Sensex, Nifty set for a quiet start amid mixed global cues - Key levels to track on Oct 14

Indian benchmark indices Sensex and Nifty are expected to see a quiet start on October 14, tracking mostly positive global cues. Investors’ attention will be on the LG Electronics IPO debut today, following the flat listing of the Tata Capital IPO yesterday. As of 8:10 a.m., GIFT Nifty stood at 25,321, up 14 points, or 0.06 percent, indicating a flat start with a slight positive bias for Dalal Street.

Yesterday, the Indian equity market closed on a mixed note but staged a strong rebound from early losses, with the Nifty managing to hold above the 25,200 level as global markets turned positive. The Nifty Bank and Midcap indices also recovered to finish in the green. Among sectoral movers, auto stocks were mostly positive, supported by strong vehicle registration data.

Jay Thakkar, Vice President and Head of Derivatives and Quant Research at ICICI Securities, noted that Nifty has tested the 25,000 level for nearly 16 weeks out of the last 22 weeks of consolidation between 24,500 and 25,500. “Above 25,000, the upper end of the range is 25,500, whereas below 25,000, the lower end is 24,500,” he said.

Monthly options data suggest that 25,000 is an immediate support level, with aggressive put additions at the 25,000 strike. Thakkar added that volatility is likely to persist in the near term due to geopolitical tensions and upcoming Q2 results announcements. As a result, the India VIX may fluctuate within the range of 10 to 14, and unless it breaks above 14, panic is unlikely.