BSE Sensex and Nifty 50 posted record closing highs but once more on Monday, following increasing for the third straight day. BSE Sensex ended flat 60,078, up 29 points, whilst Nifty 50 index ended flat at 17,855. During intraday, the BSE Sensex hit a historic higher of 60,412. Index heavyweights such as Reliance Industries Ltd, HDFC Bank, Maruti Suzuki, ICICI Bank, M&M contributed the most to the indices’ get. The broader markets underperformed the equity benchmark BSE Sensex as the S&P BSE Midcap index closed flat whilst S&P BSE Smallcap index fell .13 per cent. India VIX, the volatility index, jumped almost 7 per cent to finish at 18.05 levels. Analysts see a variety-bound trend in Nifty and count on consolidation movement for next one to two more sessions.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index opened larger but was unable to hold highs and showed profit booking. The index managed to close a day at 17855 & formed a bearish candle for a second consecutive day. Strong base is formed close to 17800-17740 zone holding above stated levels we may well see northward movement to be continue also any dip about stated levels can use as to add fresh longs with maintaining cease out level beneath 17700 zone, robust hurdle is coming close to 17930 followed by 18k mark exactly where one can look for to lock their lengthy gains.
Vinod Nair, Head of Research, Geojit Financial Services
Due to profit booking in IT, Pharma and FMCG, domestic markets failed to uphold its winning streak to close flat in a volatile session. Realty stocks continued its rally on positive developments in the sector whilst the sentiments in the auto sector have been lifted on expectation of superior sales numbers for September. The industry is also awaiting the release of August’s core sector output information and September’s manufacturing PMI information this week.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After displaying modest variety movement on Friday at the swing higher of 17947, the Nifty continued its consolidation movement on Monday and closed the day on a flat note amidst a variety movement. After opening on an upside gap of 79 points, Nifty made an try to move up quickly following the opening. Intraday profit booking triggered from a day’s higher of 17943 levels and the minor upside recovery was seen in the mid to later element from a day’s low. The all round trend for the day was choppy. Another modest damaging candle was formed on the every day chart with minor upper and reduced shadow. Technically this pattern indicate a consolidation movement in the industry for the last two sessions post sharp upmove of Thursday. This industry action signal a lack of sharp promoting participation in the industry at the new highs. Nifty on the intraday timeframe like 60 min signal a variety bound action with minor weak bias in the last two sessions.
Minor intraday larger highs and lows pattern is observed and intraday help of 10 and 20 period moving typical has been respected about 17815-17860 levels. This is positive indication for bulls to make a comeback. The damaging divergence pattern in Nifty/RSI as per every day timeframe is nonetheless not confirmed and the broad industry indices like midcap and modest cap segments of NSE exchange have sustained with minor positive note on Monday regardless of damaging divergence and bearish candle formation in prior session as per every day timeframe charts. The brief term trend of Nifty continues to be variety bound. This consolidation movement could continue for the next 1-2 sessions prior to displaying upside breakout of the variety movement. A decisive move above 17950 is probably to open the next upside of 18200 levels in the close to term. Important reduced help is placed at 17650.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
After creating a higher of 17943, Nifty closed flat at 17858 providing up the whole intraday gains. Such movements about the all-time higher is not a very good sign for traders in lengthy positions. If nifty is not in a position to close above 17950 levels in the next couple of trading sessions, it may well right its help variety of 17680-17720. Traders in lengthy positions have to have to hold strict cease loss and may well look at booking earnings. New lengthy positions can be initiated as soon as Nifty closes above 17950 with higher volumes for 18040 and 18080 as targets