The Nifty50 index jumped over 100 points on Thursday's session, tracking gains in the IT index majorly Infosys, TCS, Mphasis, surging INFOSYS, TCS, MPHASIS surging nearly 3 percent gains. The rest of the sectoral indices closed on a mixed note, whereas oil and gas, pharma were the laggards.
On the data front, the Nifty rollover percentages at around 67.6 whereas the PCR ratio at around 1.31. The highest rollover has been witnessed in PI Industries, Bosch, Lal Path Labs, and Grasim, whereas Lupin, Idea, Cipla and NTPC have the lowest rollover percentage.
Sumeet Bagadia, Executive Director, Choice Broking, said: "Technically, the Nifty index has been finding strong resistance at Upper Bollinger Band formation at 15,900 levels, and in the recent session, it has formed like a Bearish Harami Candlestick pattern that may confirm its breakdown below 15670 levels. Moreover, on a daily chart, an indicator MACD witnessed negative crossover, which indicates bearish sentiments for the near term. Hence, we are cautious in the Nifty until it sustains above 15,900 mark. At present, 15,900-levels may be considered immediate resistance, whereas support comes at 15,550 levels," he said.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, on the day of the monthly expiry of F&O contracts, the market closed just below the crucial resistance of 15,800/52,800. However, the broader market remained strong and the Nifty/Sensex has formed a bullish continuation formation. "Based on it we would see the levels of 16,050/16,150 (53,750) levels in the near term and the level of 15,670/52,300 would act as final stop loss for long positions. The index giant Reliance industries closed at the lowest point of the day, while other heavyweights like Infosys and TCS closed at the highest point of the day. The Bank Nifty also managed to close above the levels of 34,800, which is positive for the broader market," he said.
Deepak Jasani, Head of Retail Research, HDFC Securities, said "Volumes on the NSE were the lowest on an F&O expiry day in six months suggesting light positions being carried in the F&O segment awaiting higher volatility."
The Bank of England will announce its latest monetary policy decision, with investors awaiting word on whether the central bank will announce the end of its asset purchases before the scheduled date of December. The US Fed’s annual bank stress test results are scheduled for release after the bell on Thursday. The test examines how banks could fare during various hypothetical economic downturns, Jasani said.
