Dalal Street ends with gains for third day straight; is Nifty headed towards 15,000 now?


Among sectoral indices on NSE, the Nifty Metal index surged 4.7%, Bank Nifty ended 0.23% higher. Nifty PSU Bank index closed with losses.
(Image: REUTERS)

Equity markets continued their upward march on Friday and closed the week’s last trading session with gains. S&P BSE Sensex ended just above 49,200 while the Nifty 50 index closed at 14,823. Bajaj Finserv, Mahindra & Mahindra, HDFC, and NTPC were among the top gainers on Sensex, while Bajaj Auto, Bajaj Finance, and Infosys were the top drags. Midcap indices closed in the red while small-caps gained. Among sectoral indices on NSE, the Nifty Metal index surged 4.7%, Bank Nifty ended 0.23% higher. Nifty PSU Bank index closed with losses.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian benchmark indices rose for the third consecutive session on May 07. Nifty gained 1.3% over the week, gaining for the second consecutive week. A short term bottom has been made at 14416. The advance decline ratio remains positive amidst rotational stock-specific buying. 14979-15044 now becomes the next resistance for the Nifty while 14611-14634 becomes the support. Upward momentum in the markets could continue in the early part of the coming week.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Market opened with a gap up tracking heavyweights gains and was able to maintain its optimism to the end, supported by the global market. Global bourses were largely positive as easing restrictions on movement in the US & Europe along with the expectation of better US job data signalled a faster economic rebound in the western markets. Metals stocks are continuing its upbeat movement on improved sectoral outlook while mid-cap stocks underperformed their peers.”

S Ranganathan, Head of Research at LKP Securities –

“Metals fired up yet again to pull Indices up with support from key Pivotal. The broader markets witnessed buying interest in Mortgage companies post good earnings from HDFC. Profit Taking was witnessed in few high-quality Midcaps in Today’s Trade.”

Manish Shah, Founder, Niftytriggers

“Nifty closed the week with a marginal gain of 1.74%. The candle for the week is a bullish green candle that closed at the high of the week. Though we have not seen a range expansion. A candle with no lower shadow closing at the high of the week can be considered to be a bullish development. Nifty needs to break above 15050-15000 if the rally has to continue. From the weekly time frame, we can deduce that buyers have gain traction during the week. But the last point of resistance remains at 15050-15000 zones. The consolidation in Nifty is significant and if break above 15050-15000  materialises we should see a sharp rally in the weeks to come. If Nifty slips below 14650 expect some decline to the 14300 zone.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investment –

“The markets have held 14700 smartly! We need to see if these levels can hold on Monday; if it can, we should be headed to 15200. If we do not hold, we will retrace back to the support levels of 14400. Holding 14400 is imperative for the Nifty.”


Leave A Reply

Your email address will not be published.