Market continued to gain momentum on the third straight day and touched another record high on October 11, though ended with marginal gains on profit-booking in the final hour of trade.
At close, the Sensex was up 76.72 points or 0.13 percent at 60,135.78, and the Nifty was up 50.80 points or 0.28 percent at 17,946.
“The Nifty scaled mount 18K today, led by Reliance, auto and power stocks even as the IT Index faced profit-booking throughout the day,” said S Ranganathan, Head of Research at LKP securities.
“The broader markets saw heightened activity in exchange stocks with the Nifty PSE stocks lending good support. The afternoon session, however, did see profit-booking as stocks do remain vulnerable to earnings disappointment,” he said.
Tata Motors, Coal India, Maruti Suzuki, Grasim Industries and Power Grid Corp were among the major gainers on the Nifty. TCS, Tech Mahindra, Infosys, HCL Technologies and Wipro were among the big gainers.
The broader indices outperformed the benchmarks, with the BSE midcap and smallcap indices rising 0.5 percent each.
Stocks and sectors
On the BSE, except IT (down 2.8 percent), all sectoral indices ended in the green. The Nifty IT index shed over 3 percent, but auto, bank, energy and metal indices rose 1-2.5 percent.
Among individual stocks, a volume spike of more than 400 percent was seen in APL Apollo Tubes, Torrent Power and GMR Infrastructure.
Long buildup was seen in Crompton Greaves Consumer Electrical, Torrent Power and JK Cement, while short buildup was seen in TCS, Dalmia Bharat and Bandhan Bank.
More than 350 stocks, including Bata India, Reliance Industries, Tata Motors, Voltas, DB Realty, hit a 52-week high on the BSE.
The Nifty formed a bullish candle on daily frame with long upper shadow as slight profit-booking was witnessed in the concluding hour. “Now it has to hold above 17,950 for an up move towards 18,100 and 18,200 levels, whereas on the downside support is seen at 17,777 and 17,650 zones,” said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.
Outlook for October 12
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
The market has formed a shooting star pattern at the top of the rally, which is an indication of an uncertainty in the market.
There should be a strategy to reduce the weak-long positions in the market to the resistance levels that exist at 17,980, 18,040 and 18,080. If the Nifty forms a positive reversal after hitting the major supports that exist at 17,850 or 17,810, a buy call is advised. In case the Nifty closes below the 17,800 level, it could weaken further to the 17,600 level.
Mohit Nigam, Head – Hem Securities:
The benchmark indices gained for the third consecutive session with Nifty 50 gaining 0.28 percent and Sensex gaining 0.13 percent. Nifty scaled 18,000 level for the first time and Sensex closed above 60,000 today.
On the technical front, indicators such as RSI and MACD show that strong positive momentum in Nifty 50 is likely to continue and we may see 18,200-18,300 levels in the short term. Strong support can be seen at 17,700 level, while the 18,200 level may act as an immediate resistance.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some positive movements and an attempt to hold 18,000 Nifty 50 Index. It is going to be crucial for the short-term market scenario to sustain above the 18,000-18,030 zone.
If the market is able to sustain the level of 18,000, it can witness higher levels of 18,250. The momentum indicators like RSI and MACD indicating positive momentum is likely to continue.
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