Closing Bell: Indices end with robust gains, Nifty above 16,350; IT, Banking, Auto & FMCG sectors top gainers
Rupak De, Senior Technical Analyst at LKP Securities:Nifty remained strong as it sustained above 16200 throughout the day. Momentum oscillator, RSI is in bullish crossover and rising.
Deepak Jasani, Head of Retail Research, HDFC Securities:Nifty built on gains of the previous session on May 27.
It opened with an upgap and continued to rise to close almost at the intra-day high. At close, Nifty was up 1.18% or 190.8 points at 16360.9.
Nifty gained for the second consecutive week rising 0.53% for the week. Sentiments seem to have turned for the better over the past two days.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP ParibasThe Nifty had a volatile week where it dipped below 16000 mark however managed to recover & closed in the green on the weekly chart.
The daily chart shows that the recent dip found support near 78.6% retracement level, which was near 15900. Thereon the index witnessed fresh buying support.
The index has been facing resistance near 16400 for the last three weeks. Once the level of 16400 is crossed on a closing basis then the index will be set to target 16620 on the upside. On the other hand, the near term support zone shifts higher to 16200-16220
Vinod Nair, Head of Research at Geojit Financial Services:Joining the global rally, the investors were in a buying mood following favourable retail earnings in the US.
The RBI’s upcoming policy meeting will be a key factor in the market, where they are expected to announce an additional policy rate hike of 25-35bps.
Market Close: Benchmark indices ended higher for the second consecutive day on Ma y27 with Nifty above 16300.