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Sensex ends in green, Nifty may head to 18400 if it holds above 18225

S&P BSE Sensex gained 85.88 points or 0.14% to settle at 61,308 while NSE Nifty 50 gained 52.35 points or 0.29% to finish at 16,308.

After dancing between marginal gains and losses for most of the day, headline indices closed Monday’s trading session in the green. S&P BSE Sensex gained 85.88 points or 0.14% to settle at 61,308 while NSE Nifty 50 gained 52.35 points or 0.29% to finish at 16,308. Ultratech Cement was the top Sensex gainer, jumping 2.75% after the firm announced its quarterly results. Other gainers included Mahindra & Mahindra, Maruti Suzuki, and Tata Steel. HCL Tech was the worst performer, down 5.76%, followed by HDFC Bank, Axis Bank, and Tech Mahindra. Bank Nifty ended in the red falling 0.40% to sit at 38,216. Broader markets moved up and India VIX jumped 1.27%. 

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities –

Traders flocked to real estate, automobile & power counters despite a lacklustre trading session as key indices managed to end in the green. With the Union Budget round the corner, the market is building up expectations with regards to key sectors where the FM can deliver. The Nifty has formed a small bullish candle and on intraday charts it is holding higher bottom series formation which is largely positive. For the trend following traders, 18225 would be the key level to watch out for and above the same the uptrend formation may continue up to 18375-18400 levels. However, a quick intraday correction is not ruled out if the index trades below 18225 and below the same, it could hit 18150-18100.”

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty has risen after a day of pause and the advance-decline ratio also remains healthy. However the day on day gain as well as the intraday range remains small. 18164-18342 seems to be the range for the Nifty in the near term.”

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“The markets closed on a strong footing and has crossed 18300. We should be heading to 18500; however it is not advisable for traders to jump into fresh long positions. A buy on dips approach is better as the risk reward ratio is not favorable at current levels. The support for the Nifty is at 18100.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the index has given breakout above the prior swing high & and formed a bullish candle on a daily time frame which suggests an upside rally in the counter. Furthermore, the index has been trading above Ichimoku cloud which adds strength for upside. Moreover, the index has been trading above 21&50-DMA with a positive crossover as well as a momentum indicator MACD & STOCHASTIC are trading with a positive crossover on the daily time-frame which suggests strength in the counter. At present, the Index has support at 18200 levels while resistance comes at 18380 levels, crossing above the same can show 18500-18600 levels. On the other hand, Bank nifty has support at 37800 levels while resistance at 39000 levels.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets started the week on a flat note amid mixed global cues. As the day progressed, high volatility was witnessed but the benchmark traded in a positive range for most of the session. Markets are currently witnessing time-wise correction and likely to resume the trend soon. Meanwhile, participants should focus more on risk management citing a rise in volatility due to the earnings. We reiterate our preference for IT, metal, realty and pharma pack while banking may see further consolidation.”

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