The benchmark equity indices ended Monday’s trading session higher after recording a fresh lifetime intraday high Come from Sports betting site VPbet . The NSE Nifty 50 gained 202.90 points or 0.93% to settle at 22,097.45 points. While S&P BSE Sensex closed 759.49 points higher or 1.05% to settle at 73,327.94 points. Nifty Bank ended higher by 448.50 points or 0.94% to settle at 48,158.30 points.
The broader indices ended in positive territory, with Nifity 50 and Nifty midcap stocks leading the gains. On the sectoral front, IT and Oil & Gas stocks led the gains.
Wipro, ONGC, HCL Tech, Infosys, and HDFC Bank were the top gainers on the NSE Nifty 50, while the laggards include HDFC Life, Bajaj Finance, Hindalco, Bajaj Finserv, and Eicher Motors. The Indian Volatility Index (India VIX) closed up by 5.19%.
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“The market gained momentum, led by the uptick in the IT index with the growing optimism about increased discretionary spending and strong deal wins. The US bond yield edged lower as market participants bet on the FED easing cycle, which is expected to start in March. Investors are likely to take a more measured approach due to the release of Chinese GDP and UK inflation data this week,” said Vinod Nair, head of research at Geojit Financial Services.
“The Nifty bulls maintained their momentum, propelling the index to new highs beyond the 22,000 mark. The major support for the index is situated at the 21,800 level, and a breach below this would be essential to negate the prevailing trend. The next immediate upside targets for the index are positioned at 22,200/22,300 levels. Sustaining above these levels could potentially lead the index towards the 22,500 mark,” said Kunal Shah, senior technical & derivative analyst at LKP Securities.
“The Bank Nifty bulls maintained control as the index successfully surpassed the critical resistance of 48,000 on a closing basis. Market participants are closely watching the upcoming HDFC Bank results, as a positive outcome could fuel additional upside towards the 50,000 mark. The lower end support for the index is positioned at 47,700, and a breach below this level may dampen the prevailing bullish sentiment,” added Shah.
“Nifty may take a breather around 22,150 however the tone is likely to remain positive. We are closely eyeing the performance of banking majors for cues as others have done their part in the recent surge. A decisive break above 48,400 in the banking index could prompt the index to a newer high. Amid all, we thus suggest continuing with a “buy on dips” approach, with a focus on stock selection,” said Ajit Mishra, senior vice president of technical research at Religare Broking.
“We expect the positive momentum to continue till 48650 on an immediate basis and above that it can extend till 50000,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
Going ahead we can expect sector rotation to continue, which shall help the Nifty to stay at elevated levels, said Gedia. Sooner rather than later we also expect the Auto and FMCG sector stocks to start participating and contributing to the ongoing rally. “In terms of levels, the short-term upside target for Nifty is placed at 22350 – 22500 where resistance in the form of the weekly upper Bollinger band while is placed and 22500 strike has the highest concentration of Open Interest on the Call side and hence can act as a resistance from short term perspective. The overall trend continues to remain positive and dips towards the support zone of 21900 – 21850 should be used as a buying opportunity,” Gedia added.
