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Dalal Street ends Monday’s trading session in green; will Nifty 50 touch 16,000 this week?

Titan gained 3.25% to end as the top gainer on Sensex, followed by M&M, Reliance Industries, Axis Bank, TCS, and Maruti Suzuki India.
(Image: REUTERS)

Domestic benchmark indices closed with gains on Monday as bulls returned to Dalal Street. S&P BSE Sensex gained 363 points or 0.69% to end at 52,950 while the NSE Nifty 50 index jumped 122 points or 0.77% to close at 15,885. Titan’s share price gained 3.25% to end as the top gainer on Sensex, followed by M&M, Reliance Industries, Axis Bank, TCS, and Maruti Suzuki India. Tata Steel was down 1.66% as the worst-performing Sensex stock, followed by Bajaj Finserv, Bajaj Finance, NTPC, and Dr Reddy’s. Bank Nifty ended in green, jumping 0.36%. India VIX closed flat with positive bias. Midcap and smallcap indices were also seen moving higher, outperforming the benchmark indices. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Asian stocks rallied Monday as some of the concerns over China’s regulatory crackdown eased and progress on a U.S. infrastructure spending plan aided sentiment. European equities kicked off August with a bang, rising to a new record on earnings updates. Nifty has opened the week on a strong note with sharply higher advance-decline ratio. A follow-through up-move is likely over the next few days and Nifty could remain with an upward bias in the 15817-15962 band.”

Vinod Nair, Head of Research at Geojit Financial Services

“Tracking global sentiments, vibrant domestic sectors like realty, auto, IT and chemicals provided an edge to Indian equities. Recovery is seen in July auto sales and an improved outlook for real estate due to a surge in property registrations helped these sectors to trade higher. $1 trillion infrastructure spending package in the US provided better prospects to the core economy, aiding global markets to start the month on a strong footing.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index opened a day with good gap & managed to hold bullish stream throughout day and closed a day at 15885 with gains of nearly one percent. the index reached to its upper band of the overall range currently overall range is coming at 15600-16000 mark which hints one can start locking their gains on every rise and if index managed to give a decisive close above 16k mark then only we can say breakout is done & then we may see more northward move in near term, immediate support is coming near 15815-15750 zone & resistance is placed at 15920-16000 mark.”

Manish Shah, Founder, Niftytriggers –

“Nifty closed the day sharply higher up by around 125 points. It was a bullish start to the week. Nifty remains in a band of 15950-15550 till we see Nifty closing above the gap resistance zone at 15830-15880 convincingly. The point in favor of the bulls is that Nifty has closed at the top end of the range but a range expansion candle should have been a more welcome sign. Support for Nifty is at 15750 which should hold if breakout has to manifest. If Nifty manages to break above 15960 expect the market to show a swift rally to 16200-16300. This could be the biggest buying opportunity in Nifty in two months.”

Sumeet Bagadia, Executive Director, Choice Broking –

“Technically, the nifty index has taken support at the Middle Bollinger Band formation and settled above it. Moreover, the index is continuously trading above 50- days SMA, which suggests bullish strength in the counter. An indicator Stochastic has indicated positive crossover, which supports the bullish trend. At present, the nifty has support at 15750 levels while resistance comes at 15960 levels.”

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