The key benchmark indices closed above the psychological mark after a strong rally on Wall Street last Friday boosted sentiment back home. The recent volatile trend continued but the Nifty closing above 18,000 mark is broadly positive for the market.
At close, the Sensex was up 477.99 points or 0.80 percent at 60,545.61. The broader Nifty was up 151.70 points or 0.85 percent at 18,068.50. About 17,07 shares have advanced, 1475 shares declined, and 169 shares are unchanged.
Stocks like UltraTech Cement, Titan, IOC, Bajaj Finserv and Grasim are top gainers. While, IndusInd Bank, Divis Lab, STate Bank of India and M&M were were top losers.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "Nifty made a bullish bar today. It closed above its resistance of 18,050 at 18,083 , up by 165 points. Volumes in Nifty were higher than it's average volumes , which is a good sign. Nifty may now test 18,150 and 18,200 levels. Nifty has support at 17,800 and 17,950 levels."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "On intraday charts, the index has formed a promising higher bottom formation and also formed long leg Hammer candlestick formation. However, the key concern is that the Nifty is still trading below 20 day SMA or below 18,100. We are of the view that 18,100 would be the next intraday breakout level for the day traders and above the same the uptrend momentum will continue up to 18,150-18,200. On the flip side, a strong support is seen near 17,900, and if it slips below the same the uptrend would be vulnerable."
Mohit Nigam, Head - PMS, Hem Securities said, the rupee gained past 74 against US dollar amid share sale inflows. Good buying was seen in Oil & Gas and Consumer Durables, stocks while some selling pressure was seen in Pharma and Banking (NIFTY BANK: (-)0.34 percent) stocks. PFIZER advanced 5 percent after upbeat results as the company's Q2 net profit rose to Rs 143 crore from Rs 131 crore a year ago; revenue rose 6.9 percent to Rs 636 crore. On the technical front 17,950 and 18,300 are near term support and resistance in Nifty 50 respectively."
Palak Kothari, Research Associate, Choice Broking said, "After a long weekend, the index opened on a positive note and rallied high and managed to close above 18,000 marks at 18,068.55 level with a gain of 151.75 points. While Bank nifty closed at 39,438.25 level with a moderate loss of 135 points. On the sectoral front, the Pharma index is down 0.5 percent, while capital goods, PSU Bank, IT, power, oil & gas indices are up 1 percent each.
"On the technical front, the index has formed a hammer candlestick pattern on the daily time frame indicating a further uptrend. The stochastic indicator is witnessed with a positive crossover suggesting a northward journey. The index has also settled above the 21-days Moving Average, which further adds bullish momentum to the counter. At present, the index has a support at 17,750 and resistance at 18,200 levels."
Deepak Jasani, Head of Retail Research, HDFC Securities, said, "World shares steadied near record peaks on Monday as risk assets found support from an upbeat U.S. October payrolls report, but they face another test later in the week from a reading on US inflation. The Nifty advanced for the second straight day with higher volumes and positive advance decline ratio. A move above 18,115-18,125 band could lead to more upsides while 17,947-1,7970 is a support band for the Nifty in the near-term."
