The market has reverted to its winning momentum as both benchmark indices hit fresh record highs. Sensex hit a fresh all-time high of 59,204.29 in intraday trade while Nifty made a fresh peak of 17,644.60. At close, Sesnex was 418 points, or 0.71 percent, up at 59,141.16 while Nifty was at 17,629.50, up 110 points or 0.63 percent. BSE Midcap index closed 0.42 percent higher at 25,321.78 while the smallcap index closed 0.04 percent up at 28,294.36.
"Nifty made a bullish bar for the second consecutive day , it made a new all time high of 17,644. It closed at 17,626 up by 107 points. Bank Nifty also gave a very strong bullish move today , it closed positive by 844 points since yesterday's close. Nifty is an impulse wave as per the elliott wave theory and will be making new all time highs in the coming days. Nifty may test 17,700 and 17,730 in the next few trading sessions. 17,425-17,450 range will act as a strong support. Traders can use any correction in the markets to initiate long positions with strict stop loss" said Gaurav Udani, CEO and Founder, ThincRedBlu Securities.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, said, "Despite weak Asian cues, domestic investors continued to bet big on Indian markets as recent data points showed steady economic revival is on track. We saw heavy buying in banking and other financial stocks. Technically, the index has formed a robust breakout continuation formation and the short-term trend is extremely strong. For the day traders, 17,540-17,580 levels would be the key support level to watch out for. Above the same, the uptrend formation will continue up to 17,690-17,750 levels. On the flip side, Nifty would be vulnerable if it slips below 17,540."
Palak Kothari, Research Associate, Choice Broking, said, "On the technical front, the Index has been trading at higher high higher low formation and managed to breach its previous resistance level and started trading in uncharted territory which points out strength in the counter. Moreover, the index has been trading above all the moving averages, which adds strength to the counter. Momentum indicators RSI & Stochastic are supporting the positive trend in the index. At present, the index has given a breakout of 17,500 levels, now 17,700 levels could be a resistance while on the downside, 17,400 may act as support for the index."
Mohit Nigam, Head - PMS, Hem Securities, said, "In the 50-share pack Nifty, Indusind Bank was the biggest gainer, up 7.31 percent. ITC, SBI and Reliance were among other gainers. BPCL was the top loser in the pack, down 10.39 per cent. Grasim, TCS and Tata Steel were other losers in the pack."
Deepak Jasani, Head-Retail, HDFC Securities, said, "Nifty continued to march upwards on September 16. However, advance decline ratio has fallen below 1:1 denoting profit taking across the broader markets. Sector and stock rotation among the largecaps is witnessed. 17,700 is the next target for the Nifty while 17,519 could be the support for the near-term."
