According to the pivot charts, the key support level for Nifty is placed at 11,423.07, followed by 11,382.13.
Traders are advised to hold long positions, if any, with a stop below 11,400 on closing basis, Mazhar Mohammad said.
The Sensex was up 92.90 points at 38,598.99, and the Nifty was up 43.25 points at 11,471.55.
The BSE Midcap index fell more than 4 percent against 9.5 percent rally in the Sensex during last one year.
Traders should focus on stock-specific opportunities and retain positive bias as long as the Nifty trades above 11,342, says Mazhar Mohammad
Vedanta, Mahindra & Mahindra and ONGC closed as the top gainers in the Sensex index, whereas Bharti Airtel, Infosys and Tata Motors emerged as the top losers in the index.
Sensex ended up 291.62 points or 0.76 percent at 38506.09, and the Nifty closed up 87.10 points or 0.77 percent at 11428.30. About 1100 shares have advanced, 1344 shares declined, and 184 shares are unchanged. Nifty Auto was the outperformer while IT stocks dragged.
Mazhar Mohammad said for time being, upsides shall continue to remain capped around 11,420 levels unless a decisive breakout is registered above the said level
Among the secondary indices, BSE Midcap outperformed Sensex, rising 0.44 percent while Smallcap index underperformed, ending with a mild gain of 0.12 percent.
The Sensex was up 87.39 points at 38,214.47, while Nifty was up 36.20 points at 11,341.20.
IRCTC listed at Rs 644 on the BSE, a 101.25 percent premium over its issue price of Rs 320 per share.
History suggests that while largecaps kick off a rally, it is the midcaps that lead the show as the bull run spreads wider and deeper
The credibility of the banking sector is badly hit by the revelations of fraud at the topmost level of management. It will not be easy for the sector to gain the investors' trust again.
Slowing global economic growth has been hurting Indian IT companies’ earnings. But Infosys is better placed than TCS to win large deals which will provide better growth visibility ahead
As many as 96 companies will declare their September quarter corporate earnings this week
In the S&P BSE 500 index, as many as 8 stocks fell 10-20 percent which include names like Delta Corp, Rail Vikas, Berger Paints, Bharti Airtel, Gruh Finance, Bandhan Bank, and Adani Green Energy.
We believe the performance is very much concentrated for now with only a few stocks that are aiding the breadth and are having the momentum.
Mazhar Mohammad advised traders to remain focused on stock specific opportunites and feels better trading opportunity in index can arise on a strong close above 11,400 levels.
The secondary indices underperformed the benchmark. BSE Midcap and Smallcap indices ended 0.24 percent and 0.38 percent up, respectively.
Sensex ended 246.68 points higher or 0.65 percent at 38127.08, and the Nifty closed 70.50 points in the green at 11305.00. About 1083 shares have advanced, 1353 shares declined, and 163 shares are unchanged. Metals and IT were the top gainers.
Motilal Oswal has cut its FY20 Nifty EPS estimate by 3.8 percent to Rs 539 from Rs 560.
Experts feel Diwali 2019 to Diwali 2020 period could be an exciting phase for the markets, expecting the market to return 15-25 percent.
Bharti Airtel, Reliance Industries, Hindustan Unilever and HCL Technologies settled as the top gainers in the Sensex index while IndusInd Bank, Yes Bank, Tata Motors, Vedanta and ICICI Bank emerged as the laggards.
Traders are advised to hold long positions with a stop below 11,090 levels, says Mazhar Mohammad.
Banking (ICICI Bank, Axis Bank and SBI) , building materials, pharmaceuticals and consumer companies are likely to deliver decent results in the September quarter, say experts.