S&P BSE Sensex ended 384 points or 0.68% higher at 57,315 while NSE Nifty 50 jumped 117 points or 0.69% at 17,072.
Power Grid jumped 3.4% to end as the top gainer on Sensex, ITC, Bajaj Finance, and Infosys were the other top gainers.
Analysts at the brokerage firm have pinned a target of 62,000 on Sensex and 18500-19000 on the broader Nifty 50 index.
“Indian markets opened in green following positive Asian market peers as investors reacted to studies about omicron reduced risk of hospitalization and severe disease with omicron compared to delta.
MedPlus Health Services share price surged further to a new intraday high of Rs 1,133 apiece on Thursday, after making a stellar debut on stock exchanges.
Paytm Payments Bank and NASDAQ listed MoneyGram International, Inc, today announced a partnership to enable MoneyGram customers globally to send money in real-time to a Paytm Wallet user in India.
Currently, stock trading at Rs 1100 is up by 38.2%, we suggest short term investors to book profit in Medplus Health Services Limited IPO, as now the company is trading at EV/EBITDA of 37 times based on H1FY2022 which is in line with listed peers.
Look to reduce longs at higher levels unless we have confirmation of fresh longs being added especially from FII’s,” said Rahul Sharma, Director & Head – Research, JM Financial.
In the past one month, Infosys stock price has soared 23 per cent, as compared to a 2.2 per cent fall in the S&P BSE Sensex.
“Although most of the oversold stocks are indicating further bounce, it would be a litmus test for bulls around the current levels or may be after entering yet another cluster of hurdles i.e.17000 – 17100 – 17200.
“There is a possible upside from the merged entity’s higher competitive position in the market and synergy gains, given that both the companies have a significant potential to improve profitability,” said analysts at Motilal Oswal in a note.
Internationally, yellow metal prices held steady, as a weaker dollar offset renewed risk appetite fuelled by an encouraging Omicron study and increased optimism around the global economic outlook, according to Reuters.
Until then there is always a possibility of a U-turn and the markets would then attempt to go down to retest the recent lows.
It formed a Bullish candle on daily scale and has been forming higher highs – higher lows from the last two trading sessions.
MedPlus Health Services stocks began trading at Rs 1,015 per share, up Rs 219 or 27.51 per cent from the IPO price of Rs 796 per share.
“Short covering in the Nifty futures, Long build up in the Bank Nifty Futures and Put writing at 16800 levels Indicates that one should remain optimistic on the markets.
For Nifty Bank, 34600 and 35500 might act as immediate support and resistance respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
In the Nifty current series, there has been a Long Unwinding witnessed with a decrease in price of as of Wednesday wherein there was shedding of 8.22 lakh shares in OI, decreasing from 104.84 lakh to 96.62 lakh shares.
On the options front, maximum Put OI for December 30 series is at 16500 strike price with 31 lakh shares followed by 16000 & 16700 strike price.
For the coming weekly settlement, the Nifty has the highest Put base at 16800 strike while Call base is placed at 17200 strike.
Best to be a ‘tomato trader’ until this clarity emerges,” said Rahul Sharma, Director & Head – Research, JM Financial.
The Nifty is currently placed at the crucial overhead resistance of 17000-17200 levels and the negative chart pattern of lower highs and lower lows remains intact.