In the week ending October 8, the market looked to recover all its losses from the previous week and managed to close with a gain of 2 per cent. The market was supported by good cues for the market, better quarterly results and no change in RBI rates as expected.
In the last week ended October 8, the Sensex closed at 60,059.06 with a gain of 1293.48 points, or 2.20 per cent. On the other hand, Nifty closed at 17,895.20 with a gain of 363.15 points or 2.07 per cent.
If we look at the broader market, BSE Midcap has gained 2.04 per cent and Smallcap index has gained 3.9 per cent during this period. There have been more than 100 such stocks in smallcap, which saw an increase of 10-59%. This includes the names of Syncom Formulations, Centrum Capital, Nazara Technologies, Nureca, Patel Engineering Company, Suven Life Sciences, Chambal Fertilizers and Brightcom Group.
Keep in mind these mantras related to investment in equity market, you will be in profit.
Similarly, the list of losers includes SREI Infrastructure Finance, Andhra Cements, Surya Roshni, Walchandnagar Industries, Gallantt Ispat, Mcleod Russel India, CG Power, Ballarpur Industries, Hikal, Toyam Industries, Titagarh Wagons and Dynamatic Technologies.
The BSE 500 index gained 2.3 per cent in the week ended October 8. During this period, 37 stocks included in this index were such that there was an increase of more than 10 percent. This includes the names of Chambal Fertilisers, IRCTC, Deepak Nitrite, Lemon Tree Hotels, Bandhan Bank, Ashoka Buildcon, Aarti Industries and DCM Shriram.
Talking about the next move of the market Vinod Nair of Geojit Financial Services It says that in the coming week ahead, the eyes of investors will now be on the results of the second quarter. The focus will remain on the IT sector as the results of many IT companies are going to come in the coming days. Apart from this, the domestic market will also keep an eye on the inflation data for the month of September. Which is expected to be below 5 per cent. If we look at the global market, then the eyes of investors will also remain on US job data. This will give an idea of the movement of the global market in the coming week.
Sachin Gupta of Choice Broking Says that the index has seen an increase of 2 percent on a weekly basis. Momentum indicators RSI has moved above 60 while Stochastic is giving positive cross over on daily time frame. Immediate support is visible for Nifty at 17700. On the other hand, the registration is visible at 18000 for the above.
Rohit Singre of LKP Securities It says that Nifty has reached the big hurdle zone of 17950. Where we can see double top formation. If Nifty manages to cross this level strongly, then in near term it may see us moving towards 18,300-18,500. On the other hand, if it fails to stay at this level, then we can see consolidation in the zone of 17,300-18,000. Immediate support is seen in the zone of 17,820-17,730 for Nifty.
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