Sensex adds 364 pts, Nifty nears 19650 post RBI policy; Bajaj Finserv up 6%

Closing Bell on October 6, 2023: The broader markets, too, advanced in-line with the benchmarks with the BSE MidCap and SmallCap index up 0.66 per cent and 0.56 per cent, respectively

4:02 PM

Tech View :: 'Nifty, Bank Nifty should be bought on dips'

NIfty50

On the daily charts, we can observe that the Nifty has managed to close above the 40-day moving average (19,610) which is a Bullish sign. On the weekly charts, we can observe that the Nifty has closed in the green and in term of pattern it has formed a Dragonfly Doji which has bullish implications.

We expect this pullback to continue till 19,778 – 19,800 where resistance in the form of the 50% Fibonacci retracement level and the 20-day moving average is placed. A dip towards 19,530 – 19,580 should be used as a buying opportunity.

 

Bank Nifty

Bank Nifty opened gap up and thereafter consolidated for most part of the day. On the hourly momentum indicator, we can observe positive divergence and crossover which is a bullish sign. We expect the Bank Nifty to provide a pullback till 44,800 – 45,000 from short term perspective. In case of a dip, it should be used as a buying opportunity.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:59 PM

Comment :: 'Nifty needs to sustain above 19,800 for positive trend to resume'

The recent bounce has certainly eased some pressure but we are now again at the hurdle of the short term moving average (20 EMA).  We need sustainability above the same for a further recovery towards 19,800 else the decline would resume. Meanwhile, traders should remain focused on stock selection and position management until we see clarity over the next directional move.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:57 PM

Comment :: Here's why markets rallied post the RBI Policy

The risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India's 10-year yield inching higher. The market, however, reacted positively, as the status quo on the growth rate and a further drop in oil prices provided near-term support.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:54 PM

Bond market :: Yields on 10-year G-Sec surge post RBI policy

3:52 PM

Currency check :: Rupee ends 1 paise up at 83.25/$

3:51 PM

BSE Stats :: Market breadth favours buyers

3:50 PM

Market Check :: Top losers on the BSE today

3:48 PM

Market Check :: Top gainers on the BSE today

3:46 PM

Buzzing stock :: Valiant Labs ends at Rs 170 on debut day vs issue price of Rs 140

3:43 PM

Broader markets rise in tandem with benchmarks

3:42 PM

Sectoral trends :: Broad-based rally supports market

3:40 PM

Sensex Heatmap :: Bajaj twins, ITC, Infy lead the index rally

3:38 PM

Closing Bell :: Nifty tops 19,650

3:37 PM

Closing Bell :: Sensex surges 350 pts

3:30 PM

Barclays hires Credit Suisse dealmakers in India amid firmwide job cuts

The bank has hired Sameer Sood and Srikanth Chakka from Credit Suisse as it seeks to bolster the advisory business in India, the people said, asking not to be identified as the information is not public. Sood is set to join as a managing director and Chakka as the lead for industrials in the investment banking division in Mumbai by December, they said. READ MORE