Indian equity markets closed at all time highs yet again with the help of positive investor sentiments, ongoing rally in shares of Reliance Industries Ltd (RIL) provides further support. Nifty 50 gained as much as 147 points to close at 15,582.80 while Sensex closed at 41,937.44, gaining over 500 points today.
If we evaluate sector-wise performance, banks and metals were spearheading today's momentum with heavyweights like ICICI Bank, Tata Steel, JSW Steel being outperformers, said Mohit Nigam, Head-PMS, Hem Securities. India is set to announce on Monday GDP numbers for quarter as well as year ended 31st March 2021 which shall play a crucial role in deciding the direction markets will take during the week.
India VIX fell by 3 percent to 16.88 while the rupee reversed its course of direction and fell after erasing its early gains today. Overall, market sentiments tend to remain bullish. However, macroeconomic indicators of India and USA shall be some of the few things market needs to track closely, Nigam added.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said market giants Reliance, ITC, Tata Steel, ICICI Bank and HDFC twins all helped the market to close higher. If you look at the sector specific, Nifty Metals and Nifty real estate recorded good gains.
The 15,600 level is the crucial resistance level for the market, however, earlier resistance of 15,430 and 15,350 levels would act as major supports for the market. A close below the level of 15,600 would keep the market range bound between 15,600 and 15,350 levels.
Sumeet Bagadia, Executive Director, Choice Broking, said, on the technical front, the Index continue to trade in higher high and higher low formation for the 7th day consecutively which suggest further upside movement in the counter. Moreover, the index has been trading above all the moving average in daily time frame, which points out strength in the counter. In addition, an indicator MACD & Stochastic witnessed positive crossover, which suggests a bull-run for upcoming sessions. At present, the Nifty seems to have resistance at 15,650 levels while immediate support shifted to around 15,370 levels, Bagadia added.
