Sensex posts record close, Nifty may hit 18250, if it gets past 18050; what analysts make of today’s trade

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October 12, 2021 4:25 PM

BSE Sensex and Nifty 50 posted record highs on Tuesday, amid fag-end buying in index heavyweights such as Reliance Industries Ltd (RIL), and State Bank of India (SBI), among others

Sensex, nifty, stock marketVolatility

BSE Sensex and Nifty 50 posted record highs on Tuesday, amid fag-end buying in index heavyweights such as Reliance Industries Ltd (RIL), and State Bank of India (SBI), among others. Sensex gained 149 points 0.25 per cent to end at 60,284, while the NSE Nifty 50 index settled just shy of 18,000, at 17,992. Apart from RIL and SBI, Titan Company, Bajaj Finserv, ITC, Axis Bank contributed the most to the indices gain. In the broader market, BSE MidCap index outperformed the equity benchmarks. BSE Midcap index gained 0.65 per cent or 170 points to settle at 26,148. While BSE SmallCap index added 0.26 per cent or 76 points to finish at 29,582. India VIX, the volatility index, cooled off 1.5 per cent to end at 15.85 levels. Analysts say if Nifty sustains above 17850, it may touch 18125.

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

It was a volatile session for the markets but bulls gained strength in late trades as Nifty once again breached the 18,000 mark before ending a tad lower below the psychological mark. On daily and intraday charts, Nifty has formed a promising higher bottom formation. The intraday structure suggests 17850 could be the trend decider level for the bulls. Above the same, the uptrend formation is likely to continue up to 18050-18125 levels. On the flip side, below 17850/59850 the uptrend would be vulnerable.

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

The markets are facing tremendous resistance around the 18000 level. We need to get past 18050 for the next leg of this rally to set in. Once that is crossed, we will head to 18200-18250 as the next target level. 17800 is strong support for this market and as long as this holds, all dips and corrections can be used to enter long positions.

Mohit Nigam, Head – PMS, Hem Securities

Going ahead, bull momentum doesn’t look like fizzling out however one needs to stay cautious following global trends. Sectors that could remain in traction are Banks, Energy, Metals, Infrastructure and Consumer Discretionary. Technically, Nifty50 looks like holding on to 18,100 as near term resistance while 17,700 could act as key support level.

Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed some volatile movements and an attempt to hold the level around the Nifty 50 Index level of 17900. The market shows that it is going to be crucial for the short-term market scenario to sustain above the 18000 Nifty50 Index level. If the market is able to sustain the level of 18000, we can witness higher levels of 18250. The momentum indicators like RSI and MACD indicating positive momentum is likely to continue.

Vinod Nair, Head of Research, Geojit Financial Services

Following selling in IT stocks as a result of a weak start to the earnings season and weakness in global markets, the domestic market traded in the negative zone. However, with strong support from PSU Banks on revamped hopes of privatisation and continued buying interest in consumer goods, metals and auto, indices managed to end on a positive note. While global markets traded with cuts in fears of rising inflation due to soaring commodity prices and energy crunch.

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