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May 29, 2020 03:36 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty begins June series higher, ends above 9,550; Sensex up 223 pts

Among sectors, except IT other indices ended in the green. BSE Midcap and Smallcap indices rose between 1-2 percent.

  • May 29, 2020 04:45 PM IST

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    Nifty is now heading towards the immediate resistance of 9730-50 levels (trend line resistance and previous opening downside gap of 4th May). Hence, one may expect minor profit booking at the highs, which is likely to be a buy on dips opportunity.

    Nifty as per weekly chart formed a long bull candle, which was after the formation of bullish hammer type candle pattern of last week. This could be an indication of near term bottom reversal at the swing low of 8806.

    The short term trend of Nifty continues to be positive. The next upside levels to be watched around 9750-9800 in coming sessions. Any downward correction towards 9400 could be a buy on dips opportunity for the next week.

  • May 29, 2020 04:22 PM IST

    Sumeet Bagadia, Executive Director at Choice Broking:

    The ways Nifty has been trading above its 21 Days moving Average since last three days, it indicates a positive momentum for the time being. As of now, the Index has a resistance at 9600, if the index gives a close above this level then we may see a good spurt upto the level of 9730-9890 level with downside support comes at 9400.

  • May 29, 2020 04:20 PM IST

    Vinod Nair- Head of Research- Geojit Financial Services:
     
    Markets have closed on a positive note, after a volatile day of trade, in anticipation of GDP data due out later today. Global cues also were negative, following heightened US-China diplomatic issues, which offset stimulus news and economies opening up. GDP is expected to slow down rapidly in the March quarter and markets will be looking at the associated commentary to understand the course of recovery.

  • May 29, 2020 04:19 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    Market upmove today as the week ended in favour of the Bulls. All in all a sober day which witnessed value hunting today in the PSE Index even as Maruti whisked past our price target during this week.

  • May 29, 2020 04:18 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets would react to domestic GDP data numbers on Monday i.e. June 1 which would be released on Friday i.e. 29th May. Further, the US President’s press conference on China amid Beijing-Washington tiff would also be on the radar.

    We might see a pause after the recent surge but the bias would remain on the positive side, citing the potential of a further surge in the banking index. Traders should focus more on stock selection while maintaining a “buy on dips” approach.

  • May 29, 2020 04:13 PM IST

    Sanjeev Zarbade, VP PCG Research, Kotak Securities:

    Tensions between India and China and China and the US remains a concern for the markets. Also, any acceleration in Covid infections could further slowdown lifting of lockdown and delay any economic recovery. Not with standing, the near-term uncertainty, valuations are attractive on a medium term basis.

  • May 29, 2020 04:01 PM IST

    Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking:

    Although the rupee may find some ground temporarily due to dollar inflows and a rebound in domestic equities, where the 76.60 mark is providing a cushion, it will be difficult for the rupee to climb above the 74.80 mark.

    The overarching trend for the rupee looks weak. There could be several sanctions put forth by the US on China, which will sour risk appetite further, given the long-standing history of trade war between the two sides. We expect the rupee to trade in the 74.80 to 76.60 band for the next few weeks.

  • May 29, 2020 03:38 PM IST

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

    The Nifty made a sharp recovery after being sideways for the greater part of the day. We broke out of an intra day range of 9420-9520 and moved higher to levels closer to 9600. The market also managed to cross its recent high of 9585 which was recorded on 13th May 2020. The level of 9700 should be achieved sooner than later.

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