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Sunday, October 17, 2021

The trend of getting high on high in the market continues, know how its move can go ahead

The process of putting high on high in the market continues. Nifty went above 18,300 for the first time today. The mid cap also closed at a record high. Record closing of Sensex and Nifty has taken place. The market is seen at record levels with great rally. Bank Nifty also has a record closing. Except Nifty Auto, all the sectors closed on the gains. Bank Nifty closed with a gain of about 2 per cent. The Sensex climbed 569 points to close at 61,306. At the same time, Nifty climbed 177 points to close at 18,339. Bank Nifty climbed 705 points to close at 39,341. Midcap climbed 209 points to close at 32,504.

Fall in inflation data, buying in banking and metal stocks gave further strength to the market rally. This week, both the Sensex-Nifty have seen a rise of 2-2 percent. Please tell that due to Dussehra tomorrow, the market will be closed. Vinod Nair of Geojit Financial Services It said that the rally in the Indian markets continued with the boom in the IT sector due to good global cues, favorable inflation data and strong results of IT companies yesterday. He further added that the banking sector also contributed strongly to this rally and remained in focus before the results of the sector began.

Nifty above 18300, Sensex crosses 61,000, know what is the reason for this rise

technical view

Nifty formed a bullish candle on the daily scale and continued to maintain higher lows. It gave a range breakout on the weekly frame and made higher losses for the 11th consecutive month. Chandan Tapdia of Motilal Oswal Financial Services says that for Nifty to move towards 18,500, it has to remain above 18,250. At the same time, on the downside, support is visible in the zone of 18,050 -17,947.

How can the market move ahead?

Sachin Gupta of Choice Broking Says that on the technical chart Nifty is trading above the rising trendline breakout. This indicates a bullish trend in the counter. Other technical indicators are also indicating bullish momentum. Prices have also moved above the Upper Bollinger Bands. Which is a sign of continuation of the momentum going forward. Immediate support is visible for Nifty at 18,050. On the upside, it can see a rise of up to 18,500.

Rohit Singre of LKP Securities Says that Nifty has closed this week at the level of 18,339 with a gain of 2.5 percent. It has formed a bullish candle on the weekly chart for the second week in a row. Immediate support is seen for Nifty at 18,250 and then at 18,170. Any downside can be bought with a target of 18,500. Nearest resistance for Nifty is seen in the zone of 18,400-18,500.

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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