Nifty, Sensex Resume Gains For A Third Day, Experts Predict Further Hike

Indian equity benchmark indices on Wednesday continued their winning streak, with the Sensex closing 271.50 points, or 0.38 percent, higher at 71,657.71 and the Nifty gaining 73.90 points, or 0.34 percent, to end at 21,618.70.

Top gainers on the Nifty included Cipla, Reliance Industries, Adani Enterprises, HCL Technologies, and Adani Ports, while losers were ONGC, Divis Labs, BPCL, NTPC, and Power Grid Corporation.

Among sectors, healthcare, information technology, and metal were up 0.4 percent each, while the oil and gas index was down 0.5 percent.

BSE midcap and smallcap indices ended marginally higher.

Aditya Gaggar, Director of Progressive Shares, attributes the gain to the sudden rise seen in heavyweight stocks in the last hour. With the formation of a piercing candlestick pattern, the market ensured bullish momentum, with 21,430–21,470 levels as support and 21,725-21,750 levels as immediate resistance.

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, also predicts a buying streak with the hourly momentum indicator triggering a positive crossover.

According to him, 21730–21750 will act as resistance, while immediate support is placed at 21520–21500.