The markets closed higher on October 12 (Tuesday). At close, the Sensex was up 148.53 points or 0.25 perent at 60,284.31. The Nifty was up 46.00 points or 0.26 percent at 17,992.00. About 1m664 shares have advanced, 1m483 shares declined, and 115 shares are unchanged.
Stocks such as Titan Company, Bajaj Auto, Bajaj Finserv, SBI and Hindalco were among the major gainers on the Nifty. HCL Technologies, HDFC Life, Coal India, Tech Mahindra and Shree Cement were among the big losers.
On the sectoral front, auto, FMCG, metal and PSU Bank indices rose 1-3 percent, while IT index lost nearly 1 percent. BSE Smallcap and Midcap indices ended in the green.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "The Nifty closed positive at 18,004, up by 60 points. Nifty traded in a range-bound movement today. Volumes on Nifty were lesser than its average. Nifty has support in 17,850-17,900 range and resistance in 18,050-18,075 range. Traders can consider buy on dips with strict stoploss for targets of 18,050."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "It was a volatile session for the markets but bulls gained strength in late trades as Nifty once again breached the 18,000 mark before ending a tad lower below the psychological mark. On daily and intraday charts, Nifty has formed a promising higher bottom formation. The intraday structure suggests 17,850 could be the trend decider level for the bulls. Above the same, the uptrend formation is likely to continue up to 18,050-18,125 levels. On the flip side, below 17,850/59,850 the uptrend would be vulnerable."
Deepak Jasani, Head-Retail Research, HDFC Securities, said, "Nifty rose for the fourth consecutive session on October 12 after a weak morning session. Nifty opened higher and made high intraday high in the first 10 minutes of the day. It later fell in line with other Asian markets and made a low at noon. A gradual recovery followed. At close the Nifty was up 0.26 percent or 46 points to 17,992.
"On a day when the volumes on the NSE were in line with recent averages, Consumer Durables, Metals and FMCG indices rose the most, while IT and Telecom indices fell the most. BSE Midcap index ended 0.65 percent higher while the Smallcap index ended 0.26 percent up."
Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities said, "Markets ended with healthy gains on Tuesday. After drifting lower in the morning session, Nifty found support at the 17,864 levels before moving higher to close near the highs of the day. The Nifty finally gained 46 points or 0.26 percent to close at 17,992. Broad market indices like the BSE Mid Cap index gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.
"Sectorally, the top gainers were the BSE CD, FMCG, Metal and Auto indices. The top losers were the BSE IT, Telecom and Healthcare indices. Zooming into the Nifty 60 min charts, we can observe that although the index has corrected from the highs of Monday, it bounced back today and managed to close on a strong note above the 20 period MA. This indicates that the short term uptrend looks set to continue.
"Further upsides are likely once the immediate resistance of 18009 is taken out. Next upside targets are at 18,100. Immediate support to watch for weakness is at 17,958," he added.
