Sensex back above 50K. Here’s what experts say investors must do on Wednesday
S&P BSE Sensex closed above 50,000 while Nifty 50 zoomed to breach 14,800 levels
Domestic benchmark indices ended the volatile day with gains led by gains in banking shares after the Supreme Court refused to extend the six-month loan moratorium period offered by the Reserve Bank of India (RBI) last year, saying that it is ‘policy decision’ on the part of the Centre and RBI.
The benchmark S&P BSE Sensex reversed losses and jumped 600 points from the day’s low of 49,662 to hit a high of 50,265. Meanwhile, the Nifty50 index hit an intra-day high and low of 14,879 and 14,707, respectively.
Among stocks, Shree Cements, UltraTech Cement, Divi’s Labs, HDFC Bank, were the top index gainers while IndusInd Bank, ICICI Bank, Titan, Axis Bank, State Bank of India, Tata Motors, Maruti Suzuki, Eicher Motors and Reliance Industries also ended over 1% higher.
On the flipside, Hindalco, ONGC, Power Grid, GAIL were among the top Nifty losers while NTPC, ITC, Mahindra & Mahindra, NTPC, Sun Pharma, HDFC, Hero MotoCorp and JSW Steel were among the laggards.
Here’s what experts say investors must do on Wednesday
Rohit Singre, Senior Technical Analyst at LKP Securities
“Index managed to close a day above 14,800 zone with gains of half per cent and formed a small bullish candle on the daily chart. The index has formed a broader range of 14,500 on the downside and 15,300 on the higher side and going forward also we may see prices to trade in the same range, recently prices touched lower band and started moving northwards if current levels are held then we may see next leg of rally towards previous swing highs”
Chandan Taparia Motilal Oswal Financial Services
Nifty index opened positive and witnessed buying interest on decline with formation of higher lows on daily scale. It settled the day with gains of around 70 points with a closing above 14,800 which gives some stability to the bulls. It formed a Bullish candle on daily scale and negated the formation of lower highs of last six trading sessions. Now, it has to hold above 14,750 zones to witness an up move towards 14,900 and 15,000 zones while on the downside immediate support exists at 14,700 then 14,600 zones.
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