India’s benchmarks ended higher for the second consecutive session on Tuesday, with Nifty ending above 15,600. At the close, the Sensex was up 934.23 points or 1.81% at 52,532.07, and the Nifty was up 288.60 points or 1.88% at 15,638.80. All sector indices ended in the green with IT, Metals, Oil & Gas, Power, Real Estate and PSU Banking up 3-6%. The BSE Midcap index jumped 2.4% and the Smallcap index 3%. While the overall market setup continues to remain ‘Sell High’, intermittent episodes of relief recovery cannot be ruled out, analysts said. Immediate support and resistance for Nifty50 are 15,400 and 15,800 levels
Deepak Jasani, Head of Retail Research, HDFC Securities
“Falling Crude Oil prices, positive global signals, bottom fishing and the technical setup ripe for a rebound are the reasons for the markets higher today. 15670-15740 could be near-term resistance for the Nifty. Investors can take advantage of this bounce by trading oversold stocks and prepare a list of stocks they would like to unload on this bounce to raise cash. Selling up is a good strategy to follow unless we We are seeing signs of inflation stabilizing and reversing globally, which may be an early sign of bottoming.
Vinod Nair, Head of Research at Geojit Financial Services
“The absence of new sell triggers in the domestic and global economy along with falling commodity prices relieved the heavily discounted stock market to show recovery. The recovery indicates that the current uncertainties related to inflation and monetary policy tightening have been factored in. However, with the highly sensitive nature of today’s stock market, the slightest downside can trigger volatility.
Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services
“Markets today saw the much-needed rescue rally after posting the worst weekly loss in 2 years. In addition, value buying in beaten sectors also helped the market gain momentum today Globally, equity markets continue to worry about rate hikes planned aggressive moves by central banks to rein in record inflation and its impact on economic growth.However, on the positive side, crude prices have corrected nearly 10% from their recent peak, offering some respite to the Indian market.While the overall market pattern continues to remain “sell higher”, intermittent episodes of relief recovery cannot be ruled out.Given hawkish comments from central banks s and record inflation, the rate hike cycle is likely to continue over the next couple of months and keep markets jittery. “
Mohit Nigam, Head – PMS, Hem Securities
“Local stock markets extended their gains in the late afternoon. Technically, the immediate support and resistance for Nifty50 are 15,400 and 15,800 levels. In the case of Bank Nifty, 32,700 may act as immediate support and 33,700 can act as immediate resistance level.
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