Sensex and Nifty 50 rose nearly 1% on Friday, with positive global cues and broad-based buying across indices. Banking, capital goods, consumer durables, FMCG, and healthcare stocks saw strong upside. Midcap and smallcap stocks touched new all-time highs.
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NEW DELHI: Nifty opened gap down on Thursday, but made a rebound from the initial hiccup and saw substantial buying. The index formed a bullish candle. The headline index formed a Piercing Pattern in the two-day candlestick pattern, which suggests a possible short-term trend reversal.
Chandan Taparia of Motilal Oswal Securities said, Nifty needs to decisively hold above 14,400 level to witness a bounce towards 14,600 and 14,700 levels, while on the downside, support exists at 14,250 and 14,150 levels. The market has been going through a correction phase following increasing Covid-19 cases despite the optimism about the vaccination drive. Though the earnings outcome is expected to trigger stock-specific movements in the coming days, the broader movement in the market will depend on fall in Covid cases, said Vinod Nair, Head - Research, Geojit Financial Services.
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