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The Indian market ended higher for the fourth straight session on June 28 amid positive global cues. Sensex rose 16 points to 53,177 and Nifty gained 18 points to 15,850 in the previous session. M&M, Reliance Industries, Dr Reddy’s and Tech Mahindra were the top Sensex gainers, rising up to 2.78 per cent. Titan, Asian Paints and Bajaj Finserv were the top Sensex losers, falling up to 3.54 per cent.
Market breadth was positive with 1,793 stocks ending higher against 1486 stocks falling on BSE. 136 shares were unchanged.
Consumer durables and banking stocks were the top sectoral losers with their BSE indices ending 526 pts and 180 points lower , respectively. On the other hand, top gainers were BSE oil and gas and auto indices rising 444 pts and 336 points ,respectively.
Here’s a look at what analysts said about the direction the market is likely to take today.
Deepak Jasani, Head of Retail Research, HDFC Securities
“The upgap on daily charts made on June 28 was filled intraday and hence this bullishness was offset to an extent. A breach of 15,927 is necessary to build on further gains. On falls, 15,619 can offer support.”
Palak Kothari, Senior Technical Analyst, Choice Broking
“The momentum indicators Stochastic & MACD are trading with a positive crossover on a daily chart which suggest northward journey in the counter. The Nifty may find support around 15,600 levels while on the upside, 16,000 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank nifty has support at 32,600 levels while resistance at 34,300 levels.
Overall, stock specific momentum has been observed, crossing above 16,000 can show more upside rally.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Having sustained above the important area of 15750-15800 levels, there is a possibility of further upside from here towards the next important resistance of 16180 levels (opening downside gap of 13th June). On the other side, the level of 15,800 has been a significant value area and has resulted in a formation of long-range bear candle during its recent downside breakout (June 16). Hence, further choppy or range bound movement above 15,800 levels (absence of strong upside momentum) could signal chances of false upside breakout and that could possibly bring bears into action. Immediate resistance is placed at 15,950 levels.”
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