Indian markets closed higher, led by pharma and financial service stocks. The BSE Sensex rose 350 points to 57,944 and Nifty50 up 103 points to 17,325 levels, while the Nifty Midcap 100 index gained 121 points to 29,342 levels at the market close on Tuesday. 

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Analyst Mohit Nigam, who is also a Head – PMS at Hem Securities said, the markets gained amid expectations of progress in negotiations between Russian-Ukrainian delegates in Istanbul, Turkey. 

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“Firm global mood and fall in crude oil prices gave market bulls a leg up on Tuesday while high US inflation and an increasingly hawkish Fed can be a major headwind in near future,” Nigam added.  

As many as 32 stocks advanced and 18 declined on Nifty50. Eicher Motor gained most by 4.5 per cent, followed by HDFC, Divis Lab, Adani Ports and JSW Steel each up around 3 per cent. While Hero MotoCorp fell most by nearly 7 per cent, followed by ONGC, Coal India and IOC down 1-3 per cent. 

Similarly, Bharti Airtel continued the gaining momentum, closed nearly 3 per cent and cement shares jumped on an expectation of a price hike, Ultratech, Shree Cement up 2 per cent each. 

Sectorally, almost all Nifty indices surged, except for Auto, FMCG and Media. Nifty Pharma surged most by over 1.5 per cent, followed by Nifty Financial Service up over 1 per cent. 

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

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

Nifty ended just below the resistance of 17330, it witnessed a recovery following a hammer candle on the daily chart. Going forward, 17330 may continue to act as the point of polarity. A decisive move beyond 17330 may induce a strong rally. On the lower end, support is visible at 17200. 

Expert: Palak Kothari Research Associate Choice Broking 

Technically, the Nifty50 is trading near to the resistance levels and above 50-days Simple Moving Averages indicates further strength. The index has confirmed the hammer candlestick on a daily chart which confirms the strength in the counter. However, the momentum indicator STOCHASTIC in trading with positive crossover on daily charts which indicates upside movement can be seen.  

Moreover, the index has managed to close above 21-HMA sustained above the same can show northward direction. The Nifty may find support around 17000 levels while on the upside 17400 may act as an immediate hurdle for the index.  

Expert: Mohit Nigam, Head - PMS, Hem Securities  

Nifty50 closes its day above good resistance zone of 17,300 and if index holds above 17,300 mark then we may see more upwards move towards 17,600-17,800 mark which are another resistance zone on the upside.  The market breadth as skewed in the favour of bears. About 1,427 stocks advanced, 1,982 declined and 108 remained unchanged.  

Expert: Ajit Mishra, VP - Research, Religare Broking Ltd 

For yet another session, markets traded highly volatile and ended with gains of more than half a percent. Supportive global cues led to a gap-up opening and thereafter the benchmark traded with positive bias throughout the session but with volatile swings.  

In the near term, Derivative monthly expiry and auto sales numbers will remain in focus. Meanwhile, markets will continue to take cues from global peers. Also, volatility will continue to remain high, so we would suggest investors to focus on stocks selection and traders to keep hedge positions.