weak opening. The wholesale price increase for the month of December fell to 1.22% as the WPI food index fell from 4.27% in November to 0.92%. Positive economic data along with improving quarterly outlook is helping the Indian market to attract more foreign funds which will keep market liquidity high even in these high valuations.

Ajit Mishra, VP – Research, Broking Religare –

Markets stayed in the range for another session and finished slightly higher. Initially, profit taking in IT majors pushed the benchmark down, but buying in selected index majors, particularly in energy, capital goods and the FMCG space, gradually reduced all losses. We might see further index consolidation coming and that would be healthy for the markets. The recent rise in volatility on the equity specific front is in line with expectations and we expect this trend to continue into the earnings season. Participants now need to be more careful in selecting stocks and focus more on risk management. “

Rohit Singre, Senior Technical Analyst at LKP Securities-

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“The index again closed the day on a positive note at 14596 with minimum gains of 30 points and formed a small bullish candle on the daily chart. The index has formed a good base near 14,500 zones standing above said levels, we can see the index moving north and any decline around 14,500 zones will again be a buying opportunity, immediate resistance will come. form at 14650 areas above which we can see bullish momentum to continue again. “

Niftytriggers, founder of Manish Shah –

“Nifty closed the day at the top of the range with the close at the high of the day. This is again a bottom tail pattern where Nifty gave a sharp bounce after the day’s low. At the end of the day, the pattern is not bearish, but a rally from the day’s lows suggests buyers are not giving up just yet. The last three days low at Nifty is at 14425 and this is the level that should not be broken. On the upper side, the Nifty barrier is at 14650, a break above what will propel the market towards 14800-14850.

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