Indian market closed in the green for the second consecutive day in a row on March 2. The S&P BSE Sensex and Nifty50 closed with gains of about 1 percent each.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 447 points to 50,296 while the Nifty50 closed with gains of 157 points at 14,919.
Sectorally, the action was seen in auto, IT, industrials, consumer discretionary and telecom stocks. On the broader market front, the S&P BSE midcap index closed 1.5 percent higher, and the S&P BSE smallcap index closed with gains of 1.6 percent.
Strong global cues as well as robust GST collection and auto sales for February helped the sentiment, suggest experts.
“Indian market witnessed a positive opening backed by a strong US market due to steady Treasury bond yields, but market pared its gains as Asian peers traded weak. A quick recovery was seen towards the end of the session as investors hurried to buy on dips showing huge confidence & liquidity in the market,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
“An improved outlook post-February auto sales numbers resulted in continued buying in auto stocks with IT sector also being a major contributor in the rally,” he said.
Here is what experts suggest investors should do on March 3:
Rohit Singre, Senior Technical Analyst at LKP Securities.
The Nifty index again opened with a gap and held its bullish steam for the second consecutive day. This activated the bullish Harami candle pattern formed in yesterday's session hinting we may see some more upside if the index manages to save 14,500 zone in the near term.
On an immediate basis, the index has support near 14,800 followed by 14,750. Any dip near said levels will be again buying opportunity and resistance is near the 15,000-mark.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited
The market witnessed some lackluster but positive movement in the market. Nifty 50 traded in a range of 14,800-14,940. The market has sustained above the level of 14,850. The market can gain momentum and continue till the levels of 15,100.
Momentum indicators like RSI, MACD are expected to stay positive supporting our view that the upside movement is likely to continue.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
The market has formed a continuation formation followed by the formation of the Harami pattern which it had formed on Monday. This indicates bullishness for the market.
The Nifty/Sensex closed between the bearish gap, which it had left between 15065-14919 / 50250-50991 last Friday. The market breadth was also encouraging as along with IT and FMCG we saw bullish activity in financials.
Based on the daily chart the Nifty/Sensex is heading for the minimum target of 15065/50750. On the other side, 14830/50100 and 14750/49800 would be major supports. The focus should be on Technology and FMCG stocks.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
The Nifty had started a bounce from the junction of the 40 DEMA & the daily lower Bollinger Band. The recovery continued on March 02. As a result, the index has reached the hourly upper Bollinger Band & is marginally away from the 20 DMA, which is near 15000.
So 15000 is a key hurdle to watch out for. If the bulls manage to surpass this level then the index can move up to test the swing high of 15176. On the other hand, 14800-14760 will act as an immediate support zone for the index.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.