Indian markets hit fresh record highs on Thursday in the run-up to Dussehra 2021. The S&P BSE Sensex hit a high of 61,353 while the Nifty50 hit a high of 18350 ahead of the long weekend.

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Indian market will remain shut on Friday on account of Dussehra.

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Let’s look at the final tally on the D-Street – the S&P BSE Sensex rose 568 points to 61,305, while the Nifty50 closed with gains of 176 points to 18,338.

The rally in the Indian market got support from positive global cues, strong results from IT sector (Infosys and Wipro), a fall in inflation, a rally in banking stocks, and supportive management commentary across sectors.

"The Indian market sustained its upbeat mood supported by the positive global market, favorable inflation data and up move in IT stocks, following strong earning scorecards by sector majors,” Vinod Nair, Head of Research at Geojit Financial Services, said.

“India’s September retail inflation eased sharply to 4.35%, against 5.30% in August owing to a decline in food price while wholesale inflation stood at to 10.66% compared to 11.39% in the previous month,” he said.

Nair further added that banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season.

Sectorally, the rally was seen in banks, the public sector, finance, metal, realty, capital goods, and IT stocks, while selling pressure was visible in the auto space.

On the broader markets front – the S&P BSE Mid-cap index rose 0.5 per cent, while the S&P BSE Small-cap index rose 0.4 per cent.

More than 300 stocks on the BSE hit a fresh 52-week high that include names like IRCTC, BEML, NLC India, India Cements, MindTree, Cyient, and ABB Power etc. among others.

India VIX fell by 2.07 per cent from 16.10 to 15.76 levels. Overall comparative lower VIX suggests that bulls are holding the tight grip in the market.

We have collated views from different experts as to what investors should do when trading resumes:

Expert: Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited

The Nifty50 formed a Bullish candle on a daily scale and has been forming higher lows from the last three sessions. On the weekly frame, it gave a range breakout and has been forming higher lows from the last eleven weeks in a row.

Now, the index has to hold above 18250 zones to extend its move towards 18500 levels whereas on the downside support is seen at 18050 and 17947 zones.

Expert: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

We were very close to the 18400 mark but did not achieve it. The target is still open and if we can sustain there, 18600 should be the next level for the Nifty.

Considering the support is at 17800, the risk-reward is skewed and hence traders should only seek intraday dips to accumulate long positions on the index for higher targets.

Expert: Sachin Gupta, AVP, Research at Choice Broking

On the technical chart, the nifty index has been trading above the Rising Trendline Breakout, which indicates a bullish trend in the counter. A daily momentum indicator Stochastic and MACD both have shown positive crossover on the daily chart which supports the bullish momentum.

Furthermore, the price has also moved above the upper Bollinger Band formation, which suggests that the bullish rally may continue further.

At present, the Index has immediate support at the 18050 level while an upside move is expected till 18500 levels.

Expert: Mohit Nigam, Head - PMS, Hem Securities

On the technical front, benchmark indices witnessed a continuous positive trend after sustaining well above 18,200 levels.

According to our technical analysis this positive momentum might continue till 18,500 levels in coming sessions. Immediate support for Nifty 50 is 18,200.

Expert: Rohit Singre, Senior Technical Analyst at LKP Securities

The index closed a week at 18339 with gains of two & half percent and formed a bullish candle on the weekly chart for the second consecutive week.

Now, the immediate support for the index is placed near 18250 followed by 18170 zones, and any dip near mentioned supports zone will be again fresh buying opportunity.

The overall target for the index is placed at 18500 zone, and the immediate hurdles is coming near 18400-18500 zone.