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Market Scenario: On October 10, the Indian stock market remained strong and Nifty closed around 25,300. At the end of trading, Sensex closed 328.72 points or 0.40 per cent higher at 82,500.82 and Nifty closed 103.55 points or 0.41 per cent higher at 25,285.35. About 2334 shares advanced, 1657 declined and 154 shares remained unchanged. Cipla, SBI, Dr. Reddy’s Labs, Maruti Suzuki, Adani Ports were the biggest gainers in Nifty, while Tata Steel, TCS, JSW Steel, Tech Mahindra, HDFC Life declined.
The BSE Midcap index rose 0.4% and the Smallcap index rose 0.6%. Sectoral indices fell 0.8%, while auto, banks, consumer durables, PSU banks, realty and pharma indices rose 0.5-1% each.
On a weekly basis, the market has seen a rise for the second consecutive week. This is the biggest weekly gain in three months. There has been an increase of about 2 percent in all four major indices. Capital markets and IT were among the biggest gainers this week, rising 5 per cent each.
Know how the market will be on Monday
Rupak Dey, senior technical analyst at LKP Securities, said that significant strength was seen in Nifty on Friday. It broke out of its recent consolidation range. Its trend has been positive, as it is above all major moving averages. In the short term, the market looks well positioned for further upside. Any dip will provide a good opportunity to enter a long-term trade. On the upside, Nifty may see levels of 25,500-25,550, while on the downside, support exists at 25,150. However, a drop below 25,150 may weaken the trend slightly.
Nagaraj Shetty of HDFC Securities said that the bullish trend in the market continued on Friday and Nifty closed with a gain of 103 points after trading in a limited range. After opening with gains, the market continued its upward move in the early part of the session. Later, the market remained in a narrow range throughout the session and closed near higher levels.
A long bullish candle has formed on the daily chart. This suggests that the bullish trend is likely to continue with these higher top and bottom levels. On the weekly chart, Nifty has formed a long bullish candle which has almost engulfed the upper zone of the long bearish candle since late September. On the weekly time-frame chart, we are also seeing signs of formation of bullish higher highs and lows. As a result, the overall market trend looks positive. Nifty is expected to move towards key resistance levels of 25400-25450 (previous swing high of September 18 and downward sloping trend line) in the coming week. Immediate support is at 25150.