Sensex, Nifty end with gains on weekly expiry session; here’s what experts make of today’s trade

Weekly F&O expiry: Nifty 50, Bank Nifty may end in green; charts, outlook, trade guide

On the weekly options expiry day, the wider trading range for NSE Nifty 50 index is 15,700-15,800; and for Bank Nifty index is 34,800-35,000.

Broader markets outperformed benchmark indices with midcap and smallcap indices soaring over 1% each. Bank Nifty ended 0.95% higher. (Image: REUTERS)

Sensex and Nifty regained positive momentum on Thursday and closed the weekly expiry session in the positive territory. S&P BSE Sensex gained 358 points to end at 52,300 while the Nifty 50 index closed at 15,737. The top gainer on Sensex was Bajaj Finance, up 7.69%, followed by Bajaj Finserv, State Bank of India, and IndusInd Bank, and ITC. Only 7 of the 30 Sensex constituents closed in red with Bajaj Auto, Maruti, HCL Technologies, and Ultratech Cement as the top index laggards. Broader markets outperformed benchmark indices with midcap and smallcap indices soaring over 1% each. Bank Nifty ended 0.95% higher. India VIX gained 1.69% during the day.

Vinod Nair, Head of Research at Geojit Financial Services –

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“Ahead of US inflation data and European Central Bank policy meeting outcome, Indian equities reflected its Asian counterparts to trade on a positive note. With faster vaccine coverage and off-loading of fiscal measures, the economic impact of covid second wave will most likely be restricted to Q1FY22, as per the monthly report of the Department of Economic Affairs. Gains in the market were broad-based with all major sectors except auto.”

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

“The markets have reclaimed the 15700 level which is a positive sign. Yesterday we bounced from the 15600 support which was a crucial move by the index. This reconfirms that the trend is positive. The Nifty should be headed to 15900-16000 and 15600 continues to be the important level of support. Any intraday dip or correction can be utilized to go long on the markets.”

Mohit Nigam, Head, PMS, Hem Securities –

“Nifty 50 gave closing above an important level of 15,700 and trading above 15,700 is positive from a short term perspective. Strong buying interest is seen in financial, pharma, metal and realty stocks while some selling pressure is witnessed in selected auto and consumer durable stocks. Bajaj Finance and Bajaj Finserv were the top gainers while ITC and Bajaj Auto were the top losers in Nifty 50 today. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300.”

Paras Bothra, President of Equity Research at Ashika Group –

“Indian markets remained strong despite muted global cues, however new covid cases have been consistently below 1 lakh mark. Globally, investors await U.S. inflation data, the ECB’s policy meeting and a Group of Seven summit for directional cues. Dollar has firmed up while 10-year US yields were under pressure. Besides, there have been fresh tensions between US-China after ban on TikTok and WeChat. Barring auto stocks, other sectoral indices remained in green. At close, Nifty ends above 15,700, Sensex rises 359 pts at 52,300.”

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S Ranganathan, Head of Research at LKP securities –

“Bulls looked charged up today on weekly expiry and it was indeed heartening to see confidence personified as the broader markets saw selective buying across sectors in stocks which looked optically reasonable compared to its expensive larger peers. While the Bajaj Twins provided the fire power to the Index, the Small & Midcaps put up a stellar show yet again despite apprehensions on higher valuations in select segments.”

Manish Shah Founder Niftytriggrs –

“The day’s trading resulted in an inside bar which is preceded by a long red candle. The range of the day was one of the lowest in last several days. Nifty is seeing contraction of the daily range and this adds to the uncertainty as to the direction of the market. Inside days are trend continuation pattern   and in this case also we have clear boundries. A break above 15800 should propel Nifty to 16200 levels buy . On the other hand a break below 15550 will trigger a decline to  15380. Next two days will be crucial for the market.”

Jay Thakkar – VP and Head of Equity Research at Marwadi Shares and Finance –

“Nifty has closed well on 2nd weekly expiry day, however, it has closed below 15750 levels which is a concern in the short term. Today’s up-move in market was well backed by BSFI sector and the Bank Nifty closing well above 35000 indicates that the probability of it inching towards 35500 in the short term is high. On the lower side Nifty has an immediate support at 15575-15600 levels whereas Banknifty has an immediate support at 35000 levels. We have been saying that the range for Nifty is 15800-15600 for this weekly expiry and it happened so as anticipated. Now in the next weekly expiry the markets will provide a breakout from this range hence it’s time to go long on those strategies where IVs are likely to increase.”

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