The Indian market ended in the green on Friday powered by a rally in banking and IT stocks. Sentiment on Indian stock exchanges turned positive with a strong rally in the Asian markets, mirroring a stellar recovery in the US indices overnight. Sensex closed 684 points higher at 57,919 and Nifty climbed 171 points to end at 17,185. Mid-cap and small-cap indices on BSE fell 31 points and rose 2.30 points, respectively. Banking and IT shares were the top sectoral gainers with their BSE indices zooming 754 points and 459 points, respectively.
Here’s a look at what analysts said about the direction the market is likely to take today:
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The decisive upmove of Friday could be a cheering factor for bulls to make a comeback from the lows. But, a sustainable move above 17,260 levels could pull Nifty towards the next important resistance of around 17,425 levels. Immediate support is placed around 17,100-17,050 levels.”
Mohit Nigam, Fund manager & Head – PMS, Hem Securities
“On the technical front, Immediate support and resistance in Nifty 50 are 17,000 and 17,400 respectively. Bank Nifty immediate support and resistance are 38,700 and 39,600 respectively.”
Rupak De, Senior Technical Analyst, LKP Securities
“The trend will likely remain positive till the Nifty closes above 17,000. A closing basis fall below 17,000 may trigger a selling pressure. On the higher end, a decisive move above 17,300 may induce a decent rally in the market.”
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