Sensex adds 428 pts, Nifty ends near 16,150; PSBs, OMCs rally; RIL down 1%

CLOSING BELL: It was, largely, a broad-based rally where the Nifty PSU Bank index advanced the most, up 3.4 per cent

4:07 PM

Nifty tech view: Index may move above 16,400 in short-term if 16K mark sustained

The Nifty started gap up and remained in a range throughout the day, keeping the morning gain intact.

At the end of the session, the Nifty managed to close above its 50-day moving average, suggesting a bullish trend reversal.

The momentum indicator has been in a bullish crossover for the last few days, indicating ongoing bullish momentum. Over the short term, the headline index may move towards 16400 if it sustains above 16100.

On the lower end, support is visible at 16000.

Views by Rupak De, Senior Technical Analyst at LKP Securities. 

4:05 PM

Closing view: Investors seeing room to pick up sound stocks

Buoyancy across global indices and short-covering in local stocks helped benchmark Nifty & Sensex to close above their psychological levels.

After the sell-off in recent months, valuations are now off their peak and this is giving investors some room to pick & choose stocks, which are fundamentally sound despite the prevailing negative sentiment.

Technically, after a promising pullback rally the Nifty is comfortably trading above the 16000 mark which is broadly positive.

However, post the strong uptrend rally, the market, on daily charts, has formed a small Hammer candle which is indicating a strong possibility of an intraday correction.

As long as the index is trading above 16000, the short term uptrend formation remains intact. Above 16000, the index could hit the level of 16200-16275.

On the flip side, traders may prefer to exit from long positions, if the index trades below 16000. On further correction, the index could retest the level of 15950-15900.

Views  by Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

 

 

4:04 PM

Closing view:

Buoyancy across global indices and short-covering in local stocks helped benchmark Nifty & Sensex to close above their psychological levels.

After the sell-off in recent months, valuations are now off their peak and this is giving investors some room to pick & choose stocks, which are fundamentally sound despite the prevailing negative sentiment.

Technically, after a promising pullback rally the Nifty is comfortably trading above the 16000 mark which is broadly positive.

However, post the strong uptrend rally, the market, on daily charts, has formed a small Hammer candle which is indicating a strong possibility of an intraday correction.

As long as the index is trading above 16000, the short term uptrend formation remains intact. Above 16000, the index could hit the level of 16200-16275.

On the flip side, traders may prefer to exit from long positions, if the index trades below 16000. On further correction, the index could retest the level of 15950-15900.

Views  by Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

 

 

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3:54 PM

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3:49 PM

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3:47 PM

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3:46 PM

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3:45 PM

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3:42 PM

Closing Bell: Nifty ends near 16,150; 38 of 50 shares close in green

 

3:41 PM

Closing Bell: Sensex rises for 2nd day; moves 428 pts higher

 

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