Sensex rises for 3rd day, up 29 points; Nifty Auto, Realty gain 3% each

The benchmark indices managed to eke out gains, amid buying in index heavyweight RIL, bank and auto stocks

4:21 PM

Bulls can make a comeback: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Another small negative candle was formed on the daily chart with minor upper and lower shadow. Technically this pattern indicate a consolidation movement in the market for the last two sessions post sharp upmove of Thursday. This market action signal a lack of sharp selling participation in the market at the new highs. Nifty on the intraday timeframe like 60 min signal a range bound action with minor weak bias in the last two sessions. Minor intraday higher highs and lows pattern is observed and intraday support of 10 and 20 period moving average has been respected around 17815-17860 levels. This is positive indication for bulls to make a comeback.

 

The negative divergence pattern in Nifty/RSI as per daily timeframe is still not confirmed and the broad market indices like midcap and small cap segments of NSE exchange have sustained with minor positive note on Monday despite negative divergence and bearish candle formation in previous session as per daily timeframe charts. 

 

Conclusion: The short term trend of Nifty continues to be range bound. This consolidation movement could continue for the next 1-2 sessions before showing upside breakout of the range movement. A decisive move above 17950 is likely to open the next upside of 18200 levels in the near term. Important lower support is placed at 17650.

4:19 PM

Tech View :: 17,800 level to act as intraday support for Nifty50

In last couple of sessions, Nifty has seen some consolidation and is trading around the ‘20 EMA’ on the hourly charts which is the immediate support for coming session. The level around 17800 would be the intraday support below which, we can see some profit booking towards 17700 mark. On the flipside, 17950 would be the level to watch out on the higher side which is where we are witnessing some resistance since last two days. Above 17950, the index would resume the momentum to march towards the 18000 mark and beyond that 18080 would be the immediate level to watch out for. Keeping the above mentioned levels in mind, one should trade with proper risk management and look for stock specific opportunities for better trade set ups.

-- Ruchit Jain Senior Analyst - Technical and Derivatives, Angel One

4:18 PM

'Hopes of Nifty scaling 18K remain alive'

Nifty could not breach the highs of Friday on Sept 27 and ended almost flat. Advance decline ratio deteriorated during the day to end at below 1:1. Broader market is seeing lack of buying/participation while the largecaps are seeing rotational buying with Auto coming back in favour while IT going out. However large scale sell-off is not yet seen in the markets and hence hopes of Nifty touching 18000 level over the next few days still remains alive.

-- Deepak Jasani, Head of Retail Research, HDFC Securities

4:14 PM

What's behind auto stocks outperformance today?

Domestic equites traded in rangebound amid positive cues from global equities. However, heavy profit booking in IT and pharma nullified the impact of sharp recovery in Auto stocks. Further, financials and realty indices extended gains today. Nifty IT fell over 2.5% today as investors preferred to book some amount of profit ahead of September quarter earnings. Auto stocks witnessed strong rebound as continued underperformance for last couple of months, expectations of improvement in demand scenario from October and positive commentary from select companies about semiconductor issue made investors to buy quality names in OEMs. Volatility index surged over 6% today, while profit booking was seen in midcap and smallcap stocks also. 

-- Binod Modi, Head Strategy at Reliance Securities

4:12 PM

MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services

Due to profit booking in IT, Pharma and FMCG, domestic markets failed to uphold its winning streak to close flat in a volatile session. Realty stocks continued its rally on positive developments in the sector while the sentiments in the auto sector were lifted on expectation of better sales numbers for September. The market is also awaiting the release of August’s core sector output data and September’s manufacturing PMI data this week.

4:11 PM

Hotel stocks gain up to 12% on hopes of business revival

4:08 PM

Patel Engineering rallies 9% on new order win

>> Patel Engineering bags new order worth Rs 1,251 cr for Teesta-VI hydroelectric project

 

4:02 PM

PSP Projects soars over 11% on Rs 422 crore order win

>> We are pleased to inform that our company is in receipt of Letter of Intent(s) and Work Orders (WO) for new projects worth Rs. 421.87 crore (excluding GST) towards Institutional, Industrial, Residential and precast segments from various clients. Further, with the receipt of the above, the new LOIs/ WOs received duringthe financial year 2021-22 till date amounts to Rs. 637.23 crore, the company said in a filing.

3:59 PM

Easy Trip planner gains 4% on $10 mn agreement with InterGlobe Technology Quotient

>> InterGlobe Technology Quotient announced its agreement with EaseMyTrip, India’s secondlargest online travel platform, to provide seamless access to ITQ’s travel commerce platform – Travelport (1G). The agreement is worth $10 million as advance revenue from ITQ.

 

3:57 PM

All stocks in the NIFTY IT pack settled in the red

3:56 PM

Media pack rises, led by gains in multiplex stocks

>> PVR, Inox hit 52-week high as theatres to reopen in Maharashtra from Oct 22

3:55 PM

Auto stocks rally ahead of monthly sales data this week

>> Nifty Auto best sectoral performer, up over 3%

3:49 PM

Sector Watch :: Nifty Auto, Realty, Media top gainers; IT, pharma stocks lag

3:45 PM

Broader indices end mixed; Nifty Smallcap 100 closes 0.12% lower

3:43 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: Maruti Suzuki, M&M, Bajaj Auto, NTPC

 

>> TOP LOSERS: HCL Tech, Tech Mahindra, Bajaj Finserv