Taking Stock: Nifty closes above 25,100, Sensex gains 592 points, led by IT, realty, bank stocks

Market Today

After a couple of rangebound sessions, the bulls took charge of Dalal Street on October 14 and took Nifty to cross 25,150, intraday, amid buying seen across the sectors, barring metal and media.

At close, the Sensex was up 591.69 points or 0.73 percent at 81,973.05, and the Nifty was up 163.70 points or 0.66 percent at 25,128.

On the back of positive global cues, the Indian markets opened higher and extended the gains as the day progressed with Nifty crossing 25150 led by in the Information Technology, realty and banking stocks.

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Wipro, Tech Mahindra, HDFC Life, L&T, HDFC Bank were among the top gainers on the Nifty, while losers were ONGC, Maruti Suzuki, Tata Steel, Bajaj Finance and Adani Enterprises.

Except metal and media, all other sectoral indices ended in the green with Information Technology, Bank, Realty indices up 1 percent each.

The BSE midcap index was up 0.3 percent and smallcap index ended flat.

More than 240 stocks touched their 52-high on the BSE, including, Aptus Value, Oberoi Realty, Tech Mahindra, Persistent Systems, Motilal Oswal, NALCO, MCX India, Glenmark Pharma, Ipca Labs, Divis Labs, Apar Industries, HCL Technologies, Coforge, Dixon Technologies, Page Industries, Trent, Mankind Pharma, Gujarat Fluorochemicals, V-Mart Retail, among others. Click To View More

Outlook for October 15

Aditya Gaggar Director of Progressive Shares

After an initial uptick in the morning trade, the index remained rangebound for the rest of the day and settled at 25,127.95, with gains of 163.70 points. Barring Media and Metal, all the other sectors ended in green with Realty being the top performer, followed by IT and BankNifty. Mid and Smallcaps also advanced but underperformed the Frontline Index.

A bullish Marubozu Open candlestick pattern was formed on the daily chart and breached its congestion zone and 50DMA hurdle; however, in the lower timeframe i.e. hourly chart, a convincing move above 25,200 will confirm the same. On the downside, the psychological level of 25,000 will work as immediate support and on the flip side, 25,160-25,200 will be considered a resistance zone.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened gap up and traded with a positive bias throughout the day to close with gains of ~164 points. On the daily charts we can observe that the Nifty has resumed its upmove towards 25500 after a brief three-day consolidation. Hourly momentum indicator has a positive crossover which is a buy signal. Thus, we expect the positive momentum to continue over the next few trading sessions towards 25234 – 25360. Support base shifts higher towards 24920.

Bank Nifty broke out of a three day consolidation on the upside and is now inching towards 52500 which coincides with the 20-day average. Support base shifts higher towards 51400 – 51500.

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