Sensex reclaims 46,000, adds 2% this week; check key resistance, support levels for Nifty

Domestic equity market benchmarks BSE Sensex and Nifty 50 ended Friday’s volatile session in the green led by buying in metal and bank stocks. BSE Sensex ended 139 points or 0.30 per cent up at 46,099, while the Nifty 50 index gained 35.55 points or 0.26 per cent to settle at 13,514. In the broader market, S&P BSE MidCap index gained 0.15 per cent or 26.06 points to end at 17,521 while S&P BSE SmallCap index jumped over half a per cent or 90 points to settle at 17,553. During intraday, The 30-share Sensex hit a record high of 46,309.63 while the broader Nifty 50 index scaled to an all-time high of 13,579.35. Headlines indices added 2 per cent during this week.

Joseph Thomas, Head of Research – Emkay Wealth Management.

“The markets closed marginally higher in the last trading day of the week from the previous day’s closing, after remaining quite volatile and slipping into the red for a while during the trading session. There has been continued selling and profit booking from domestic investors. The tech and auto index closed in the red with no fresh factors for a broader upward movement in the market.”

Nagaraj Shetti, Technical & Derivatives Analyst, HDFC Securities Ltd

“The short term trend of Nifty is range bound with volatility. The present consolidation movement could eventually result in an upside continuation by next week. A sustainable upmove above 13600 levels is expected to pull Nifty towards 13900 levels in the near term. Immediate support is placed at 13400.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

“The index tested the lower end of the range again; 13400-13700 is the range for this market and this is also a stiff resistance zone. We will breakdown only if 13300-13350 is broken and we will see a renewed rally up only post a closing above 13700. Until then traders should trade cautiously with strict stop-loss levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“Market opened well, but in between it lost all the gains and turned negative, fortunately in the last trading minutes, it made a good attempt to bounce back and closed marginally above. Gains made in sectors like Energy, FMCG and Metals were countered by selling in Pharma and IT stocks. This muted momentum was due to a weak global trend. Despite European Central Bank’s announcing an increase in the stimulus package, European markets fell as it was over weighed by increasing chance of a no-deal Brexit, rising virus cases and moderate usages of the announced stimulus plan. Instability was also seen in the US market with a sudden spike in the volatility index (VIX) and selling in tech stocks.”

S Ranganathan, Head of Research at LKP Securities

“A volatile trading session to end the week well over 46k as we witnessed a renewed interest in PSU names across sectors on hopes of divestment and dividend expectations from cash-rich PSU companies. Bouts of profit booking was seen in afternoon trade across sectors and stocks which seems healthy for the markets.”