Both indices, Nifty and Sensex, opened the day in green, with Sensex up by over 100 points to trade at 80,543.05 points, and Nifty trading at 24,624.20, up by 0.21%
BPCL, Hero Moto Corp, TCS, IndusInd Bank, and UltraTech Cement gained early lead during today's trade, while ONGC, Cipla, Bharti Airtel, Power Grid Corporation of India, and JSW Steel were amidst the leading laggards.
All broad market indices opened in green, with the exception of India VIX, which dipped by 0.59%. With the exception of Nifty Realty, all other sectoral indices opened the day in green.
Aditya Gaggar, director of Progressive Shares, noted that non-directional trade ended marginally higher at 24,573. The Index has formed a small red candle but the overall uptrend is intact and as per the range breakout, the approximate target comes to 24,870 with the downside being protected at 24,420.
"BankNifty has been oscillating in a well-maintained range of 49,730-,50,730, and awaiting a breakout for a clear picture. The Energy sector is likely to extend its positive momentum as it has given a breakout. We continue to hold our positive stance on the IT and Pharma sectors. With a positive divergence in the RSI, the metal sector stands at the higher end of its consolidation range, and in the case of a breakout, one can expect a strong rally. The defensive sector i.e. the FMCG is on the verge of providing a breakout, and post the breakout, we can witness a sharp up move. Some of the stocks appear strong on a technical front namely BEPL, Bharat Wire, D-Link / Supreme Petro, Kopran, and Sequent Scientific / Shriram Finance", he continued.
