Market benchmark Sensex
surged 301 points to close at 33250 today on unabated buying by domestic
institutional investors amid positive global leads. The Nifty future too went
past the 10250-level. The Sensex opened on a strong footing at 33034 and maintained
its upward trend to hit the day’s high of 33285 before ending at 33250, up 301
points. The index had rallied 352 points in the previous session on
value-buying by investors in recently-battered blue-chip stocks. The Nifty
future finished the day at 10290, a hefty gain of 87 points, after shuttling
between 10297 and 100211. On a weekly basis, the Sensex gained 417 points,
while the Nifty advanced 143 points. Buying by retail investors and domestic
institutions has gathered momentum amid strong global cues. Hopes that the
Bharatiya Janata Party (BJP) would win critical elections in Gujarat beginning
this weekend has contributed to the positive sentiment. Elections in Prime
Minister Narendra Modi's home state is a key test for the BJP, ahead of general
elections in 2019. The results will be out later this month.
According to
polls, BJP is expected to win, but the seat count would be lower than what they
were vocal about. If they do win, I think markets will take it positively.
Going into trade on Monday, though we expect a quiet
start, we expect the follow-through rally to continue with the levels of
100-DMA acting as important support. The levels of 10350 and 10400
will act as immediate resistance levels for the market. Supports come in at
10250 and 10200 zones.
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Resistance: 10330, 10370,
10400
Support: 10250,
10220, 10175
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