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Home / Markets / Stock Markets /  Analysts remain bullish as Nifty ends near 6-month high after 3 days of gains

Indian shares closed higher for a third consecutive session today with heavyweight RIL leading the gains after taking a majority stake in e-pharma portal Netmeds. The NSE Nifty 50 index closed 0.2% up at 11,408.40, highest since Feb. 27, and the S&P BSE Sensex closed 0.22% up at 38,614.79, highest since March 3.

"The trend continues to remain bullish and we should expect higher levels of 11500 and then 11700. Traders could use any dip as a buying opportunity," said Manish Hathiramani of Deen Dayal Investments.

Reliance Industries Ltd closed up 0.87%. Broadcaster Zee Entertainment Enterprises Ltd closed up 13.14%. Among sectoral indexes, the Nifty PSU bank index rallied the most and closed 2.36% higher, led by a 6.13% rise in Indian Overseas Bank.

Private sector lender CSB Bank Ltd closed up nearly 13% after reporting a rise in quarterly profit. The broader markets outperformed today with BSE midcap and smallcap indices rising 0.6% and 1.2% respectively.

Here is what analysts said on today's market performance:

Sumeet Bagadia, Executive Director, Choice Broking

"The day saw range bound movement only after witnessing a jovial opening. Nifty sustained above 11400 level suggesting a good upside movement during upcoming trading sessions. Moreover, the benchmark index has already taken the support of its 21 Days Moving Average which shows a positive trend for the time being. At present level, the downside support comes at 11240-11280 while upside resistance comes at 11550."

Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

“Post yesterday’s breakout, Nifty started today’s session with a gap up around the 11450 mark. However, it then consolidated within the range of 11460-11400 throughout the day and ended near the lower end of the range

However, the overall market breadth was robust as the midcap and the small cap stocks continued with the upmove and provided good trading opportunities. The probable near term target is seen around 11465 and then at 11625. On the flipside, 11350-11300 is the immediate support for the index."

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short trem trend of Nifty continues to be positive. The range movement with positive bias is likely to continue for the next sessions. There is a possibility of Nifty reaching upper 11550-11600 levels in the next few sessions, before showing another round of profit booking from the highs. Immediate support is placed at 11375-11350 levels."

Ajit Mishra, VP - Research, Religare Broking Ltd

"Markets ended marginally higher in a range-bound session, taking a pause after the recent surge. The benchmark opened with an uptick, following buoyant global cues but lack of follow-up buying and profit-taking in select index majors capped upside. Meanwhile, the buzz in the broader markets kept the traders busy. On the sector front, a mixed was witnessed as realty, telecom and finance were among the top gainers while FMCG, healthcare and IT traded lackluster.

Markets are not showing any sign of slowing down and we expect Nifty to gradually inch towards 11,550-11,600 zone. We’re seeing rotational buying on the sectoral front and almost all the sectors are contributing to the move. However, the decisiveness is still missing and thus we suggest traders to choose their bets wisely."

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