BSE Sensex and Nifty posted record closing highs but once more on Thursday, as bulls reigned for the sixth consecutive session. BSE Sensex rallied 568 points to finish at 61,305, the initial time ever above 61,300, whilst the Nifty 50 index settled at 18338, increasing 177 points. During intraday, Sensex scaled a fresh lifetime higher of 61,353.25, and Nifty hit a historic higher of 18,350. Index heavyweights such as HDFC Bank, ICICI Bank, Housing Development Finance Corporation (HDFC), ITC, L&T, State Bank of India, and Infosys, amongst other folks, contributed the most to the indices achieve. In the broader marketplace, the BSE Midcap index rose .54 per cent or 143 points to 26,700, whilst the BSE Smallcap index gained .46 per cent or 138 points to finish at 29,893. India VIX, volatility index, cooled off 2.06 per cent to settle at 15.77 levels. Analysts say Nifty will aim for 18,600 after it gets previous 18400.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
We have been incredibly close to the 18400 mark but did not realize it. The target is nevertheless open and if we can sustain there, 18600 ought to be the next level for the Nifty. Considering the assistance is at 17800, the threat-reward is skewed and therefore traders ought to only seek Intra day dips to accumulate extended positions on the index for larger targets.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty made a new life-time higher of 18350 today. It closed at 18335, up by 175 points from yesterday’s close. Volumes in Nifty have been larger than its typical which is a superior sign for longs. Nifty has a sturdy assistance in the 18050-18110 variety. Traders can use purchase on dips tactic with strict stoploss for 18380-18420 as targets.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index closed a week at 18339 with gains of two & half % and formed a bullish candle on the weekly chart for the second consecutive week. Now quick supports are coming close to 18250 followed by 18170 zone any dip close to described supports zone will be once more fresh shopping for chance for the general targets of 18500 zone, quick hurdle is coming close to 18400-18500 zone about described resistance one can lock their extended gains.
Mohit Nigam, Head – PMS, Hem Securities
On the technical front, benchmark indices witnessed continuous positive trend following sustaining nicely above 18,200 levels. According to our technical evaluation this positive momentum could continue till 18,500 levels in coming sessions. Immediate assistance for Nifty 50 is 18,200.
Vinod Nair, Head of Research, Geojit Financial Services
The Indian marketplace sustained its upbeat mood supported by positive worldwide marketplace, favorable inflation information and up move in IT stocks following sturdy earning scorecards by sector majors. India’s September retail inflation eased sharply to 4.35% against 5.30% in August owing to a decline in meals value whilst wholesale inflation stood at to 10.66% compared to 11.39% in the preceding month. Banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season.