Sensex ends at 9-month highs. Key triggers to watch now
1 min read . Updated: 01 Nov 2022, 06:03 PM IST
Premium- The trend remains strong as long as Nifty remains above 18,000, says analyst
Indian stock markets made a solid start to the month as benchmark indexes closed at over nine-month highs. Nifty50 index ended 0.74% higher to 18,145 while the S&P BSE Sensex finished nearly 375 points higher at 61,121. Investors will be focusing on the outcome of the November 1-2 meeting of Fed where the Fed is widely expected to raise interest rates by 75 basis points.
A meeting of the Reserve Bank of India's Monetary Policy Committee is also scheduled for November 3, where it will potentially discuss its response to the government on its failure to stick to inflation targets for three quarters in a row.
Economic data released today showed also supported the sentiment. A private survey showed a gauge of activity across India’s manufacturing sector remained resilient in October. GST collection in October stood at ₹1,51,718 crore, second highest ever.
“Nifty has made multiple upgaps in the latest rise and will need to fill them in the near future. It has formed a doji after a rise suggesting indecision after a rise. On upmoves, 18287 could offer resistance while 18022 could offer support," said Deepak Jasani, Head of Retail Research, HDFC Securities.
From the Sensex pack, NTPC, PowerGrid, Dr Reddy's, Infosys, Tata Consultancy Services, UltraTech Cement, HCL Technologies, Sun Pharma and Asian Paints were the major winners. Axis Bank, Maruti, Reliance Industries and Tata Steel were among the laggards.
"After starting higher the Indian Nifty remained strong throughout the session. On the daily chart, the index has moved above the previous swing high. The daily RSI is in bullish crossover. The trend remains strong as long as it remains above 18000. On the higher end, resistance is visible at 18300," said Rupak De, Senior Technical Analyst at LKP Securities.
MINT PREMIUM See All
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said that today's candle pattern of Nifty indicates a formation of high wave and this reflects a volatility in the market at the highs. Normally, such high wave formations at the highs/hurdles indicates caution for longs. But still there is no confirmation of any reversal pattern unfolding at the highs. The next upside levels to be watched around 18500 and immediate support is placed at 18080 levels."
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less