Indian markets started the day on a positive note today with key indices moving up marginally. Sensex rose 269.94 points to 76,184.03 and Nifty gained 70.55 points to 23,027.80.
Among Nifty 50 stocks, 34 advanced, 15 declined and 2 were unchanged. Top gainers were Bajaj Auto, Cipla, Infosys, BEL and Shriram Finance while HDFC Life, JSW Steel, NTPC, Hindustan Unilever and Nestle India were the top losers.
Akshay Chinchalkar, Head of Research at Axis Securities, spoke on market views. He said, "The Nifty's surge followed by elevated last-hour selling shows that both bulls and bears are fighting a tactical tug-of-war. The index traced a "doji" pattern with a long upper shadow that shows overhead supply is still a concern despite the selling we have seen so far, while candles that formed on the broader benchmarks - NSE 500, mid- and small-caps - had long lower shadows that shows how important holding the recent lows is for bulls."
Chinchalkar also gave the levels for the day, "The nifty's range for the day is 22786 - 23154 with a daily close above 23050 needed for a larger rebound in the near-term. On the downside, protecting 22900 will be pivotal based on options positioning for the weekly expiration coming due tomorrow," he said.
With everyone watching these levels, the next few days will give us more clarity on whether the upmove can sustain or the downmove will take over.
