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Jul 01, 2020 03:36 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends above 10,400, Sensex jumps 498 pts led by financials; pharma dips

Among sectors, buying seen in the banks, FMCG, energy and metal, while pharma was under pressure. BSE Midcap and Smallcap indices ended with marginal gains.

  • July 01, 2020 04:35 PM IST

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities:

    The short term trend of Nifty is positive. One may expect it to move up sharply above 10450 levels in the next 1-2 sessions. The next upside levels to be watched around 10550-10600. Immediate support is placed at 10380-10350 levels.

  • July 01, 2020 04:33 PM IST

    Deepak Jasani, Head Retail Research, HDFC Securities:

    Technically the Nifty broke out of the rangetrade over the past three sessions and is now headed towards 10553. On dips 10338 could provide support.

  • July 01, 2020 04:31 PM IST

    S Hariharan, Head - Sales Trading, Emkay Global Financial Services:

    Nifty has major resistance around 10500, and can be expected to have largely range-bound movement in the coming few sessions, in the absence of any major news trigger. Q1 results starting next week would present a true picture of the impact of the pandemic on corporate earnings.

  • July 01, 2020 04:30 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Again, it’s the buoyancy of the global markets which aided surge amidst rising cases in India. Besides, though we’re seeing demand revival in select areas, it is still way lower compared to pre-COVID levels. Amid the mixed signals, we feel the upside could remain capped and traders should continue with positive yet cautious stance. We reiterate that the performance of the banking pack would play a critical role in the next directional move as other sectors, by and large, have done their part.

  • July 01, 2020 04:11 PM IST

    Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services:

    Nifty index managed to hold previous day’s close of 10300 zones and witnessed sustained buying interest throughout the day towards 10450 levels. It formed a Bullish Candle on daily scale and started to form higher highs - higher lows from past two trading sessions. It has given a consolidation breakout of last four trading sessions but requires a follow up action to start the next leg of rally. Index has been moving in a rising channel on daily scale by connecting swing lows of 7511, 9004, 9544, 9845, 10250, 10300 levels and supports are gradually higher. Now, it has to continue to hold above 10333 zones to witness an up move towards recent swing high of 10555 then even higher zones while on the downside immediate support is seen at 10300 then 10250 levels.

  • July 01, 2020 04:06 PM IST

    Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:  Nifty has been consolidating for the past few sessions and a close above 10400 is expected to invite momentum in the broader markets. Nifty has now formed a strong support at 10250; only a breach of the same is expected to invite selling pressure. Auto, Metals and Capital goods trade with a positive bias while BFSI is gaining momentum. IT and FMCG stocks expected to underperform.

  • July 01, 2020 04:02 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Benchmark indices gained strength on the back of data showing that economic activity may be stabilizing. The gains were led by the banking index. The Nikkei PMI survey indicated that although activity contracted in June, it was at a much slower pace as compared to May month. This gives rise to the hope that the economy may be emerging out of one its worst periods in recent times. However, the continued rise in virus infections, and the resulting extension of lockdowns in many areas, may continue to slowdown and impact the economic recovery. Although the market trend is positive, the upside seems to be capped and investors are advised to follow a stock specific strategy.

  • July 01, 2020 04:00 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The market was a tad shy of the 10450 level and went to 10447. If we manage to cross today's high tomorrow, we should be in bull territory and the markets would attempt a new high - 10700. The new support would now be 10250.

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