Nifty rose for the second straight month on October 17. Volumes on the NSE were on the down side. Among sectors, energy and banking indices rose the most, while metals and housing indices fell the most. Broad markets continued to underperform, with small-cap and mid-cap indices up less than the Nifty and the advance decline ratio closing at 0.83:1. Benchmark stock indices on the BSE and National Stock Exchange (NSE) extended gains for a second straight session, closing over 0.7% higher on Monday, led by market heavyweight Reliance Industries (RIL) and bank stocks amid bullishness Signals in the global market. The Sensex rose 491 points to end at 58410 while the Nifty rose 126 points to settle at 17,311. Both indices had opened on a flat note earlier in the day but slipped into the red during early trade. However, they soon recouped their early losses and turned to late morning trades and traded positively for the remainder of the session. Markets have made several attempts to move higher in the recent past, but a lack of sustainability on the global front has thwarted all attempts. We therefore recommend waiting for further clarity and restricting positions until then. The banking and financial package looks strongest to us, while others show a mixed trend. Participants should adjust their positions accordingly. Nifty continues to show slight strength and next resistance may come at 17350-17430 band while support may come at 17150-17200 band.
Resistance: 17350, 17450, 17550
Support: 17250, 17150, 17050
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