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Indian markets bounced back sharply on Wednesday. The S&P BSE Sensex rallied 461 points while the Nifty50 jumped 159 points.
Benchmark indices posted the best trading session since April. The Mid-cap index closed 663 points higher to post its biggest 1-day gain ever, according to CNBC data.
The broader market indices ‘BSE Midcap & Smallcap’ outperformed the benchmark, registering healthy gains of 4.2 percent and 3.4 percent, respectively.
The structure suggests that the short-term trend is still in favor of the bears.
On the downside, 10,016 shall be the target for the next leg down. On the flip side, if the bulls manage to surpass the hurdle zone of 10,480-10,500 on closing basis then there is scope for a deeper retracement.
NBFC stocks clearly remained in focus with Bajaj Finance rallying 10 percent while Bajaj Finserv gained 9.8 percent after SBI said that it will buy Rs 30,000-45,000 crore worth of assets from NBFCs to resolve the liquidity crisis.
Big News:
For Thursday, TCS will remain in focus ahead of Q2 results. Most analysts expect TCS to lead the sector with revenue growth in the range of 3.5-4.5 percent, sequentially.
Strong revenue growth and operational performance both are expected to boost profitability of the company.
ICICI Securities expects profit to grow 7.7 percent sequentially to Rs 7,905.4 crore, while Emkay sees profit growth at 8.6 percent QoQ. Sharekhan expects bottom line growth of around 8.8 percent QoQ.
Technical View:
Technically, Nifty formed a bullish candle
Next big resistance is placed at 10500-10550
Supports are placed at 10300-10200
Three levels: 10300, 10500, 10550
Max Call OI: 11000, 10800
Max Put OI: 10400, 10500
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