Bombay Stock Exchange
By S Jha
New Delhi, February 15: Bulls have taken full charge of the street as Nifty vaulted past the 21900 level on Thursday after a full day of intense dual between the call and the put writers. The dual was finally won by the bulls as they rode the blue-chip heavyweights to kick the bears out of the ring.
Nifty closed at 21910, way ahead of the support level of 21819. The next resistance for Nifty is set at 21978, and if the level clears, as per the chartists, the index may be eying the psychological level of 22000. The second resistance of Nifty is set at 22045 and thereafter at 22147.
Similarly, Bank Nifty also firmly settled above the 46000 level. Bank Nifty is now set for the resistance at 46481 and thereafter at 46741 as per the chartists. Bank Nifty is also seen to be in full grip of the bulls as the index heavyweights such as HDFC Bank, State Bank of India, and ICICI Bank have steadily been gaining strength on the street.
Bulls are also helped by the fact after the indices finally began gaining leadership. Nifty took off on a strong note after Mahindra and Mahindra provided strong leadership to the index. The scrip rose by over seven per cent to emerge the top gainers. Similarly, SBI after the breakout a few days ago has not looked back, and the banking behemoth is scaling new high day after day.
But the day belonged to the PSU stocks as they turned extra bullish after a brief spell of shakeout when the fear factor gripped the retailers which had led to sharp cuts. The recently listed IREDA turned bullish yesterday to stay locked in the upper circuit. The railways stocks continue to extend their gains with Rail Vikas Nigam Limited leading the pack.
The Thursday session reaffirmed the faith of the investors in the oil and gas sector as the scrips gained further momentum. Oil India vaulted by over 14 per cent. Hindustan Oil Exploration was higher by 11 per cent. There is no looking back for Bharat Petroleum as the scrip went ahead of the Rs 650 level on Thursday. The likes of ONGC and others were also in strong demands.
The power sector is once more in the demand among the investors as the sectoral leader NTPC, Powergrid Corporation, and others extended their gains. Among the smallcap, KPI Green was locked in the upper circuit after going ex-bonus and same was the case with the likes of Waaree Renewables, Shilcher Tehnologies.
(Disclaimer: This article makes no recommendations for buy or sell of shares of any company).
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