Indian shares extended gains for a second session in a row on Monday, after strong economic data from the US and investment in the Adani group of companies boosted risk appetite. The Nifty 50 index closed 0.67% higher to 17,711.45, while the S&P BSE Sensex gained 0.69% to 60,224.46.
“Market has recovered well with Nifty gaining 2% over the last two trading session, showing renewed strength. India VIX too has fallen from 15 zones to 12 levels, thus supporting the positive sentiments. We expect this momentum to continue in the near term supported by positive global cues,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
“Nifty opened on a strong note with a huge gap up and almost scaled the 17800 zone where it witnessed some resistance and gradually slipped as the day progressed ahead. The near-term support is strong near 17550 zone and further a decisive breach above 17800 would establish some conviction for carrying on with the momentum still further ahead for the next target of 18100 levels. “
Bank Nifty view
“Bank Nifty also witnessed a decent opening resisting near the 41700 zone and witnessing some profit booking to end the session near 41350 levels with bias still maintained positive and expecting further rise with 41000 as the near-term support zone. The index needs to cross the 41700-41800 zone decisively to give a breakout above the previous peak level and expect for next target of 43000 level. The support for the day is seen at 17600 while the resistance is seen at 17900. Bank Nifty would have the daily range of 41000-41800 levels.”
Stocks picks
– Buy BSE LTD at ₹480, stop loss ₹467, target ₹512
– Buy Tata Motors at ₹440, stop loss ₹430, target 460
– Buy DCAL at ₹120, stop loss ₹117, target ₹128
Nifty Spot Index
Support – 17600/17550
Resistance – 17900/17950
Bank Nifty Spot Index
Support – 41000/40950
Resistance – 41800/41850
Markets are closed today, 7 March, for a public holiday, and will resume trading on Wednesday, 8 March.