BSE Sensex and Nifty 50 posted a new closing record on Wednesday, after days of consolidation. The Sensex BSE jumped 476 points to close at 58,723, while the Nifty 50 index closed at 17,519.45, up 139.45 points or 0.80%. The heavyweights of indices such as Infosys, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, SBI contributed the most to the rise of the indices. During the day, Sensex hit a record high of 58,777.06, while Nifty hit an all-time high of 17,532.70. The larger markets performed in line with stock indices. The BSE Midcap gained 0.65% or 162 points to settle at 25,216. While the BSE SmallCap index jumped 0.86% or 241.62 points to close the trade at 28,284.07. India VIX, the volatility index, gained 1.14% to close at 13.73.
Shrikant Chouhan, Executive Vice President, Technical Equity Research, Kotak Securities
The bulls were back in action and both benchmarks closed at new highs on new buy support, which was lacking in recent sessions. After a firm open, the benchmark Nifty broke through the strong resistance of 17450. The rally in the intraday index was largely helped by strong investor participation in Telecom and Oil & Gas stocks. Technically, after breaking the 17450 range, the index managed to close above 17500, indicating a strong possibility of a continued uptrend wave to 17575. Above the same, l The index could climb back up to 17625, while trading below 17450 can trigger a rapid intraday correction up to 17400-17350 levels.
Sahaj Agrawal, Head of Research – Derivatives, Kotak Securities
Nifty continues to trade with a positive bias in the short to medium term. We expect the index to conquer 18,000 and more in the medium term. The latest support to mature for the index is at 17080, above which we remain positive. A concentration of options is seen at 17,000 put and 17500 call – this indicates some resistance at the 17500-17600 levels. The value is visible in automotive and mid-cap banking stocks; Expect the outperformance in the mid-cap space to continue.
Rohit Sigre, Senior Technical Analyst, LKP Securities
The index managed to close a day on new highs at 17518 with gains of nearly 1% and formed a bullish candle on the daily chart. It appears that the index has given a break of the bullish flag on the daily chart, which is considered a bullish continuation pattern by nature. the immediate obstacle on the upper side is in the 15600-15700 zone. Additionally, any drop near the mentioned support area may again be a new buying opportunity.
Vinod Nair, Research Manager, Geojit Financial Services
The Indian market continued to increase investor wealth as the overall market traded at record levels. The automobile and telecoms were the key sectors pending the reforms to be announced by the government in the Council of Ministers. The Cabinet authorized the PLI program of Rs.26,000cr for the automotive sector to boost the production of electric vehicles and hydrogen vehicles. The reports approving a relief plan for the telecommunications sector, including a probable moratorium on the payment of the AGR, will help to relieve the indebted sector. Globally, the eagerly awaited inflation data in the United States has indicated a slower-than-expected price increase, which is positive for the global market due to the likely decline in tapering risk