Above 8,950, Sensex Can Go Upto 9,350 level, Says Vishwas Agwaral
The Sensex continued to trade in the positive terrain on account of continued buying action witnessed across frontline stocks.
Auto, banking, FMCG, oil & gas stocks were the major gainers, while consumer durables went down. BSE Midcap and Smallcap index gained 0.48% and 0.68% respectively.
Indian stock market belled the day positively at 9,077.65 after gaining 73.57 points as against its last closure on Tuesday.
At 11:54 a.m., Sensex gained 84.07 points at 9,088.15 after hitting a high of 9,117.11 and a low of 9,053.80.
Meanwhile the broad based Nifty stood at 2,798.95, up 27.60 points, after touching a high of 2,806.20 and a low of 2,765.60.
The overall market breadth was positive as it saw 1,084 advancements as against 855 declinations.
Stock market analyst Vishwas Agarwal said above 8,950 level on the Bombay Stock Exchange (BSE), markets can go upto 9,350, and if it maintains the said level, then it will go up.
“Reliance Industries was leading the market on Tuesday leading to a higher closing. If this trend continues, we will be able to see more short covering in other frontline stocks who are already in the oversold zone,” Mr. Vishwas added.
He also said that expiry of the Futures and Options will give rise to volatility in the markets. There are brighter chances that the oversold markets will grow but the upmove will be fixed as people are watchful and FII are net sellers.