Nifty ends above 15500, Sensex rises 443 pts; selling pressure to continue, stock-specific action likely

Benchmark indices ended on positive note in the highly volatile session Thursday with Nifty ending above 15,500. The BSE Sensex closed 443.19 points or 0.86% at 52,265.72, and the Nifty settled 143.40 points or 0.93% higher at 15,556.70. Among sectors, Auto Index rose 4%, while capital goods, Information Technology, pharma and realty indices up 1% each. Bank Nifty ended 0.8% higher at 33,135. In broader markets, the BSE midcap and smallcap indices added 1% each. Maruti Suzuki, Hero MotoCorp, Eicher Motors, M&M and Bajaj Auto were among the top Nifty gainers, while Reliance Industries, Coal India, NTPC, Power Grid Corporation and Grasim Industries were the losers.

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

“Nifty trend remains weak with resistance seen at 15870 – unless the same is crossed expect weakness to continue. Short term volatility continues to remain high. Broadly expect pressure to continue while limited stock specific risk definable opportunities are avaliable. Select Auto, banking and Midcap energy stocks look attractive from risk perspective. Expect continues selling pressure pressure in Metals space.”

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

“Markets witnessed a roller coaster ride till mid-session before rebounding to comfortably settle in positive territory at close on hectic buying activity in IT, automobile & realty stocks. Fall in the crude oil prices gave some respite to the market, although concerns of persistent FII selling and rising bond yields in the US will continue to keep traders on the edge. Technically, for the last three days the market has been witnessing non directional activity. For Nifty, 15400 and 15600 are the important levels to watch out and below the same the index could slip up to 15340-15300. On the flip side, 15600 would be the key breakout level for the bulls. Above which, the index is likely to hit the level of 15720-15800.”

BofA cuts year-end Nifty target to 14,500

Rakesh Jhunjhunwala stock tanks: Nazara Tech shares down 57% YTD, brokerage says valuations rich; check rating

BPCL, Vodafone Idea, ITC, SBI, HDFC, HDFC Bank, Zomato, Bajaj Auto stocks in focus on weekly F&O expiry

Maruti Suzuki top BSE Sensex gainer, soar 5%; should you buy or hold as analysts see up to 22% rally

Palak Kothari, Senior Technical Analyst, Choice Broking

“On the technical front, the Nifty has formed a bullish candle but faced resistance at 21 Four-Hourly Moving Average i.e., 15647 which suggest crossing above the same can show more upside rally. Nifty has been trading in range of 15200-15700 level while breaching either side can suggest further direction. Nifty has given above 50-Hourly Moving Averages which indicate it can show upside moment in the counter. The momentum indicators Stochastic is trading with a positive crossover on a daily chart which suggests a northward journey in the counter. The Nifty may find support around 15200 levels while on the upside 15700 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32300 levels while resistance at 33800 levels. Overall, Sector specific momentum has been observed, crossing above 15700 can show more upside rally.”

Mohit Nigam, Head – PMS, Hem Securities

“Indian benchmarks traded with hefty gains in late afternoon session on sustained buying activities in index heavyweights, viz Maruti Suzuki, Asian Paints and Bharti Airtel among others and closed with the gain of almost 1%. On the technical front 15,300 and 15,700 are immediate support and resistance in Nifty 50. For Bank Nifty 32,600 and 33,500 are immediate support and resistance respectively.”