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Nifty may head for 18,500; macro data, Q2 earnings in focus

Nifty has reached to strong hurdle zone of 17950 where we can see sort of double top formation & if index managed to cross above said levels decisively then we may see good move towards 18300-18500 zone in near term, said Rohit Singre, Senior Technical Analyst at LKP Securities.

October 11, 2021 / 09:21 AM IST
Indian benchmark indices rose 2 percent in the week ended on October 8 amid mixed cues. The broader indices outperformed the benchmarks with mid and smallcap indices rose 2.4 and 3.9 percent, respectively. On the sectoral front, Nifty IT index outperformed other indices with a gain of 4.6 percent.
Indian benchmark indices rose 2 percent in the week ended on October 8 amid mixed cues. The broader indices outperformed the benchmarks with mid and smallcap indices rising 2.4 and 3.9 percent, respectively. On the sectoral front, Nifty IT index outperformed other indices with a gain of 4.6 percent.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | We are of the view that the daily and intraday chart structure is positive and likely to continue in the near future. For the positional traders, 17800/59800 would be the key support level to watch out for. Above the same uptrend formation will continue up to 18100-18300/60500-60850, on the flip side, below 17800/59800 could possibly trigger a quick technical correction. Below the same, the correction wave is likely to continue up to 17600-17500/59200-58800. The texture of the market is volatile hence level based trading with strict stop losses would be the ideal strategy for the positional traders. The sectors which would be in focus - banking, and IT stocks.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | We are of the view that the daily and intraday chart structure is positive and likely to continue in the near future. For the positional traders, 17,800/59,800 would be the key support level to watch out for. Above the same uptrend, formation will continue up to 18,100-18,300/60,500-60,850. On the flip side, below 17,800/59,800 could possibly trigger a quick technical correction. Below the same, the correction wave is likely to continue up to 17,600-17,500/59,200-58,800. The texture of the market is volatile, hence, level-based trading with strict stop losses would be the ideal strategy for positional traders. The sectors which would be in focus are banking and IT.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Domestic markets are holding up strong on the back of several positive factors including macro data, strong pre-quarterly numbers and healthy commentary from corporates for the festive season. Although volatility has increased due to global factors as well as elevated valuations. In this environment of global uncertainty and sector specific action, investors should make use of small dips in the market to accumulate fundamentally strong stocks. Markets on Monday will further react to American jobs report and quarterly results of TCS.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Domestic markets are holding up strong on the back of several positive factors, including macro data, strong pre-quarterly numbers and healthy commentary from corporates for the festive season. Although volatility has increased due to global factors as well as elevated valuations. In this environment of global uncertainty and sector specific action, investors should make use of small dips in the market to accumulate fundamentally strong stocks. Markets on Monday will further react to American jobs report and quarterly results of TCS.
Vinod Nair, Head of Research at Geojit Financial Services | In the coming week, domestic investors will shift their focus to Q2 corporate earnings. The IT sector will be in key focus as they are scheduled to release earnings in the coming days. The domestic market also awaits the release of September inflation data which is expected to settle below 5%. Globally, investors have the release of US jobs data on their radar to determine the course of the global markets in the coming week.
Vinod Nair, Head of Research at Geojit Financial Services | In the coming week, domestic investors will shift their focus to Q2 corporate earnings. The IT sector will be in key focus as they are scheduled to release earnings in the coming days. The domestic market also awaits the release of September inflation data, which is expected to settle below 5 percent. Globally, investors have the release of US jobs data on their radar to determine the course of the global markets in the coming week.
Samco Research | The Q2 FY22 results season is set to begin this week with large cap IT companies reporting their results first. IT stocks in India have been witnessing a strong uptrend over the past couple of weeks driven by expectations of a ramp up in deals and strong hiring which might continue the growth momentum. Further, Rupee’s depreciation has also played its part in keeping the IT stocks in the green. But macro data on September CPI inflation, manufacturing and industrial production could dictate the index price for majority of the week as markets continue to consolidate in their tight range.
Samco Research | The Q2 FY22 results season is set to begin this week with large-cap IT companies reporting their results first. IT stocks in India have been posting a strong uptrend over the past couple of weeks, driven by expectations of a ramp-up in deals and strong hiring, which might continue the growth momentum. Further, Rupee’s depreciation has also played its part in keeping the IT stocks in the green. But macro data on September CPI inflation, manufacturing and industrial production could dictate the index price for majority of the week as markets continue to consolidate in their tight range.
Rohit Singre, Senior Technical Analyst at LKP Securities| Nifty has reached to strong hurdle zone of 17950 where we can see sort of double top formation & if index managed to cross above said levels decisively then we may see good move towards 18300-18500 zone in near term but if failed then we may see some more consolidation in the overall range of 17300-18000 zone, immediate support is coming near 17820-17730 zone.
Rohit Singre, Senior Technical Analyst at LKP Securities | Nifty has reached the strong hurdles zone of 17,950 where we can see sort of double top formation and if index managed to cross above the said levels decisively then we may see good move towards the 18,300-18,500 zone in the near term but if failed then we may see some more consolidation in the overall range of 17,300-18,000, immediate support is coming near 17,820-17,730 zone.
Rakesh Patil
first published: Oct 11, 2021 09:09 am

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