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Taking Stock: Nifty ends above 17,800 in volatile trade; oil & gas stocks rally

BSE midcap and smallcap indices gained 0.33 percent and 0.54 percent.

October 05, 2021 / 04:25 PM IST

On a volatile day of trade, the Indian market started flat but gained momentum later to close nearly a percent higher on October 5 on buying in power and oil & gas stocks.

At close, the Sensex was up 445.56 points, or 0.75 percent, at 59,744.88, and the Nifty was up 131 points, or 0.74 percent, at 17,822.30.

Indian shares opened weak as investors turned cautious due to a weak closing in the US market and rising crude oil price but upbeat European markets lifted domestic equities, said Vinod Nair, Head of Research at Geojit Financial Services.

"Also, the rout of Chinese economy led by power shortage provided a positive surprise to a few sectors in the Indian market," Nair added.

ONGC, IndusInd Bank, Coal India, IOC and Bharti Airtel were among the major gainers on the Nifty. Cipla, Hindalco, Shree Cements, Sun Pharma and Tata Consumer Products were among the big losers.

Close

BSE midcap and smallcap indices gained 0.33 percent and 0.54 percent, respectively.

Nifty IT and energy indices rose a percent each, while metal, pharma and PSU bank indices ended in the red.

Stocks & sectors

IndexPricesChangeChange%
Sensex61,716.05-49.54 -0.08%
Nifty 5018,418.75-58.30 -0.32%
Nifty Bank39,540.50-144.30 -0.36%
Nifty 50 18,418.75 -58.30 (-0.32%)
Tue, Oct 19, 2021
Biggest GainerPricesChangeChange%
Tech Mahindra1,539.1059.45 +4.02%
Biggest LoserPricesChangeChange%
ITC245.95-16.60 -6.32%
Best SectorPricesChangeChange%
Nifty IT37106.30799.95 +2.20%
Worst SectorPricesChangeChange%
Nifty PSU Bank2719.20-105.35 -3.73%

On the BSE, the realty index fell 1.6 percent, while power, oil & gas and IT indices rose 1-3 percent. Buying was also seen in auto, bank and capital goods names.

Among individual stocks, a volume spike of more than 200 percent was seen in ONGC, Vodafone Idea and HPCL.

Long buildup was seen in ONGC, Persistent Systems and Titan, while short buildup was seen in Dalmia Bharat, Oberoi Realty and Ipca Laboratories.

More than 300 stocks, including HPCL, Titan, SBI Life, Canara Bank, hit a 52-week high on the BSE.

Technical View

The Nifty formed a bullish candle on the daily scale and higher highs on the shorter timeframe, indicating that buying interest could continue.

"Now, it has to hold above 17,777 for an up move towards 17,950 and 18,000 levels, whereas support is seen at 17,650 and 17,580 zones," said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.

Outlook for October 6

Rahul Sharma, Co-Founder, Equity99

The market made a good positive move against the weak opening indicated by SGX Nifty. The Sensex was up 445 points, while the Nifty gained 131 points.

Going further, 17,865 will act as immediate resistance, while strong resistance is at 17,950. On the downside, 17,700 will act as crucial support followed by 17,650.

Palak Kothari, Research Associate, Choice Broking

On the technical front, the Nifty formed bullish Marubozu candle on the daily time frame, pointing to strength in the counter.

The index closed above 21 & 50 hull moving averages (HMA), which suggest a northward direction in the counter.

Hourly momentum indicator MACD is trading with a positive crossover above the zero-level line and the index is trading above Ichimoku cloud, which indicates upside momentum in the upcoming session.

The Nifty has immediate support at 17,580, while resistance is at 17,950.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Oct 5, 2021 04:25 pm

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