BSE Sensex and Nifty 50 extended their rally to the fifth consecutive day on Wednesday, on the back of buying in auto stocks. BSE Sensex jumped 452 points or 0.75 per cent to end at 60,737, and NSE Nifty 50 index settled at 18,161, up 170 points or 0.94 per cent. Both the indices made record closing highs. During intraday, Sensex hit a lifetime high of 60,836.63, while NSE’s Nifty scaled a historic high of 18,197.80. In broader market, BSE Midcap index outperformed the equity benchmarks, rallying 1.56 per cent or 408.47 per cent to finish at 26,556.43. BSE SmallCap index gained 0.6 per cent or 173.15 per cent to settle at 29,755.41. India VIX, the volatility index, gained 1.6 per cent and settled at 16.10 levels. Analysts say Nifty may continue to rally up to 18,275.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Markets witnessed a stellar rally as both Sensex and Nifty scaled to fresh record highs, largely dominated by Auto and IT stocks. Benchmark Nifty maintained a strong breakout continuation formation which clearly suggests further uptrend from current levels. We are of the view that the short term chart formation is still in to the long side but due to an overstretched intraday rally the bulls may take a caution stance between 18250-18275 levels. For day traders, 18100 would act as a key support level. Above the same, the uptrend wave will continue up to 18200-18275 levels. On the other hand, dismissal of 18100 could possibly trigger a correction wave up to 18040-17980 levels.
Mohit Nigam, Head – PMS, Hem Securities
On the technical front, Nifty 50 is able to sustain 18,000 levels and we may witness markets to touch 18,300 levels in the coming session. the 17,800 level is immediate support in Nifty 50.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty was successful in closing above the hurdle of 18050. This should allow the index to scale up higher to 18250 as the first pit stop and then to 18400. Since the volumes are healthy and the momentum is fierce, dips and corrections should be utilised to accumulate long positions.
Rohit Singre, Senior Technical Analyst, LKP Securities
One more positive session & index closed a day on fresh highs at 18161 with gains of nearly one percent and formed a bullish candle for third consecutive session showing strength. The index has shifted its immediate support to 18100-18040 zone so existing longs can be hold with keeping trailing stop out level below 18k mark also any dip near mentioned support zone will be a fresh buying opportunity for the overall targets of 18300-18500 zone on the higher side, immediate hurdle is formed near 18200-18300 zone.
Vinod Nair, Head of Research, Geojit Financial Services
The mood of the global market is muted by inflation fears & high bond yields ahead of the release of US inflation data. However, the Indian market is robust due to the festival season. Best performers are auto, metal and power sectors in expectation of high demand.
Rahul Sharma, Co-Founder, Equity99
On hourly charts, a continuous higher top higher bottom was seen in Nifty and only last one hour was seen with profit booking across the market, this indicates that bulls are very much charged but profit booking is taking place at higher levels, now Nifty has strong support at 18060 then at 18000 levels & on the upside 18200 will act as resistance, if we cross 18200 levels with volume then 18350 levels to watch.
Eqwires Research Analyst
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