Technical Analyst who called Nifty "Dried Camel Dung" admits he was wrong

Sensex, Nifty gain for 5th day in a row. Where are markets headed from here ?

Infosys saves the day for Sensex. What analysts say on market gain ?


Indian shares ended a volatile session higher, extending gains to the fifth day in a row - the longest winning streak in a month. Gains in IT and financials helped Indian markets outperform peers.


Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"Nifty has been sustaining above the lower support of 10550-10600 levels in the last three sessions. Though, Nifty moved up smartly today, the overall market breadth was negative mainly due to an underperformance in the broader market indices like mid and small cap segments."

"The short term trend of Nifty is positive with range bound action. On the way up 10830-10900 is going to be a key overhead resistance for the market in the next few sessions. Important supports to be watched at 10600-10550 levels."


Deepak Jasani, Head Retail Research, HDFC Securities

Technically, with the Nifty bouncing back smartly and rallying strongly in the last 45 minutes of trade, the bulls are not willing to give up easily. Today's rally has come with the Nifty holding above the 200-day EMA, which indicates that the rally could continue for a while. Bullish bets are off if the Nifty closes below the immediate lows of 10595-10533."

Vinod Nair, Head of Research at Geojit Financial Services.

"In spite of negative global cues, Indian benchmark indices gained strength as the day went on, powered by the IT index and Infosys in particular. Infosys reported better than expected numbers and was backed by good deal wins and decent outlook. Ground realities remained little changed, as the virus infections and geo-political tensions created uncertainty on the global economic recovery. Investors need to remain stock specific and the earnings results and commentary should be watched out for."

Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments

"The range of 10550-10850 continues. The level around 10850 is significant as that was the recent high this market made. The trend continues to remain bullish and if we can get past this level, we could be headed to 11000 and then 11100."

Ajit Mishra, VP - Research, Religare Broking Ltd.

"Markets remained range-bound for yet another session but managed to gain nearly a percent. The initial upmove was led by healthy buying interest in IT stocks on the back strong earnings from Infosys which later supported by some recovery in banking names in the last hour of the trade. "

By Livemint