Technical View: Nifty forms bullish candle, 11,250 crucial for further upside
The Nifty finally closed in the green as bulls made a strong came back on Dalal Street on October 9.
Expert's Take on Market
"Going forward, we believe the upcoming earnings season would dictate the trend for the Indian markets. We expect that more than the earnings announcement, investors and traders would focus on the outlook provided by the management especially for consumption driven companies. On the global front, market participants would keep a close watch on trade talks between US-China," Ajit Mishra Vice President, Research, Religare Broking said.
An evening walk down D-St: Hike in DA, banking & financial help market break 6-day losing spree
Benchmark indices Sensex and Nifty logged strong gains after six consecutive days of losses as investor sentiment got a booster dose after the government announced a 5 percent hike in dearness allowance.
"Nifty took support from the line of parity and 50 DMA placed around 11,100 levels forming a big body bullish reversal candle. As per the candlestick pattern and a decisive close above previous day high suggests continued positive bias. As long as Nifty is sustaining above 11,200 levels, it can move higher towards 100 DMA placed around 11,410 levels," Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors said.
The Indian rupee ended at 71.07 against the US dollar, down 5 paise compared to Monday's close of 71.02 a dollar.
Nifty Bank gains 1,000 points ahead of IndusInd earnings, short covering
Shares of IndusInd Bank gained more than 6 percent intraday on October 8, a day ahead of the second quarter earnings announcement. Brokerage houses expect a healthy set of results from the private sector lender.
JSW Energy rises 5% after Citi maintains buy
JSW Energy rose 5.5 percent intraday on October 9 after research house Citi maintained a buy rating on the stock with a target price of Rs 85 per share. The acquisition valuation for GMR Kamalanga, not yet disclosed, may be reasonable given Kamalanga energy’s long-term debt rating, Citi said.
Rupee:The Indian rupee has recovered from the low and trading flat at 71.01 per dollar. It touched an intraday low of 71.22 per dollar. The local unit opened lower by 16 paise at 71.18 per dollar versus Monday's close 71.02.
The domestic equity market are trading higher with Nifty above 11,300, while Sensex gained over 600 points.
NSE, BSE to be shut on October 21
Leading stock exchanges BSE and NSE have announced trading holiday on October 21 on account of assembly elections in Maharashtra. They have announced trading holiday for capital markets, futures and options and currency derivative segment, BSE and NSE said in separate circulars.
"On account of assembly elections in Maharashtra which is scheduled to be held on October 21, 2019, members are requested to note that exchange hereby notifies trading holiday for capital market, futures & options and currency derivative segments," NSE said. The commodity derivative segment will be open only for evening session, it added.