Sensex ends in green after one-day pause, Nifty may need to breach 17,858 for further upside

By: |
Updated: October 07, 2021 4:33 PM

S&P BSE Sensex soared 488 points or 0.82% to end at 59,677 while the Nifty 50 index jumped 144 points or 0.82% to close at 17,790.

Stock market, Share marketGoing ahead, markets will tomorrow keep an eye on RBI’s MPC meeting outcome. (Image: REUTERS)

Domestic markets closed with gains on the weekly futures & options expiry session as bulls pushed Sensex and Nifty higher after a brief pause yesterday. S&P BSE Sensex soared 488 points or 0.82% to end at 59,677 while the Nifty 50 index jumped 144 points or 0.82% to close at 17,790. Titan was the top gainer on Sensex today, skyrocketing 10.69% on the closing bell, followed by M&M, Maruti, IndusInd Bank, and Sun Pharma. Dr Reddy’s was the worst-performing Sensex stock, down 1,3%, followed by HDFC, and Nestle India. Going ahead, markets will tomorrow keep an eye on RBI’s MPC meeting outcome. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty formed a doji which is appearing within the high low range of the previous day. Hence this pattern does not have any predictive ability. A breach of today’s high i.e.17858 could lead to further upward move in the markets. 17641 happens to be the support for the Nifty in the near term.”

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

“Technically, a strong bearish candle followed by inside body candle formation clearly suggests indecisiveness between the bulls and the bears. The market is consistently taking support near 20 day SMA but at the same time witnessed profit booking near 17900 level. For the day traders, 17720 would be the trend decider level.”

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

Markets continue to remain choppy and range bound. Traders should avoid taking positions in either direction unless 17950 is conquered on the upside or 17400 breaks on the downside.”

Mohit Nigam, Head – PMS, Hem Securities –
“With the commencement of this festive season, we believe strong buying can be seen in auto, textile and realty stocks. IT earnings are starting from tomorrow and the market seems to be quite optimistic on it. On the technical front, Nifty can face resistance at 17,915 levels and a good support can be seen at 17,688 levels.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the Index has formed a Doji kind of candlestick pattern which points out confusion between a buyer & a seller. Moreover, the Index has been trading above 21 DMA, which points out strength in the counter. Momentum indicator stochastic is trading with positive crossover, which adds strength to the counter. On an hourly chart, the Index has been trading with the support of the middle band of the Bollinger band formation, sustain above the same can show further upside movement. At present, the Index has immediate support at 17500 level while resistance comes at 17900 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic market clawed its way out to a gap up opening following strong global sentiments, as US debt default worries calmed along with easing bond yields and crude oil prices. The domestic market was pushed by strong buying in auto, realty & IT sectors which bolstered the market to sustain the trend in favour of the bulls. Despite the global semiconductor shortage, auto stocks sparked a rally in hopes of demand revival during the festive season while the expectation of better Q2 numbers for IT and strong pre-sale numbers helped the realty sector.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Domestic market clawed its way out to a gap up opening following strong global sentiments, as US debt default worries calmed along with easing bond yields and crude oil prices. The domestic market was pushed by strong buying in auto, realty & IT sectors which bolstered the market to sustain the trend in favour of the bulls. Despite the global semiconductor shortage, auto stocks sparked a rally in hopes of demand revival during the festive season while the expectation of better Q2 numbers for IT and strong pre-sale numbers helped the realty sector.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Paytm IPO: Paytm may skip a pre-IPO round to fast-track listing
2Alternative Investment Funds: Sebi comes out with modalities for filing placement memorandum 
3Asian Paints shares tank over 5% after earnings announcement