Nifty reaches 18,000, but analysts still cautious

Shares of Pfizer’s India unit rose 8.3% after its parent said on Friday that the company’s experimental COVID-19 antiviral pill for adults at risk of serious illness could reduce the chances of hospitalization or death by 89 percent. % has been cut. On the other hand, Divi’s Laboratories, which makes active pharmaceutical ingredients for generic versions of Pfizer rival Merck’s COVID-19 antiviral pill, fell as much as 8.8%.

“Market rose after its light start and we managed to close above the level of 17950-18000 which is a positive sign. This needs to be sustained for a few sessions and after that the doors will open for the index to scale up. More towards 18400-18500. Since good support is around the 17550-17600 level, dips can be used to accumulate long positions,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments said.

Titan was the top gainer in the Sensex pack, rising over 4%, led by UltraTech Cement, Bajaj Finserv, Tech Mahindra, Kotak Bank and HDFC. IndusInd Bank, on the other hand, was top of the Sensex pack when the lender tanked over 10% after the lender disbursed 84,000 loans without customer consent in May due to a “technical glitch”.

Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities Limited said: “On the intraday chart, the index has formed a promising higher bottom and has also formed a long leg hammer candlestick formation. However, the main concern is that Nifty is still trading below the 20 day SMA or below 18100. We are of the view that 18100 will be the next intraday breakout level for day traders and the upward movement from the same will continue till 18150. -18200. On the other hand, a strong support is seen near 17900, and if it breaks below the same then the uptrend will be weakened.”

The Nifty Energy index rose 1.50%, with Bharat Petroleum, Hindustan Petroleum and Indian Oil rising 2.9% to 7.4%.

“World stocks held steady near record highs on Monday as riskier assets were supported by an upbeat US October payrolls report, but they faced another test later in the week from a reading on US inflation. Higher volumes and positive advances Nifty with decline ratio strengthened for the second day in a row. Deepak Jasani, Head of Retail Research, HDFC Securities, said, “More bullish momentum may occur by moving above the 18115-18125 band, while 17947-17970 is a support band for the Nifty. ” (with agency input)