Slideshow | Quarterly earnings to drive markets; Nifty may move to 18,500-18,750: Experts The immediate supports for Nifty are coming near 18,250 followed by 18,170 zone and any dip near mentioned supports zone will be again fresh buying opportunity for the overall targets of 18,500 zone, says Rohit Singre, Senior Technical Analyst at LKP Securities.
October 18, 2021 / 07:39 AM IST
Indian markets ended higher in the truncated week ended on October 14, achieving new milestones with the Sensex crossing 61,000 and Nifty surpassing 18,300 for the first time. In the last week, the BSE Sensex rose 1,246.89 points (2.07 percent) to close at 61,305.95, while the the NSE Nifty50 rose 443.3 points (2.47 percent) to close at 18,338.5.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Markets are clearly in festive mood and we are witnessing faster sector rotation at play. The earning season has started off on a strong note and needs to continue delivering strong numbers for the market to sustain the momentum. HDFC Bank’s results on Saturday would give some direction to banking and financial stocks on Monday.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | We are of the view that 18,200 could be the trend decider level for positional traders and above the same the uptrend formation will continue up to 18,500-18,750 levels. On the flip side, dismissal of 18,200 could trigger another correction wave up to 18,100-18,050 levels. Contra traders can take a long bet near 18,050 with strict 18,000 as support stop loss. The Bank Nifty has formed a promising breakout formation as the index has found support at 38,500 and 38,000, and the structure suggests further upside if it succeeds to trade above 38,000.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | The weekly chart shows that the index has broken out from an Inside bar pattern; which was formed in the penultimate week. On the way up, Nifty crossed the crucial psychological mark of 18,000 and is now set to test 19,000 on the upside from the short-term perspective. The daily chart is showing a runaway gap, which underscores the underlying strength. The same is visible from the momentum indicators as well. Hence the index is expected to stay on the upward trajectory with the short-term target at 19,000. On the other hand, the recent gap area of 18,248 – 18,197 will provide cushion in the case of any minor degree dip.
Sachin Gupta, AVP-Research at Choice Broking | On the technical chart, the Nifty index has been trading above the Rising Trendline Breakout, which indicates a bullish trend in the counter. A daily momentum indicator Stochastic and MACD both have shown positive crossover on the daily chart which supports the bullish momentum. The price has also moved above the upper Bollinger Band formation, which suggests that the bullish rally may continue further. At present, the index has immediate support at the 18,050 level while an upside move is expected till 18,500 levels.
Rohit Singre, Senior Technical Analyst at LKP Securities | The immediate supports for Nifty are coming near 18,250 followed by 18,170 zone and any dip near mentioned supports zone will be again fresh buying opportunity for the overall targets of 18,500 zone. The immediate hurdle is coming near 18,400-18,500 zone and around mentioned resistance one can lock their long gains.
Mohit Nigam, Head - PMS, Hem Securities | On the technical front, Nifty witnessed continuous positive trend after sustaining well above 18,200 levels. According to our technical analysis this positive momentum might continue till 18,500 levels in coming sessions. Immediate support for Nifty50 is 18,200.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research | If Nifty sustains above the level of 18,200-18,250, the positive momentum to continue, leading to an upside projection till 18,550-18,600 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
Vinod Nair, Head of Research at Geojit Financial Services | In the coming week, the domestic market awaits the release of quarterly earnings to determine the market trend. Banking will be the key sector under focus in the coming days as the sector is set to kickstart its earnings season. With the expectation of a strong recovery in corporate earnings, the Indian market is positioned to continue its bull run. However, any deviation from market expectation may lead to short-term correction in the respective segments