Indian stock markets today extended the budget rally to the sixth consecutive day to close at record highs. Strong corporate earnings and positive global signals drove overall earnings. The NSE Nifty 50 Index closed 1.28% higher at 15,115.80, while the S&P BSE Sensex closed more than 600 points higher at 51,348.77. In six days, Sensex has posted earnings of more than 5,000 points.
Among Sensex stocks, M&M (up 7%) gained the most, while Bajaj Finserv, Bharti Airtel, Infosys, ICICI Bank, AXis Bank, TCS and RIL gained between 1.5% and 3%.
Among individual stocks, State Bank of India won for the sixth consecutive session following better-than-expected quarterly results. Market breadth remained strong with EEB’s mid-cap and small-cap indices closing roughly 1.5% higher each.
Global stocks hit a record today, as oil surpassed $ 60 a barrel for the first time in a year, with the hope that US lawmakers will pass a $ 1.9 trillion COVID-19 aid package as soon as possible. like this month.
Here’s what analysts had to say about today’s market recovery:
Shrikant Chouhan, Executive Vice President of Equity Technical Research, Kotak Securities
The market has established a more bullish candle formation on a daily chart. However, it has left an unfilled depletion gap that would invite short-term weakness if the Nifty / Sensex breaks below the 15040/51140 level. On the upper side, the obstacles would be at levels 15190/51500 and 15270/51750. The strategy should be to profit on long positions between 15150 and 15250 (51500/51750 for Sensex). Expect short term weakness below the 15040/51140 level. Supports would be at levels 15040/51140 and 14850/50500 “.
Ajit Mishra, Vice President of Research, Religare Broking Ltd
“On the sector front, except for consumer goods, all other indices finished in green, with auto, metal and consumer durables the main winners. We are targeting 15,200 in Nifty and, in future, earnings and global signals will dictate the market trend. Market participants would actively monitor key macroeconomic data such as IIP, CPI and WPI data. “
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Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments
“Markets were on the active upward trajectory throughout the day and moved from strength to strength! We should be looking at 15,200 marks as the next target for the Nifty and if we can hold there we could hit 15,500 during the course of February 14600 is good support for the index and as long as it holds, traders can optimize their trading risk by entering positions on intraday declines or corrections. “
Vinod Nair, Head of Research at Geojit Financial Services.
“Strong global signals supported the domestic rally. PSU Banks, which was in a bull run, came to a halt today with a notable correction in consumer goods. The overall market is maintaining its dynamism with rallies across all sectors, especially automotive , IT and metals. Enhanced national outlook is to encourage sustained FPI inflows “
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Although, Nifty was at the all-time high, there is no indication of a reversal pattern forming at the highs. The market has completely denied the bearish reversal pattern from the prior week on the weekly chart and closed higher. Nifty’s underlying trend continues to be positive and one can expect more upside in the short term. The next bullish levels to be observed around 15500, which is at 1.618% Fibonacci extension (connected from Jan 20 up to Mar 20 below). This could be achieved in the next week. Immediate support is at 14960. “
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