Top indices reverse three-day losing streak on global cues

Benchmark indices ended at fresh record highs with Nifty 50 closing +0.92 percent and Sensex closing 0.90 percent.

Strong buying was seen in IT and FMCG stocks while some selling pressure is seen in selected auto stocks and PSU banks.

Vodafone Idea share jumped 9 percent after Kumar Mangalam Birla’s meeting with India’s Telecom Minister.

HDFC Life also surged 6 percent ahead of its board meeting tomorrow for fundraising.

Morepen Labs gains 8 percent on transfer of medical devices business to a subsidiary.

Gaurav Udani, Chief Executive Officer & Founder, ThincRedBlu Securities said, "Nifty made a new all time high of 17,245 and gave a closing around the same level. This is a strong bullish sign. Today Nifty closed at 17,234 up by 155 points. Nifty is now headed for 17,275 and 1,7310 in the coming few trading sessions. 17,150 and 17,060 will act as strong support levels for Nifty. Traders can consider buying on every correction with strict stop loss as long as Nifty is trading above 16,900 levels."

Palak Kothari, Research Associate, Choice Broking, said, "On the technical front, the index has been trading in its higher highs, higher lows formation from the last four sessions, which points to strength in the counter . Moreover, the index formed a bullish candle on the daily chart which suggests that declines are being bought while hurdles are intact at higher zones. Furthermore, the Index has been trading above all the moving averages as well as given a breakout above the upper band of Bollinger, which further adds strength in the counter. At present, the Nifty index has immediate support shifted to 17000 levels while the index has to hold above 17,200 on a closing basis to witness an upward move towards 17,30017,400 levels."

Mohit Nigam, HeadPMS, Hem Securities said, "On the technical front, the market is witnessing a continuous positive trend and if the Nifty 50 sustains above 17,200 level, we can expect an upside till 17,400 level in the short term. MACD is also indicating a positive trend in the markets. On the downside, 16,900 remains a crucial support for Nifty 50."

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, said, "The intraday rally indicates further uptrend from the current levels but the market has formed a double top kind of formation. For the trend following traders, 17,150 would be the key support level, and above the same the uptrend structure could continue up to 17,300-17,350 levels. On the flip side, if the Nifty slips below 17,150, it may trigger a quick intraday correction till 17,10017,075 levels.

The Nifty reversed the losses of the previous day and nullified the bearish signal, said Deepak Jasani, Head-Retail Research, HDFC Securities.