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Strong global cues as well as robust GST collection and auto sales for February helped in pushing the sentiment higher. Nifty needs to move above 15,000 to confirm a change in trend for a rally to 15,430 and higher.
Indian stock markets ended positive for the second consecutive day on Tuesday with the S&P BSE Sensex and Nifty50 closing with gains of about 1% each.
The Sensex rose 447 points to 50,296 and the Nifty50 shut shop with gains of 157 points at 14,919.
Strong move in auto, IT, industrials, consumer discretionary and telecom stocks led the markets higher towards the session’s close.
In broader markets, the S&P BSE midcap index closed 1.5% higher, while the S&P BSE smallcap index outperformed with gains of 1.6%.
Strong global cues as well as robust GST collection and auto sales for February helped in pushing the sentiment higher.
Here’s how experts believe the markets are likely to trade on Wednesday
Manish Shah, Founder, Niftytriggers.com
Nifty makes a green candle for the second day in a row with small and mid-caps stocks virtually on a rampage. Though Nifty is caught in a volatile range between 15,154-14,461.
The decline from 15,430 is still a corrective decline.
If we combine price action in the last three days it is a classic three inside out pattern, which is a bullish reversal pattern. The location of the pattern is in a value area of the previous swing high and within two moving averages. 20 days moving average is 19,944.
If we draw a trendline from the high at 15,430 to the in-between pivot at 15,176 Nifty is just below this trendline. Nifty needs to break above the barrier at 15,000 to make a headline.
If Nifty does break above the barrier at 15,000 expect that Nifty will move above 15,430 and trade above it.
Due to the volatility seen in last two weeks the momentum indicators are slow to react. And most of them remain in a sell mode. Earliest indication of a possible change in trend is delivered by candlestick patterns.
Nifty needs to move above 15,000 to confirm a change in trend for a rally to 15,430 and higher. On the lower side support is at 14,450 which should hold if the rally has to continue. It is going to be nerve wrecking time for traders as long as Nifty trades between 15,154-14,461.
Shrikant Chouhan, executive vice-president, equity technical research, Kotak Securities
The market has formed a continuation formation followed by the formation of the Harami pattern which it had formed on Monday. This indicates bullishness for the market.
The Nifty/Sensex closed between the bearish gap, which it had left between 15,065-14,919 / 50,250-50,991 last Friday. The market breadth was also encouraging as along with IT and FMCG we saw bullish activity in financials. Based on the daily chart the Nifty/Sensex is heading for the minimum target of 15,065/50,750.
On the other side, 14,830/50,100 and 14,750/49,800 would be major supports. The focus should be on Technology and FMCG stocks.