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The stock market closed higher on Thursday, led by positive global cues. Sensex rose 515 points to 59,332 and Nifty closed 106 points higher at 17,640. Of 30 Sensex stocks, 19 ended in the green.
Mid-cap and small-cap indices on BSE gained 203 points and 142 points, respectively.
Banking, capital goods, consumer durables and IT stocks were the top sectoral gainers with their BSE indices zooming 720 points, 300 points, 543 points and 483 points, respectively.
Market breadth was positive with 1,841 stocks ending higher against 1,550 stocks falling on BSE. 144 shares were unchanged. Market cap of BSE-listed firms stood at Rs 274.13 lakh crore.
Here’s a look at what analysts said about the direction the market is likely to take today.
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“The technical landscape for Nifty is likely to be positive as long as the benchmark trades above its biggest support level at 17,377 with targets at 17,889. On breaching the same, all bullish eyes will be on the psychological 18,000 mark.”
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
“Technically, Nifty is trading near its important resistance level and has also formed a small bearish candle. For traders, 17,600 would be the key level to watch out for, while the overall chart structure suggests that if the market sustains above the same then breakout continuation formation could continue till 17,700-17,750. On the flip side, a sharp intraday correction is possible if the index trades below 17,600. Below which, the index could slip till 17,540-17,450.”
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
“The benefit of the recent moderation in commodity costs is likely to start accruing in 2HFY23E, which would boost corporate profitability. The positive momentum in the market is likely to sustain going ahead, though bouts of volatility can’t be ruled out given mixed global cues and increasing geopolitical tensions.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The short-term trend of Nifty continues to be positive and one may expect further upside in the short term. Our near-term upside target remains intact around 17,800-17,900 levels and there is a possibility of selling pressure emerging from the highs. Immediate support is placed at 17,550 levels.”
Rupak De, Senior Technical Analyst at LKP Securities.
“On the higher end, Nifty had faced a bit of selling pressure that led to a close around Thursday’s low. The current rally may extend towards 17,750-17,800, where crucial trendline resistance is placed. On the lower end, support is there at 17,450-17,500.”
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