Both indices Sensex and Nifty opened the day in greens. As of 9:30 am, Nifty was up by 0.34%, trading at 24,488 points, while Sensex inched up 167 points to trade at 80,206.95 points.
All broad market indices opened the day in green, except for India VIX, which fell by over 3% in early trade. Metal and IT indices inched up over 1%, while bank, FMCG and private bank opened in red.
Shri Ram Finance, Bharti Airtel, LTI Mindtree, Hindalco and Coal India gained early advantage in morning trade today, while Tech Mahindra, Nestle India, HDFC Bank, Maruti and ONGC lost significant ground.
Mr. Aditya Gaggar, director of Progressive Shares notes that the monthly expiry day yesterday ended on a muted note at 24,406. The level of 24,200 is acting as rock-solid support for the Index and as long as the index holds it, the uptrend will remain intact. On the flip side, a level of 24,560 is considered an immediate hurdle. Bank Nifty is a major laggard and recovery in it seems slightly difficult.
"On the downside, 50DMA level i.e. 50,680 is immediate support while on the higher side, multiple hurdles are there with 51,200 being the primary one. From the auto segment, both Tata Motors and Tata Motors DVR have ended their consolidation of over 4 months by giving a breakout with considerable volumes. Gas and OMC's stocks from the energy segment look strong and a couple of counters have already given a strong breakout (BPCL, HPCL, IOC- On the verge of consolidation breakout, Petronet- Record Level Breakout). The FMCG counters are witnessing a round of profit booking but the overall uptrend is intact and such correction will offer a better entry point to add good quality stocks. We continue to remain bullish on the tech sector", he continued
