The Indian equity benchmarks opened higher on October 17 on positive global causes and good sets of numbers from banking majors HDFC and ICICI. Except realty, all sectoral indices were trading in the green.
At 11.37 am, the Sensex was up 310.98 points or 0.47 percent at 66,477.91 and the Nifty was up 98.60 points or 0.50 percent at 19,830.40.
About 2,139 shares advanced, 962 declined and 128 were unchanged.
The options data suggests that put writers were dominant, with nearly five times as many puts written at the 19,800 strike compared to calls. Support for the day is likely to be at 19,750 strike, while resistance is at the 19950 level.
According to Rupak De, Senior Technical Analyst at LKP Securities, the market opened gap-up, driven by strong global sentiment. The short-term trend remained robust as the Nifty sustained above critical moving averages on the daily timeframe.
"A ‘buy on dips' strategy is recommended as long as it remains above 19,550. On the higher end, it may advance towards 20,000-20,200," he said.
Among individual stocks, L&TFH, HindPetro, and Apollo Tyre were showing a bullish setup. Power stocks also gained momentum ahead of earnings announcements, with Powergrid exhibiting strong technical indicators.
According to Rupak De, "Powergrid appears strong ahead of its earnings announcement. The stock has undergone a breakout from a flag pattern on the daily chart, signaling a rise in optimism. Furthermore, it has crossed above a significant moving average. Additionally, the RSI indicates a bullish crossover. In the short term, the stock is expected to advance towards 224, with support at 198 on the lower end."
Follow our live blog for all market action
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
