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Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited:
Nifty index opened positive and witnessed sustained buying interest for most part of the session to extend its gains towards 10900 levels. It formed a Bullish Candle followed by a Hammer on daily scale which suggests strong buying interest from key support levels.
It started to form higher lows from last three trading sessions and managed to close above its trading band of 10550 to 10850 zones after consolidation of nine trading sessions. It has been respecting to its rising support trend line by connecting all the recent swing low of 7511, 9004, 9544, 9845, 10250, 10300 and holding above its 200 DEMA. Now it needs to hold above 10800 zones to witness a fresh leg of rally towards 11000 then 11200 zones while on the downside supports are seen at 10750 then 10650 levels.
Vinod Nair, Head of Research at Geojit Financial Services:
Markets gained strength towards the end of the session, led by Financials and Energy stocks. Global markets were lacklustre as a EU summit to discuss a post-pandemic recovery fund is underway. The markets globally are banking on continued liquidity to ensure that the recent momentum seen in the markets does not stall. Indian stocks are seeing earnings specific moves while the ever present possibility of another lockdown has done little to affect the sentiment.
S Ranganathan, Head of Research at LKP Securities:
PSU stocks fired up markets as privatisation talks gained ground. Reliance & select Financials lent good support to the bulls on a day which saw hectic activity on the broader market too with several stocks on the Rural Theme too participating.
#MarketswithMC | Closing Bell 🔔 #Nifty ends above 10,900, #Sensex gains 548 pts led by energy, infra #stocks#stockmarket #stockstowatch LIVE: https://t.co/EdgQdluMJQ pic.twitter.com/0MVPTuWwV4
— moneycontrol (@moneycontrolcom) July 17, 2020
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
We have successfully crossed 10850 which was the resistance and the upper end of the range bound markets we were in the midst of since a couple of trading sessions. We should now attempt to reach 11000 and then 11100. The support for this market is now at 10600.
Market Close: The rally continued on third day on July 17 with Nifty closing above 10900 supported by the infra, energy and banking stocks.
At close, the Sensex was up 548.46 points or 1.50% at 37020.14, and the Nifty was up 161.70 points or 1.51% at 10901.70. About 1622 shares have advanced, 978 shares declined, and 153 shares are unchanged.
BPCL, ONGC, GAIL, Bharti Infratel and Titan were among major gainers on the Nifty, while losers were Hindalco Industries, Britannia Industries, Nestle, TCS and Infosys
Except IT all other sectoral indices ended in the green. BSE Midcap and Smallcap indices gained over 1 percent each.
AnandRathi on Federal Bank:
With an expected higher slippage rate in H2 FY21, it has built in 2% credit costs for FY21. Higher credit costs combined with weaker operating performance
(attributed to slower business growth) would keep the bank’s earnings weak in FY21. It estimate a 0.3% RoA for FY21, and 0.9% for FY22. Maintained buy, target Rs 58.
GNA Axles Q1 results: The company’s net loss was at Rs 6.6 crore versus profit of Rs 18.2 crore and revenue was down 69% at Rs 81.3 crore versus Rs 258.2 crore, YoY, reported CNBC-TV18.
At 14:56 IST, the Sensex was up 422.03 points or 1.16% at 36893.71, and the Nifty was up 127.00 points or 1.18% at 10867.
