Bulls
Market
All sectors indices rose 1-2 percent, including auto, capital goods, IT, FMCG, metal, oil & gas, and power.
The benchmark indices snapped their three-day losing streak on favorable global cues and sector buying.
At closure, the Sensex was up 496.37 points or 0.70 percent at 71,683.23 and the Nifty was up 160.10 points or 0.75 percent at 21,622.40.
Stocks and Sectors
Nifty winners were ONGC, Bharti Airtel, NTPC, Tech Mahindra, and SBI Life Insurance, while losers included IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, Divis Lab, and Adani Ports.
Auto, capital goods, IT, FMCG, metal, oil & gas, and electricity all rose 1-2 percent.
Midcap and smallcap BSE indices rose 1%.
Monday forecast
Stocks rose over 0.5 percent after three days of fall. Nifty gapped higher on firm global cues before trading range-bound until the end. While FMCG, metal, and energy rose, banking continued to struggle, keeping traders busy. The broader indices held their outperformance and gained over 1%.
Nifty regained its short-term moving average but lacks decisiveness. We remain cautious due to banking underperformance and the 21,700-21,850 zone as a hurdle. Continue stock-specific trading and prefer hedged trades.
The Nifty opened gap up and traded narrowly all day. On daily charts, the Nifty is reversing its dip from 22124 to 21285. Between 21705 and 21804, the 50% and 61.82% fibonacci retracement levels, selling pressure will resume. Hourly momentum indicator has reached balance, indicating the pullback is nearing completion. We think the trend is down, therefore exploit this retreat to sell. Levels are 21705–21804 for imminent resistance and 21570–21500 for essential support.
Today, Bank Nifty was poor. It lost most of its gains and ended slightly positive. We expect the Bank Nifty to consolidate between 46500 and 45500 in the short term. Breaking 45500 could cause a drop to 45200–45000.
| FII Sold | 9,901.56Â Â Â Cr |
| DII Bought | 5,977.12Â Â Cr |
Indian Market Stocks
| Sensex | 496.37 | +0.70% | 71,683.23 |
| Nifty 50 | 160.15 | +0.75% | 21,622.40 |
| Bank Nifty | -12.40 | -0.03% | 45,701.15 |
Market Movers
| ONGC | 8.50 3.64% | IndusInd Bank | -51.80 -3.21% |
| Bharti Airtel | 37.95 3.49% | HDFC Bank | -15.50 -1.04% |
| NTPC | 9.15 3.06% | Kotak Mahindra | -12.95 -0.73% |
| Tech Mahindra | 34.75 2.56% | Divis Labs | -6.40 -0.17% |
| SBI Life Insura | 35.70 2.54% | Adani Ports | -1.60 -0.14% |
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For Nifty, the immediate resistance is around 22,050 and support at 21,500 and 21,400, Nada added.
For Bank Nifty 48,000 is a key obstacle, underlined by strong Call writing. A decisive breakout above the may unleash a rapid short-covering surge. Immediate support is at 47,200-47000, a break of which will probably prompt severe selling pressure, perhaps leading to a fall, he added.
Stocks rose over 0.5 percent after three days of fall. Nifty gapped higher on firm global cues before trading range-bound until the end. While FMCG, metal, and energy rose, banking continued to struggle, keeping traders busy. The broader indices held their outperformance and gained over 1%.
Nifty regained its short-term moving average but lacks decisiveness. We remain cautious due to banking underperformance and the 21,700-21,850 zone as a hurdle. Continue stock-specific trading and prefer hedged trades.
The Nifty opened gap up and traded narrowly all day. On daily charts, the Nifty is reversing its dip from 22124 to 21285. Between 21705 and 21804, the 50% and 61.82% fibonacci retracement levels, selling pressure will resume. Hourly momentum indicator has reached balance, indicating the pullback is nearing completion. We think the trend is down, therefore exploit this retreat to sell. Levels are 21705–21804 for imminent resistance and 21570–21500 for essential support.
Today, Bank Nifty was poor. It lost most of its gains and ended slightly positive. We expect the Bank Nifty to consolidate between 46500 and 45500 in the short term. Breaking 45500 could cause a drop to 45200–45000.
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