Sensex, Nifty rebound to end with gains; are bulls gearing up for a comeback?

Bank stocks came back from the lows with ICICI Bank gaining 3.6% to end as the top Sensex gainer.
(Image: REUTERS)

Stock markets closed with gains on Thursday, coming back strong after having opened with losses. S&P BSE Sensex closed 374 points higher at 48,080 while the 50-stock NSE Nifty ended at 14,406. Bank stocks came back from the lows with ICICI Bank gaining 3.6% to end as the top Sensex gainer. It was followed by HDFC, Bajaj Auto, and HDFC Bank. Titan, Hindustan Unilever and Asian Paints were the top drags. Volatility inched higher and closed above 23 levels. Bank Nifty was the top sectoral gainer.

Vinod Nair, Head of Research at Geojit Financial Services –

“Amid increasing covid-19 cases, the domestic market recovered from its early losses backed by positive cues from global markets. The market has been going through a correction phase following increasing covid cases, in spite of the optimism due to vaccination drives. Though earnings outcome is expected to have stock-specific movements in the coming days, broader movement in the market will depend on fall in covid cases.”

S Ranganathan, Head of Research at LKP Securities –

“In a volatile session, Markets ended on a positive note on Thursday despite the country recording its highest daily covid spike as investors focused on broad basing of the vaccination program. In today’s trade, the steely resolve displayed by Steel Stocks yet again was the key highlight.”

Mohit Nigam, Head, PMS & advisory, Hem Securities –

“Market remained volatile today swinging between red & green; there was some recovery seen in the financial sector today which led to the markets closing half a per cent higher. However, there is less stability and resilience of the market is tested again around 14,200 levels around which it is regularly bouncing back. In the absence of a fresh positive development, we might not experience a bullish momentum for the time being and volatility will persist. 14200 on the downside remains key support.”

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“The markets failed to break today’s low of 14130 and zoomed up to close above 14400. Unless we do not break today’s low and sustain below it for a couple of hours, the markets will not enter a bear phase. If it is successful in breaking the lows, we should be able to drift down to 13800. The upside is capped at 14550.”

Manish Shah, Founder, Niftytriggers –

“The pattern for the day is a bullish piercing pattern and the pattern for the day was preceded by a bullish hammer on Monday. This is a bullish development as buyers congregated at a very important support zone. The 14300-14250 is the support for the Nifty and Nifty broke below this and the market has recovered and closed above this support zone. If Nifty moves above the resistance at 14550-14560 expect it to move higher towards next week is going to be the expiry week for the month of April and within the next 2-3 sessions we can expect Nifty to hit 14650-14680. If Nifty moves beyond 14700 expect more upsides towards 14900. Support for Nifty is at 14200 and probabilities favour Nifty rising to 14680 and beyond in going into the expiry week.”