The benchmark indices closed higher at end of trading session on Tuesday (September 14). The Sensex closed 69 points, or 0.12 percent, up at 58,247.09. The broader Nifty was up 25 points, or 0.14 percent, at 17,380.
Mid and smallcap indices hit fresh record highs in intraday trade. The BSE Midcap index closed 1.09 percent higher while the smallcap index ended with a gain of 0.63 percent
"Nifty traded in a small range today. It closed at 17,380 up by 25 points. Nifty is facing strong resistance in 17,420-17,450 range. It is important for Nifty to close above 17,450 with higher than average volumes to continue its upward journey. Nifty has strong support in 17,250-17,300 range and traders can use buy on dips strategy keeping a strict stop loss in the current markets," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Palak Kothari, Research Associate, Choice Broking said, "On the technical front, the index has given a breakout of the falling trend line and taken support from the extended trendline, which suggests upside movement in the counter. On an Hourly Chart, the Index has taken support from 21 HMA and sustained above the same suggested strength for the upside. Momentum indicators RSI & Stochastic are supporting the positive trend in the index. At present, the psychological level of 17,500 could be a resistance while on the downside, 17,250 may act as support for the index."
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, said, "Market continues to trade in a cautious manner after the recent rally and lack of follow up buying saw benchmark Nifty trim most of its early gains and end a tad higher, which is broadly negative. On intraday charts, the index has formed a triple top kind of formation. The market is still trading within the trading range and for the bulls 17450 would be the range breakout level. Above the same, the breakout formation could continue up to 17,500-17,525 levels. On the flip side, trading below 17,350 could possibly trigger an intraday correction up to 17,300-17,275 levels."
The Nifty closed at its all time high though on an intra day basis it faced resistance from the previous high formed four days back. Advance decline ratio has improved to much above 1:1, bringing some positivity amongst traders, said Deepak Jasani, Head-Retail, HDFC Securities. "A convincing breach of 17,437 could lead to acceleration in the upmove. On the other hand 17,254 could act as a support."