After The Bell: Nifty back above 15,000; what should investors do on Wednesday?

Market Outlook

Bulls remained in control of D-Street for the second consecutive day on Tuesday pushing Nifty50 towards 15,100 while the S&P BSE Sensex closed above 51,000.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 584 points to 51,025 while Nifty50 closed with gains of 142 points at 15,098 on Tuesday supported by strong global cues.

Sectorally, the action was seen in banks, finance, IT, consumer durables, and FMCG, and profit-taking was seen in metals, oil & gas and public sector stocks.

On the broader markets front, the S&P BSE Mid-cap index fell 0.6 percent while the S&P BSE Small-cap index was down 0.4 percent.

“Post a volatile day, the Indian market ended with minor gains amid mixed global cues. Barring private banks, IT and consumer stocks, all other sectors were hit,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“Fall in the US bond yields and stronger US equity futures aided Asian markets to recover from earlier losses,” he said.

Here is what experts suggest investors should do on March 10:

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

The Nifty50 witnessed consolidation above a falling trendline on the daily chart for one more day. Towards the end of the session, however, it saw a fresh round of buying. The hourly, as well as daily momentum indicators, are starting a new cycle on the upside from their respective equilibrium lines.

The hourly Bollinger Bands are about to expand after a contraction, which suggests that a trending move can develop and look at the overall structure, we expect the move to form on the upside.

Thus, the index looks set to test the swing high of 15,273 with a potential head towards the all-time high of 15,431. On the other hand, the support zone shifted a bit higher to 14,860-14,900.

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

Nifty formed a Bullish Hammer-like candle on the daily scale with a long lower shadow which indicates declines were being bought. The Nifty has been moving in a consolidative manner from the last few sessions and not emerging in a clear direction.

Now, it has to decisively cross and hold above 15,100 zones to witness an up move towards 15,200 and 15,300 zones while on the downside immediate support exists at 15,000 then 14,900 levels.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed an attempt to break above the resistance level around the Nifty 50 Index level of 15,100. The expected levels of the market are likely to be in the range of 14,900 and 15,100, and it’s going to be crucial for the short-term market scenario to sustain above the 14,900 Nifty50 index level.

While it is subject to further price action evolution, It is prudent to wait for a decisive breakout above 15100 and technical factors to improve before going long in the market.

The traders are advised to refrain from building a new buying position until further improvement (A breakout above 15100).

Rohit Singre, Senior Technical Analyst at LKP Securities

The Nifty index managed to close a day on a positive note after a strong volatile session at 15100 with gains of nearly one percent.

The Nifty managed to cross the 15100 zone decisively which was acted as a strong hurdle previously which we may see some more positive move going forward.

If the index manages to sustain above the 15100 zone on an immediate basis, strong support is still formed at the 15k mark, and hurdle zone for nifty is coming near the 15170-15250 zone.

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