30 Mar , 2022 By : Kanchan Joshi
Sensex and Nifty rallied for a second straight session on Tuesday after gains in index majors HDFC twins, Bharti Airtel and Infosys as global shares advanced ahead of peace talks between Ukraine and Russia. The BSE Sensex jumped 350 points to settle at 57,943 while the Nifty gained 0.6% to close at 17,325.
Asian markets are mixed on Wednesday whereas SGX Nifty indicates a gap-up start for the Indian stock market today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
"Buying interest was visible at lower levels for second consecutive day on Tuesday, with Nifty trying to breakout from its range on higher side. Fall in volatility to 21 levels is also supporting the markets. Beaten down sectors like cement and realty are witnessing fresh buying on account of attractive valuation and hope of price hike to pass on higher input cost. Also buying interest is seen in Pharma, Consumer durables and Financial Services. However, traders need to remain cautious ahead of F&O monthly expiry," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
“Presently, the Nifty is making an attempt to stage upside breakout of the range movement of the last 6-7 sessions around 17450 levels. This is positive indication and one may expect sharp upmove in the market on the breakout of sideways range movement. The positive sequence like higher tops and bottoms is also intact as per daily timeframe chart," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The short term trend of Nifty continues to be positive. A sustainable move above 17500 levels is likely to pull Nifty towards the next upside trajectory of around 17800-18000 levels in the near term. Immediate support is placed at 17250," Shetti added.
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