Indian equity markets gained over a percent on March 14 to extend the winning streak for the fifth consecutive session, powered by IT and banking names. A decline in oil prices also aided sentiment.
The Sensex was up 935.72 points, or 1.68 percent, at 56,486.02, and the Nifty was up 240.80 points, or 1.45 percent, at 16,871.30.
"We are gaining traction as strategy is shifting from tactical sell to tactical buy. Investments are chipping in as commodities prices are reverting," said Vinod Nair, Head of Research at Geojit Financial Services.
"FIIs selling and crude prices are subsiding, which is expected to continue based on diplomatic developments and provide an edge to the domestic market."
Globally, investors are bracing for rate hikes. Domestic whole price index (WPI) has spiked but the market ignored it, he said.
Infosys, SBI, HDFC Bank, Maruti Suzuki and Axis Bank were among the top Nifty gainers, while losers were IOC, ONGC, HUL, Tata Motors and HDFC Life.
On the sectoral front, Nifty Bank and IT indices gained 2 percent each, while selling was seen in pharma, metal and energy names.
The BSE midcap index ended flat, while the smallcap index gained 0.3 percent.
On the BSE, information technology and banking indices rose 2 percent each. The auto index rose 0.9 percent and capital goods gained 0.5 percent.
The realty index shed nearly 3 percent, while healthcare, oil & gas, power and metal were down between 0.3 -0.8 percent.
A long build-up was seen in Deepak Nitrite, Zee Entertainment Enterprises and Indraprastha Gas, while a short build-up was seen in the Jubilant FoodWorks, AU Small Finance Bank and HPCL.
Among individual stocks, a volume spike of more than 200 percent was seen in Jubilant FoodWorks, Deepak Nitrite and Mahanagar Gas.
On the BSE, more than 100 stocks touched their 52-week. These included Kernex Microsystems, Gujarat Mineral Development Corporation, GHCL, Dwarikesh Sugar Industries and Balrampur Chini Mills.
Markets are expected to remain volatile this week, mainly driven by US Federal Reserve's interest-rate decision and the release of domestic inflation data. The Russia-Ukraine war, too, will be closely watched.
The date of LIC IPO will also be a key factor in determining the direction of the market in the coming days. Investors are advised to take new position only after things get cleared out and keep strict stop-losses to positions.
For the Nifty, 16,800 will act as strong support. If the level is breached intraday, 16690 will act as next support followed by 16,600.
On the upper side, 17,000 will be the first hurdle. Once it is surpassed, the next resistance will be at 17,100 and then 17,220.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty has given breakout from a falling channel on the daily timeframe, suggesting a rise of bullishness. The index has also moved above the previous swing high, again a bullish setup.
The trend will remain positive as long as it the index stays above the said channel. On the lower end, support is at 16,650. On the higher end, resistance is at 17,000.
Ajit Mishra, VP-Research, Religare Broking
On March 15, markets will react to the inflation data in the early trade. The Russia-Ukraine war and the performance of global markets will also remain in focus.
Since the Nifty has surpassed the critical hurdle at 16,800, it can extend the rebound to a 17,100+ zone.
In case of a dip, 16,700 will act as immediate support. Participants should focus on sector and stock selection.
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.
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