The bias continues to remain positive with respect to the positive weekly close of Nifty and is holding the support levels of 11,750 despite global volatility.
The correction in stock prices presents an opportunity for investors.
The volatility witnessed in the market yesterday, after geopolitical concerns and worries of rising macro-economic instability, led to some "cleansing" in market sentiment and will help it start afresh in October, says Tushar Mahajan, Head of Listed Futures & Options - India, Nomura.
Global cues too are negative with the US markets having ended lower with the tech-heavy Nasdaq leading losses with 3 percent slump.
The October series was a good one for Indian equities and banking sector emerged as the leader during this series reports Nigel D'Souza of CNBC-TV18
Tushar Mahajan, Nomura Financial Advisory & Securities believes the trend for the market is definitely up and the Nifty is likely to touch levels of 6350 by year-end.
Angel Broking foresees a bearish market in October. It feels that a correction in the Nifty is likely and it may move towards 5,500 and lower.
VK Sharma of HDFC Securities is not very bullish on the market in October. Historically, October has given negative returns and one should not expect any mahor upmove.
The rupee started a day below the 62-mark on Friday at 61.89 per dollar, up 18 paise from previous close.
It has been a very quiet expiry day so far and there is not much by way of volatility, said Udayan Mukherjee, Managing Editor of CNBC-TV18.
Siddharth Bhamre of Angel Broking is not very optimistic about the way the October series will expire. He expects the market to correct and test support level of 5,630-5,640.
Hemant Thukral of Aditya Birla Money expects the October series to close at around the 5650-5680 levels.
Hemant Thukral of Aditya Birla Money does not expect Nifty to breach 5,850 levels in a hurry. The market might consolidate between 5,690 and 5,840 levels, he said in an interview to CNBC-TV18.
Sudarshan Sukhani of s2analytics.com feels there is a position on the long side and the market is clearly witnessing an upward trend. He further added, "We are searching for entry points to add to our positions on Monday, Tuesday on a small dip."
VK Sharma of HDFC Securities expects the current rally to extend. Support for Nifty is seen at 5,600 and one can expect it to breach the psychological level of 5,850 going ahead.
Manoj Murlidharan, Assoc VP- Derivatives at IIFL believes the current market rally was largely fuelled by liquidity coming in from foreign institutional investors. According to him, the Nifty has topped out and not only for the October series, it is likely to hover around 5800-5850 for the rest of 2012.
SP Tulsian of sptulsian.com, says that continuously, cement has been the most liking sector. In last 45 days, ACC and Ambuja Cement have been moving in a range.
Sukhani explains to CNBC-TV18 the initial trends for the October series and the kind of range that the Nifty would hover within. Meanwhile, market analyst Ambareesh Baliga adds that investors should be picky while choosing stocks and buy only on dips.
The Street may join the celebrations next week, suggests Shruti Vora of Antique Stock Broking. In an interview to CNBC-TV18, Vora is positive about the line of events coming up both globally and locally. She says the event could possibly trigger an upside breakout in the market.
It's a weak start to the October series. The markets saw a volatile session on back of negative European cues.
Unless the Nifty breaks below 5,030 levels, HDFC Securities's head of private broking and wealth management, VK Sharma would not be bearish in the current series. However, he remains bearish for the October series.