Sensex, Nifty end at all-time highs helped by last-hour recovery; check key support, resistance levels

Headline indices BSE Sensex and Nifty 50 extended gains for the sixth straight session on Wednesday, ahead of tomorrow’s December series derivative contracts expiry. Headline indices have ended at record closing highs for the 14th time this month, according to the data available on BSE. BSE Sensex ended 133 points or 0.28 per cent higher at 47,746.22, while the broader Nifty 50 index gained 49.35 points or 0.35 per cent to end at 13,981.95. The broader markets outperformed the equity benchmarks in today’s session. The S&P BSE MidCap index gained over half a per cent to end at 17,904.85 and S&P SmallCap index ended 0.37 per cent up at 18,033.31. During the day, BSE Sensex hit a record high of 47,808 and Nifty 50 index 13,997 levels.

Binod Modi, Head Strategy at Reliance Securities

“Strong FPIs flow remains a dominant driving factor the market, which is expected to sustain in the near terms in the backdrop of soft monetary policy of global bankers, weak dollar and improved prospects of earnings recovery. Unlike 2QFY21 when pent up demand resulted in sharp earnings growth, 3QFY21 corporate earnings will be crucial for the market as this will offer clarity about the trend of regular demand and sustainability of earnings momentum. Considering rich valuations and earnings threat emerging from high input costs, investors should focus on quality names with strong earnings potential and margins of safety.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed a day on a positive note for a fifth consecutive session at 13982 with gains of half a per cent and formed a dragonfly Doji kind of candle pattern on the daily chart. The index reached to its immediate and strong hurdle zone of 14k mark now if index managed to hold above 14k mark then only we may see current bullish momentum to extend further towards 14200 zone otherwise some profit booking can witness and we may see the index to trade in the range of 13800-14000 zone.”

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

“Once again the Nifty attempted to hit the 14000 level but was unable to. From a technical perspective it is all set to achieve 14100 as the next level of resistance. It is a matter of time that we see that magical level on our screens! We have a good support at 13600 and any dip should be utilised to enter fresh long positions for higher targets.”

Vinod Nair, Head of Research at Geojit Financial services

“Domestic sentiment is upbeat, expecting a nod for Oxford-AstraZeneca Covid vaccine usage in India. Growth sectors like Auto, Realty and Metal led the rally while defensives like pharma continued to remain under pressure. Although the market is at its most expensive valuation level, FPIs continue to pump in funds and roll the Indian market higher on a daily basis.”

S Ranganathan, Head of Research at LKP Securities

“Bulls stepped on the accelerator in Wednesday trade to end the day just shy of the 14k mark led by cement & steel stocks on hopes of higher spend on infrastructure. Vaccine approval in the UK and hopes of approval back home led strength to the rally despite profit booking seen across several stocks.”