Sensex closed above the 60,000 level for the second consecutive session on Tuesday amid positive global cues. Sensex ended 456 points higher at 60,571 in the previous session. Of 30 Sensex stocks, 24 closed in the green. After opening in the green, the index touched a day’s high of 60,635 and a low of 60,381. The 50-stock Nifty climbed 133 points or 0.75 per cent to end at 18,070 with 34 of its constituents ending in the green.
Bajaj Finserv was the top Sensex gainer rising up to 4 per cent followed by IndusInd Bank, Bharti Airtel and Titan.
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 short-term trend of Nifty continues to be positive amid a range movement. The display of lack of strength post upmove of crucial resistance of down trend line at 17,900 levels could be a cause of concern. The next two overhead resistances are to be watched at 18,115 and 18,350 levels. Immediate support is placed at 17,950 levels.”
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“Bulls have shrugged off the fact that the Fed will almost certainly issue a third-straight 75 basis point rate increase at its policy meeting scheduled on September 21. The biggest catalyst and next direction for Nifty depends on the US CPI inflation print for August to be out on Wednesday. For Wednesday’s session, Nifty’s major hurdle is seen at an all-time high of 18,605 mark, with an immediate hurdle at 18,301.”
Palak Kothari, Senior Technical Analyst, Choice Broking
“The support for Nifty has shifted around 17,900 levels while on the upside 18,180 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40,000 levels while resistance at 41,400 levels. Overall, till the time Nifty holds the 18,000 level, it’s looking strong on charts crossing above 18,180 mark will open the gate for 18,400-18,500 levels. FMCG stocks look positive on charts; one can accumulate on dips.”
Deepak Jasani, Head of Retail Research, HDFC Securities
“The broader markets seem a bit tired. Nifty could face resistance at 18,115 (and 18308 later) while 17,968 could offer support in the near term.”
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