336329 SIP myths you must know!
Any drop at 14,500 would mean a buying opportunity in markets, say experts
Indian equities ended higher for the second consecutive day on May 6 with Sensex crossing 49,000 intraday supported by metals, IT and auto stocks.
At close, the Sensex was up 272 points, or 0.56%, at 48,949.76, and the Nifty was up 106.90 points, or 0.73%, at 14,724.80.
Broader markets, Nifty Midcap100 and Nifty Smallcap100 indices ended 0.94% and 0.70% higher.
Among sectors, IT, metal and auto indices rose 1.8-2.5% each, while PSU Bank index shed 1%. Barring, Nifty Pharma, Nifty PSU Bank, and Nifty Private Bank, all the other sectoral indices of NSE were trading in green.
Strong earnings led to big gains Midcap IT stocks, Coforge surged 17% after better-than-expected Q4 earnings & guidance
Hindalco Industries, Hero MotoCorp, Wipro, Tata Motors and Tata Steel were the top Nifty50 gainers, while UPL, Bajaj Finserv, PowerGrid Corporation, Sun pharmaceuticals and NTPC were the top losers.
More than 250 stocks, including Wipro, Marico and Lupin, hit a fresh 52-week high on the BSE today.
Here’s how experts see markets trading on Friday
Vinod Nair, Head of Research at Geojit Financial Services
Amidst rising covid cases, hopes of recovery through vaccine drives and a positive global market is aiding the domestic market to ride a positive wave. Biden’s decision to waive intellectual property rights on vaccines pumped in global optimism.
Metal stocks continued to outshine other sectors as it kick-started its earning season on a better-than-expected note. Auto and IT were the other sectoral leaders while mid and small-cap stocks mirrored the trend.
Manish Shah, Founder, www.Niftytriggers.com
Nifty still has to cross over the recent highs at 15,000-15,050. This is the critical level for the index to clear if the uptrend needs to be sustained. This zone has been tested thrice in the past and the general rule is that a zone could get tested thrice; the fourth time it goes thru. The Nifty is likely see a breakout from 15000 to 15050 this time. At least the probability is higher.
If Nifty trades and holds above 14,750 expect a rally to around 15,050-15,000 in the next couple of days. Support is at 14,650-14,630. A break below this could mean a drop to 14500. Nifty is showing a tendency to bounce off the lows. Any drop at 14,500 would mean a buying opportunity.
Rohit Singre, Senior Technical Analyst, LKP Securities
One more positive session with index given close at 14,733 with gains of nearly one percent and formed a bullish candle for the second consecutive day.
Now index again reaching to its strong hurdle zone of 14,800-14,900 zone. Fresh breakouts will be only if Nifty sustains above 15,000 mark because we have witnessed profit booking from said levels in recent past, good support is formed at 14,670-14,600 zone managing above said level immediate structure positive