The stock market indices closed on a strong note in the fourth straight session ended January 12.
At close, the Sensex was up 533.15 points or 0.88 percent at 61,150.04. The broader Nifty was up 156.50 points or 0.87 percent at 18,212.30. About 1,694 shares have advanced, 1554 shares declined, and 54 shares are unchanged.
Top gainers in Nifty50 were M&M (4.65 percent) and Bharti Airtel (3.80 percent) and top losers were Titan (-1.52 percent) and TCS (-1.43 percent). Majority of the sectoral indices ended in green with Nifty Realty (1.72 percent) being the top gainer followed by Nifty oil and Gas
Mohit Nigam Head PMS, Hem Securities, said, the benchmark indices showed directional bias and ended in green for the fourth consecutive day. Global markets showed strength as markets reacted positively to US Federal Reserve chairman Jerome Powell’s testimony. Asian markets were trading in green following this development. Investor sentiments magnified as the World Bank increased the growth forecast for India to 8.7 percent for FY23 from its earlier prediction of 7.5 percent. This can be attributed to resurgence in the private capex cycle. Now, all eyes are set on the industrial and retail inflation data that will be out later in the day. Much awaited results of three IT heavyweights are also scheduled to be out later in the day.
"On the technical front, the key resistance levels for Nifty50 are 18,400 and on the downside 18,000 can act as strong support. Key resistance and support levels for Bank Nifty are 39,000 and 38,400 respectively."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "Markets mirrored the gains seen in other global indices as investors lapped up shares of metals, telecom, auto and realty companies. Also, falling Omicron cases also provided some support to the markets, which is gearing up for corporate earnings show. The Nifty has maintained a breakout continuation formation but profit booking at higher levels is not ruled out due to the extended rally in recent sessions. The 18,100 level would be the key to watch out for and above the same the uptrend texture will continue up to 18,275-18,350. On the other hand, below 18,100, the market may trigger short-term correction up to 18,050-18,000 levels."
Deepak Jasani, Head of Retail Research, HDFC Securities, said, "Nifty continues its uprun with volumes now back at normal and advance decline ratio also ending in the positive. The Nifty however shows a doji after a rise and a gap up. A breach of and sustaining above the top of Jan 12 i.e. 18,228 will be crucial for the uptrend to continue. On falls, 18,081 could offer support."
