On the first day of the trading week, the Sensex-Nifty has managed to close on a spectacular edge. Metal and midcap indices closed at record highs. There was also good buying in realty and pharma stocks. Sensex climbed 534 points to 59,299 and Nifty climbed 159 points to close at 17,691. Nifty Bank also gained 354 points. The metal’s luster increased further today and the index closed at the high level of 2 weeks. Today, except consumer durables, all the indices closed higher. 36 out of 50 Nifty stocks were up. Out of 30 Sensex stocks, 23 stocks gained. At the same time, 10 out of 12 stocks of Nifty Bank were up.
Vinod Nair of Geojit Financial Services Says that despite a week-long consolidation and weak global cues, the Indian markets are once again seen in action. He further said that the market is looking bullish on the expectation of good second quarter results, faster recovery in the economy, comparatively less damaging of the second wave of corona and strong festival demand.
Market players say that the second quarter results of IT companies are about to start coming. The eyes of the market will now be on these results and the RBI policy and commentary to be held on October 8. The market expects that RBI will not make any changes in the rates.
Motilal Oswal’s Chandan Tapadiya Says Nifty has formed a Bullish candle on Daily Scale and it has negated the Lower High formation of last 5 sessions. Now for Nifty to move towards 17,777 -17,850, it has to remain above 17,700. At the same time, on the downside, support is visible at 17,580 -17,450.
Sachin Gupta of Choice Broking It says that today there was a gap up opening in Nifty. But there was a profit recovery of about 100 points from its day high of 17,750.1. At the end of trading, it closed at the level of 17,691.25. On the technical front, the index closed above the 20-DMA which is a sign of continuation of the bullish trend in the market. Stochastic has also given a positive crossover. This is also a positive trend. He further said that on the overly chart, the index took support from 21- EMA and remained above it, indicating continuation of the bullish trend. There is immediate support for Nifty at 17,580. At the same time, the resistance is at 17,950.
Mohit Nigam to Hem Securities Says that the Nifty has closed at the level of 17,691 today with a gain of 1 per cent while staying above 17,600. Now support is seen around 17,615 for Nifty. At the same time, there is a resistance around 17,830 on the upside.
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