On a weekly expiry 07 oct 2021, the Nifty opened on a gap-up note and showed strength throughout the day and set a high at 17857 levels. In the second half of the session, it showed some selling pressure & managed to close at 17790.35 Levels with the gain of 0.82%, while Bank Nifty managed to close with a slight gain of 0.63% at 37753 levels. Nifty Realty leads the show with 6.16% gains in a day. Nifty opened with a gap of 160 points but then traded within a narrow range of 17800 to 17850. Among sectors, strong buying was seen in auto and reality stocks. Amid auto stocks, Tata Motors gain the most rallied over 11 percent. While energy stocks witnessed technical selloff at higher levels. After opening in green, Nifty maintained the lead and closed with a gain of 0.85% at 17796 whereas Bank Nifty closed with a gain of 0.63% at 37757 and Sensex with a gain of 0.80% at 59667.
With the commencer 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. 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 17,900 level. For the day traders, 17725 would be the trend decider level. 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 17600 level, while resistance comes at 17850 levels.
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Resistance: 17850, 17900, 17950
Support: 17800, 17750, 17700
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