Consumer Durables News

Bulls vs Bears: Here’s what to expect on Dalal Street today

Benchmark indices ended higher for the third straight session on Friday, led by heavy buying in metal, consumer durables and IT stocks. Sensex jumped 712 points to end at 57,570 and Nifty advanced 228 points to 17,158. Tata Steel, Sun Pharma, Bajaj Finserv, and IndusInd Bank were the top Sensex gainers, rising up to 7.27 per cent.

Dr Reddy’s, Kotak Bank, SBI, ITC and Axis Bank were the only Sensex losers, falling up to 1.19 per cent.

Mid cap and small cap indices rose 239 points and 367 points, respectively. Metals, consumer durables and IT stocks were the top sectoral gainers with their BSE indices zooming 798 points, 574 points and 494.65 pts, respectively.

All 19 BSE sectoral indices ended in green. Market breadth was positive with 2,100 stocks ending higher against 1,227 stocks falling on BSE. 144 shares were unchanged.

Here’s a look at what analysts said about the direction the market is likely to take today.

Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities

“We are of the view that the short-term texture of the market is bullish but due to temporary overbought situation, we could see some profit booking at higher levels. For traders now, 200 day SMA or 17,000 / 57,100 and 16,900/ 56,750 would act as a key support zones and on the higher side 17,300-17,400 / 58,100-58,400 could act as a profit booking zone for the short-term traders. Buying on dips and sell on rallies could be the ideal strategy for the short-term traders.”

Deepak Jasani, Head of Retail Research, HDFC Securities

“Nifty has risen 1,975 points in the past 6 weeks. 17,442-17,640 could be the next resistance band for Nifty while 16,752 could be the support. Nifty could make a new high in the coming week before running into a correction the week after.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities

“The underlying trend of the Nifty is sharply up. The unfilled opening upside gaps, sharp vertical up move and the decisive upside breakout of significant overhead resistance indicate more upside ahead for the market ahead. The next upside targets to be watched are around 17,600-17,800 levels in the next few weeks, but minor downward corrections/consolidations in between can’t be ruled out. Important support is placed at 16,950-16,800 levels.”

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