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

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Benchmarks ended on a positive note in Thursday’s highly volatile session, 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, the auto index rose 4%, while the capital goods, information technology, pharmaceuticals and real estate indexes rose 1% each. Bank Nifty ended up 0.8% at 33,135. In broader markets, the BSE midcap and smallcap indices gained 1% each. Maruti Suzuki, Hero MotoCorp, Eicher Motors, M&M and Bajaj Auto were among Nifty’s top gainers, while Reliance Industries, Coal India, NTPC, Power Grid Corporation and Grasim Industries were the losers.

Sahaj Agrawal, Head of Derivatives Research at Kotak Securities

“Sly trend remains weak with resistance seen at 15870 – unless the same is breached expect further weakness. Short term volatility remains elevated. expects pressure to continue as a limited number of stock-specific risk-definable opportunities become available Some midcap autos, banking, and energy stocks look attractive from a stock perspective Expect continued pressure to sell in the metals space.

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

“Markets were on a rollercoaster ride through mid-term before bouncing back to settle comfortably into positive territory on the close of hectic buying activity in the IT, auto and Falling crude oil prices have given the market some respite, although concerns over continued FII selling and rising US bond yields will continue to keep traders on edge Technically over the past three days the market has witnessed non-directional activity, for Nifty 15400 and 15600 are the important levels to watch and below that the index could slide to 15340-15300. On the other hand, 15600 would be the key breakout level for the bulls, above which the index should hit the 15720-15800 level.

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Palak Kothari, Senior Technical Analyst, Choice Broking

“On the technical front, the Nifty formed a bullish candle but faced resistance at 21 Four-Hour Moving Average i.e. 15647, suggesting that the break above the same may show more rally to the upside Nifty traded in a 15200-15700 level range, while the break to either side may suggest new direction Nifty gave above the averages 50-hour moving, indicating that it may show an upward momentum in the meter.Stochastic momentum indicators are trading with a positive crossover on a daily chart that suggests a northward trip in the meter.The Nifty may find support around the 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 momentum specific to the sector was observed, the franc move above 15700 may show more upside rally.

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Mohit Nigam, Head – PMS, Hem Securities

“Indian benchmarks traded with strong late afternoon gains on sustained buying activity in index heavyweights, namely Maruti Suzuki, Asian Paints and Bharti Airtel, among others. and closed with a 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.

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