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Thursday, May 6, 2021

Sensex wins for third day in a row as financiers lead; Nifty could soon reach 15100

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The scale of the market was largely positive as 1,785 stocks rose while 1,178 declined.

BSE Sensex and Nifty 50 finished in positive territory on Wednesday, topping 1.5% ahead of the April monthly F&O contract expiration on Thursday. Booming for the third day in a row, Sensex zoomed close to 800 points to finish at 49,734, while Nifty advanced more than 200 points to settle at 14,865. Market size was largely positive as 1,785 stocks rose while 1,178 declined. A total of 181 stocks remained unchanged. Wider markets also participated in today’s rally. The S&P BSE MidCap Index gained 1% or 200 points to end at 20,482, while the S&P BSE SmallCap jumped 0.7% or 152 points to close at 21,658.44.

Market Commentary by Mohit Nigam, Director, PMS, Hem Securities

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The markets continued their positive momentum since yesterday and closed up almost 1.5%. Bank Nifty finished up 3% today and was the main driver of the rally for the second day in a row. The positive and stable results of ICICI, Axis and Bajaj Finance have changed the dynamics of the markets which have shown weakness in recent weeks. We expect the momentum to continue with stronger movement among small and mid caps, particularly in the Chemicals segment. 15000 becomes psychologically important resistance for markets to break for further upside, 14650 becomes new support.

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Manish Hathiramani, Owner Index Trader and Technical Analyst, Deen Dayal Investments

Markets managed to close above the 14700 level and that is a positive signal. We should now be heading towards 15100. The index has good support at 14300-14400 and as long as this holds, we could use any intraday correction or downside to buy higher targets in this market.

Vinod Nair, Research Manager at Geojit Financial Services

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Strong fourth quarter results and vaccine optimism pushed domestic markets to trade on a positive basis for the third day in a row ahead of the Fed’s interest rate decision. Strong buying interest was seen in banking and auto stocks with better business prospects expected to be sustained.

Rohit Singre, Senior Technical Analyst at LKP Securities

Another spread session with an identical open and fall hit the new breakouts on the daily chart and closed a day at 14850 with good gains of one and a half percent. The index gave a break out of the descending channel pattern on the daily chart indicating that if current levels are held we might see good northward movement in the near term, immediate support is shifted to the 14750 area -14650 and resistance is also placed in the 14950-15000 area. another breakout can again be seen above the 15km mark, which previously acted as a major obstacle.

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S Ranganathan, Head of Research at LKP Securities

The bulls went wild with banks and autos, especially the sought after two-wheeled stocks in what turned out to be a bullish trading session throughout the day. HDFC Twins and Bajaj Twins provided good support for indices, with broader market showing strength across all sectors

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