Sensex, Nifty extend rally to second day; are benchmark indices headed towards fresh all-time highs?

Auto stock were among the best performers on Tuesday.
(Image: REUTERS)

Domestic markets closed in the positive territory for the third consecutive trading session on Tuesday. Bulls once again asserted control, taking the benchmark indices 1.2% higher. Auto Stocks led the rally today, with Mahindra and Mahindra along with Bajaj Auto ending as the top Sensex gainers. Pharma, PSU Banks, and FMCG stocks were some of the laggards. India VIX was again in the red, ending the day at 19.32, down 1.45%. 

Vinod Nair, Head of Research at Geojit Financial Services

“In anticipation of rapid fall in covid cases, the implication of corporate results and favourable Asian markets, the Indian market has reverted strongly after 3 months of muted performance. Global futures indices rose ahead of the release of the Fed’s policy minutes, which is due on Wednesday, in anticipation of accommodative outlook.”

Ajit Mishra, VP – Research, Religare Broking –

“Nifty has finally regained momentum after spending months in a consolidation range and reclaimed the 15,000 mark. The rise can be attributed to a decline in India’s COVID cases and stability in the global markets. Among the sectoral indices, banking and auto have witnessed decent traction in the last two sessions after underperforming for nearly a month or two. Indications are in the favor of prevailing up move to continue thus we suggest continuing with the “buy on dips” approach.” 

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“The Index maintained its bullish stance till the end of trade today. If we can keep this momentum going, the next target for the Nifty is 15250. The markets have a good support level at 14700 and as long as that is holding, any intraday dip or correction can be utilized to enter long positions for higher targets.”

Manish Shah, Founder, Niftytriggers –

“Nifty was locked in a trading range for last two months and as the market gapped above the resistance zone this seems to be a breakaway gap. Price gapping out of a consolidation area enhances power of a breakout. With this Nifty is likely to see a rally towards the recent high at 15430-15500 and a break above zone could mean a rally towards 16000-1610 over next several weeks Oscillators are also showing that the momentum is picking. After a gap of two months RSI has managed to move above 60. MACD is in a buy mode. As long as Nifty holds above 14750 the trend has changed from sideways to up. Traders should be long this market.”

Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS –

“Nifty has finally managed to break out of its 2-month consolidation range, primarily underpinned by a sharp rally among banking stocks over the past two sessions. In doing so, Nifty has also broken above the neckline of an inverse Head and Shoulder pattern, which is a bullish pattern that signals at price gains. Going forward, the 15000-14970 zone should now act as a support for Nifty. As long as this zone holds, we expect the index to march higher to fresh highs in the days ahead.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index opened a day with a strong gap above its good hurdle zone of 15050 & managed to close a day at 15108 with good gains of more than one percent. Going forwards 15000-14900 will act as a strong base holding above said levels structure will be quite positive also any dip near said levels will be again buying opportunity with keeping overall stop out level below 14900 zone and resistance is coming near 15200-15300 zone.”

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