Moneycontrol
Get App
Live now
AUTO REFRESH
May 20, 2020 03:36 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends above 9,050, Sensex gains 622 pts; pharma stocks rally

All the sectoral indices ended higher, with Nifty Pharma rose over 4 percent followed by the auto, energy and bank. BSE Midcap and smallcap indices rose over 1 percent each.

  • May 20, 2020 04:47 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    We feel it’s a breather after the sharp fall and further rebound in the banking pack may extend this bounce ahead. However, sustainability would be difficult at a higher level, so traders should not go overboard and continue with the stock-specific trading approach.

    Among the sectors, we’re seeing consistent buying interest in defensive viz. pharma, FMCG and select IT and we suggest preferring these sectors over others for long trades while the underperformance may continue from the banking, financials and metal pack.

  • May 20, 2020 04:38 PM IST

    Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:

    The hourly chart shows that the Nifty has now reached the junction of the 40 hour exponential moving average & the hourly upper Bollinger Band. The chart also reveals that the index has a potential to form a bearish Flag pattern. Thus 9100-9130 is an immediate hurdle zone to watch out for. 

    Failure to sustain over here would push the index into the next leg down. On the other hand, 9000-8950 will now act as a near term support zone below which larger downside can be expected.

  • May 20, 2020 04:32 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Benchmark indices closed up by more than 2%, inspite of mixed global cues and unabated increase in number of infections across India. All the major sectoral indices traded positive with the volatility index also decreasing by around 10%. The government cabinet approvals of some of the proposed measures and leaving the door open for further stimulus measures could also have played a part in the positivity. Investors advised to remain cautious.

  • May 20, 2020 04:31 PM IST

    Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:

    The reopening of economies in some of the parts of world helped the markets move higher. However, market participants are not fully prepared for this change and therefore indices remain volatile. The US futures jumped 1 per cent during the session and that compelled the short sellers to cover short positions towards the end. As the market has managed to close above the level of 9050, on an immediate basis, Nifty may rise to the levels of 9160/9200.

  • May 20, 2020 04:30 PM IST

    Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities: 

    Trend data suggests support at 8800 and resistance at 9400-9500 on the higher side; selling pressure can increase below 8800. Banking and Metals are expected to lead in the next few weeks.

  • May 20, 2020 04:07 PM IST

    Sumeet Bagadia, Executive Director at Choice Broking:

    At present level, downside support comes at 9000-8800 while upside intermediate resistance comes at 9100, if the Index sustain above this level then we may see good upside movement upto the level of 9200-9350 level.

  • May 20, 2020 04:00 PM IST

    S Ranganathan, Head of Research at LKP securities:

    Markets played out a perfect Anti-Consensus Trade today amidst utmost pessimism as Dr Reddys Labs provided bulls something to cheer about with good results.

  • May 20, 2020 03:52 PM IST
Sections
Follow us on