Indian stock markets ended in the green on Thursday, marking their third consecutive closing in the green. Even as they were off their intra-day highs at the closing time, BSE Sensex still settled up 817 points or 1.5 per cent at 55,464. Meanwhile, Nifty50 gained 250 points to end at 16,595. Among the sectorol indices, Nifty Bank gained 660 points to settle at 34,476.

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The Midcap index was up 253 points to close at 28,039 today. 

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As many as 43 stocks closed positively and 7 stocks declined on Nifty50. HUL shares jumped the most gaining over 5 per cent. It was followed by Tata Steel and Grasim Industries. While Coal India cracked the most and was down almost 4 per cent during Thursday’s trade. 

Coforge was top midcap loser following a block deal of over 10 per cent equity. Gujarat Gas, GAIL, OIL, Indian Hotels, BEL amongst top midcap losers and Astral, Adani Ent, Indiamart, Indigo and Chola Invest are top midcap gainers during today’s session. 

“Hopes of progress in high-level talks between Russia and Ukraine and a surge in the Asian market, the Indian market started with a strong gap-up. The outperformance was supported by positive state election results being in line with expectations, Vinod Nair, Head of Research at Geojit Financial said.  

Another encouraging development occurred when OPEC+ member the United Arab Emirate stated that it supports pouring more oil into the markets. If OPEC+ countries agree to raise output, crude oil gains could be limited in the ensuing session, the market expert Mohit Nigam said. 

He added, “The BJP's strong showing in the state elections encouraged the bullish mood even further. On the global front, Asian markets were trading firm, following Wall Street's overall upbeat cues overnight, amid slightly easing inflation fears as commodities prices fell.” 

We have collated views from different experts as to what investors should do when trading resumes: 

Expert: Santosh Meena, Head of Research, Swastika Investmart Ltd.   

Short-term traders should watch market behaviour in the 16800-17000 zone then trade accordingly while long-term investors should continue to accumulate good quality stocks. 

Our top preferred sectors are capital goods, infrastructure, real estate, and financials however rising commodity prices are a major challenge in the near term. IT stocks may continue to do well after a recent correction while some private banks are looking attractive after a recent fall. 

Expert: Mohit Nigam, Head - PMS, Hem Securities  

Investors should stay cautious because the geopolitical stalemate remains unpredictable, but they can consider buying shares for long-term goals. 

On the technical front, immediate support and resistance in the Nifty are 16,200 and 16,800. For the Bank Nifty, immediate support and resistance are at 33,500 and 35,500. 

Expert: Palak Kothari Research Associate Choice Broking 

Technically, Index has covered the Gap and bounce from the 89-HMA which suggest bounce back in the counter. On the Four-Hourly Chart, the index has formed a Hammer Candlestick pattern which points out northward direction in the counter.  

Momentum indicator is trading with a positive crossover which adds strength for the next day. At present, the index has support at 16400 levels while resistance comes at 16900 levels. On the other hand, Bank nifty has support at 33700 levels while resistance at 35000 levels. 

Expert: Rupak De, Senior Technical Analyst at LKP Securities. 

The benchmark index Nifty maintained an upside gap during the day, suggesting the presence of strength throughout the day. However, on the higher end, it found resistance at the upper band of the declining channel.  

Over the near term, the market may remain sideward if Nifty remains below 16750. A decisive move above 16750 may induce a rally towards 17000 and higher. On the lower end, support is visible at 16400. 

Expert: Vijay Dhanotiya,  Lead- Technical at CapitalVia Global Research Limited. 

The market witnessed the continuation of the strong pullback rally in the market. While sustaining above 16400-16450 is the key factor from a short-term perspective, our research suggests, a decisive breakout above the zone of 16800 could open the gate for a movement till 17000.   

The market observed the momentum indicators like RSI, MACD indicating a positive outlook to continue and market breadth to improve further after the decisive level breakout of the resistance zone.