Indian equities ended the expiry session on a higher note with Sensex and Nifty at their new highs on Thursday. At the close, the benchmark 30-share index, BSE Sensex added 122.59 points or 0.41% at 29,681.77 with 17 components registering rise. Meanwhile, the broad based NSE Nifty went up by 38.05 points or 0.43% at 8,952.35 with 28 components registering rise.

Sahaj Agrawal, deputy vice president- Derivatives Research, Kotak Securities said, "Nifty started the January series trading in the range of 8,100-8,400. In second half it witnessed a breakout to test 8,950-9,000 on the higher side. Expiry day started on a negative note on account of global cues. As Nifty approached expiry, buying was seen in frontline stocks pushing the index towards 8,950 to end the series with gains of 9.8 percent. Private banking, capital goods, Pharma stocks witnessed significant gains. Oil and Gas participated in the second half of the series. Metal stocks remained under pressure for the entire series.
 
Nifty continues to remain in uptrend with support seen at 8,775 levels. On the higher side 9,300-9,350 can be tested. Options open interest build up is seen at 9,000 calls and 8,800 put options indicating a narrow range for the initial few trading sessions. Breach of 8775 is expected to invite significant selling pressure.  Expect oil and gas and banking stocks to perform. Midcaps can catch up as there has been selective participation. Metal stocks could witness a turnaround from current levels."

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