Mr Vishal Wagh, Research Head - Bonanza Portfolio
The rally continued on Indian bourses as Nifty closed above 17,800 led by all sectorial indices except metal and pharma. BSE midcap index ended flat and small-cap index gained 0.39 percent. Good participation from top heavyweight counters brightened up the mood in dalal street. The indices closed at 17,805 and 59,855 respectively.
Technically, the Nifty index has managed to sustain above 17,640 which was a major hurdle and has given a descending broadening formation breakout which has bullish implications. Next resistance comes near 17,950-18,000 and on the downside it has supports at 17,600-17,650 levels.
The global markets extended the upbeat moves seen on Monday. U.S. dollar rose to a five-year high versus the yen on Tuesday, boosted by expectations of U.S. Federal Reserve rate hikes. Investors feel fast spreading of omicron will have limited impact on economies.
NTPC, ONGC, SBI, Power Grid and Titan Company were among the top Nifty gainers, however, losers were Tata Motors, Coal India, Sun Pharma, Tata Consumer Products and Shree Cements.