The Indian equity benchmark indices opened gap-down on October 16 on mixed global cues. As the day progressed, the indices managed to trade flat. Buying was seen in the oil and gas, IT, auto, and metal sectors, while the realty index traded in the red.
At 11:31am, the Sensex was down 39.81 points or 0.06 percent at 66,242.93, and the Nifty was up 2.30 points or 0.01 percent at 19,753.30. About 1,905 shares advanced, 1,270 declined, and 150 shares traded unchanged.
Options data suggests that key straddle positions are seen at 19,700, 19,750 and 19,800 strikes. "The Nifty index continues to exhibit a bullish trend, forming higher highs and higher lows. This positive trend is likely to continue as long as the index remains above the 19,845 level. There is potential for the index to extend its gains towards the 20,000 mark, but if it falls below 19,550, a period of consolidation may be observed," Choice Broking said.
"In the weekly chart, the index has formed a bullish candle, forming higher highs and lows compared to the previous week, and has closed above the previous week's high, indicating a positive bias. The chart pattern suggests that if the Nifty crosses and sustains above the 19,850 and goes above the 19,850 level, it would witness buying, leading the index towards 20,000-20,200 levels. However, if the index breaks below the 19,650 level, it would witness selling," Axis Securities said.
The weekly strength indicator RSI is on the verge of crossing above its reference line, indicating the trend may change to positive.
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