Market HIGHLIGHTS: Nifty ends above 18100, Sensex rallies 767 pts, as bulls takeover; Reliance, Infosys gain

Bajaj-Auto, Tata Steel, Axis Bank, NTPC, and Power Grid Corporation of India were top BSE Sensex losers

Tech Mahindra was top BSE Sensex gainer, up 4.13 per cent, followed by HDFC, Infosys, Bajaj Finserv, Bharti Airtel, Asian Paints, Larsen & Toubro (L&T), RIL

BSE Sensex was trading 800 points or 1.3 per cent at 60,700, while Nifty 50 crossed 18,100

The level of 17970 is a very important level for the day. If Nifty holds here then the journey towards 18060 can be seen. Any closing above level 18060 will open doors for the upper side till 18350-18450. If Nifty managed to close above 18060 today, the bears may get trapped. In such a scenario, bears need to protect themself by either hedging the position or by surrendering to Bulls. The bulls will be eager to gain the lost ground. On the other hand, a low of 17798 is very strong support. If Bear wants to win the battle, then they need to penetrate this level on a closing basis. In the absence of any side penetration, next week will be sideways consolidation week. Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

BSE Sensex was trading 436 points or 0.73 per cent at 60,376, while Nifty 50 crossed 18,000

The index has opened this morning with a gap but the big question is whether we are able to sustain on the upside. We have recently visited the lower end of the current range which was 17700. The upper end of the range is 18100. We need to get past either level in order to see a meaningful build-up of momentum and direction. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

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Barring Nifty Pharma, all the sectoral indices were trading in the green. Nifty Bank index was up 0.3 per cent, Nifty Metal index was up nearly one per cent.

Index heavyweights such as HDFC, Infosys, Reliance Industries Ltd (RIL), Kotak Mahindra Bank, ICICI Bank contributed the most to indices gain

Tata Steel, Sun Pharma, Tech Mahindra, Bajaj Finserv, Asian Paints, Housing Development Finance Corporation (HDFC), Infosys, Kotak Mahindra Bank top Sensex gainers

BSE Sensex was trading 348 points or 0.58 per cent higher at 60,277, while Nifty 50 index moved above 17,950

BSE Sensex was trading over 300 points or 0.55 per cent higher at 60,247 levels in the pre-opening session

Nifty finds support around 17798 while 18150 will act as resistance on the upside. Bank Nifty finds support around 38300 while 39000 will act as resistance. IIFL Securities

We expect Bank Nifty to trade in a range while holding above the recent panic low of 38400. Hence after a positive opening use intraday dips towards 38540-38610 for creating a long position for the target of 38870, maintaining a stop loss of 38420. ICICI Direct

Structurally, the formation of higher peak and trough on the weekly chart signifies positive trend is still intact. We expect the ongoing corrective phase to get anchored around the 17400 mark. ICICI Direct

The lack of faster retracement on either side signifies extended consolidation in the range of 17900-17400 in coming sessions. Over past four sessions index has retraced merely 61.8% of the preceding four sessions up move (17326-17948), indicating a slower pace of retracement. Thus prolongation of consolidation amid stock-specific action would continue. Meanwhile, the upside will be capped at 17900. ICICI Direct

Nifty is expected to open positive at 17970, up by 50 points. Traders are suggested to book profits on every rise and avoid taking new long positions till we get a bullish confirmation. Nifty has support in 17600 and 17800 range and resistance in 17950 and 18050 range. Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty is likely to witness gap down opening tracking weak global cues. The breach of Tuesday’s low (17620) indicates an extension of the corrective phase. Hence, post gap-down opening uses intraday pullback towards 17520-17545 for creating a fresh short position for a target of 17430. ICICI Direct

Indian markets are likely to open gap down on the back of weak global cues with mounting fears on slowing economic growth, elevated inflation, a global energy crunch and regulatory risks emanating from China. ICICI Direct

For intraday traders 17,870-17850 would be the key support level. If Nifty trades above this level the index can move to 17935-18,050 levels. If Index trades below 17,870 -17850 it may slide down towards 17,730-17,680 levels. Nifty 50-day EMA is at around 17,650 which would act as crucial support for the index. Till the index does not close below 17,650, the bulls have an opportunity to make a comeback. Aprajita Saxena, Research Analyst at Trustline Securities

Taking a glance at the F&O space, we saw some open interest reduction in Nifty; whereas the banking index added a good amount of fresh shorts. FIIs continued their selling streak in equities and also preferred adding shorts in index and stock futures segment. This certainly does not bode well for the bulls and is actually providing resistance at higher levels. As far as Options activity is concerned, the call writers were clearly dominating from the last couple of sessions, which again is a sign of weakness. It would be interesting to see whether we see similar kind of activity as we stepped into a new weekly expiry or stronger hands prefer to shift their stance. Sameet Chavan, Angel One

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Markets underwent profit-taking for the third straight session as benchmark Nifty comfortably broke the intraday support of 17900, which is broadly negative. Technically, the index has formed a bearish candle and it is currently trading near 50 day sma following the sharp intra-day correction. The intraday texture of the market is weak but strong possibility of a pullback rally is not ruled out if it succeeds to trade above 50 day SMA or 17750. For day traders, 17750-17800 would be key support levels, and as long as the index is trading above the same, bullish sentiment will be intact. On the flip side, below 17750, it could trigger short term weakness and we may see a quick intraday correction up to 17700. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

We may further slide in the index ahead however the major concern is volatility and we do not expect any relief from that front. The upcoming macroeconomic data, IIP and CPI Inflation and scheduled MSCI rebalancing would keep the choppiness high. Besides, movement in global markets, as well as fluctuation in currency (especially dollar) and crude prices, will be closely tracked. On the benchmark front, Nifty has next major support around 17,750-17,650 zone. Traders should align their positions accordingly and prefer hedged approach. Ajit Mishra, VP - Research, Religare Broking

A total of 767 BSE-listed companies including Coal India, Grasim Industries, Hero MotoCorp, Hindalco Industries, ONGC, Amara Raja Batteries, Apollo Hospitals Enterprise, Ashok Leyland, Mrs Bectors Food Specialities, Bharat Forge, Burger King, Force Motors, Glenmark Pharma, Motherson Sumi Systems, NALCO, NBCC, Paras Defence, and Suzlon Energy will release September quarter earnings on November 12.

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SoftBank, which is among prominent investors in the Indian tech start-up ecosystem, could invest another USD 5-10 billion in the country in 2022 if it finds the right companies at the right valuation, according to SoftBank Investment Advisers CEO Rajeev Misra.

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US stock indices ended mixed on Wall Street. The Dow Jones Industrial Average fell 158.71 points, or 0.44%, to 35,921.23, the S&P 500 gained 2.56 points, or 0.06%, to 4,649.27 and the Nasdaq Composite added 81.58 points, or 0.52%, to 15,704.28.

Asian peers were seen trading mostly higher in the early trade following the gains in tech stocks as Nasdaq Composite rebounded. Japan’s Nikkei 225 gained over 1% while the Topix index rose 1.19%. In South Korea, the Kospi climbed 1.22%.

Nifty futures were trading 53.50 points or 0.30 per cent up at 17,980 on Singaporean Exchange