The outspread of the new Covid-19 variant across the globe had dented the sentiments of the investors in the early morning, as the domestic market had opened negative, however, eventually ended in the green with Nifty50 ending almost flat with positive bias.

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At the market close, the BSE Sensex gained 153 points or 0.27 per cent to 57260, while the Nifty50 gained 14 points or 0.08 per cent to 17041. While the broader markets underperformed benchmarks as mid and small-cap slipped over 1 and 2 per cent respectively at the market close on Monday. 

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As many as 16 stocks closed in the green and 34 in the red on the Nifty50. Kotak Mahindra Bank surged most by around 2.5 per cent during the last hour of the session as the Reserve Bank of India allows LIC to pick additional stakes in the bank, followed by HCL Tech up over 2 per cent.

While other stocks such as HDFC Life, TCS, Wipro, Bajaj Finance, Titan each gained between 1-2 per cent and BPCL, Sun Pharma, Adani Ports, and UPL fell between 2-3 per cent at the close on Monday.  

Vinod Nair, Head of Research at Geojit Financial Services pointed out, “Domestic indices trimmed its early losses to trade modestly higher backed by IT and healthcare stocks, amid lingering worries over the emergence of the new covid variant.”

According to Nair, “the global market has factored well the near-term uncertainty limiting further downside. On the domestic front, the telecom sector was in focus as all sector majors reported a rate hike, signalling an end to the low tariff regime.”

Vijay Dhanotiya, Senior Research Analyst at CapitalVia Global Research Limited, said: “Our research suggests that sustaining above 17000 will be an important level to stay positive in the short term.”

“If the market is able to sustain the level of 17000, we can witness a positive momentum in the market which can lead to the levels of 17600. We have observed the momentum indicators like RSI and MACD indicating early signs of reversal in the market,” Dhanotiya added.

"Index closed a day at 17054 with minimal gains and formed a Doji candle pattern on the daily chart which represents indecision in the markets”, Rohit Singre, Senior Technical Analyst at LKP Securities said in his post market comment on Monday. 

“Immediate support is at 16930-16800 zone and on the higher side index has stiff hurdle around 17150-17270 zone also one can look for trimming their longs around mentioned resistance zone, overall strength will come only above 17350 zone and until trading below 17350 levels we may see sell on rise structure intact,” Singre added.

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)