Bulls were back in action and both benchmark indices closed at fresh record highs on renewed buying support, which was missing in the last few sessions. Nifty ended at fresh closing high at 17,519.45, up 139.50 points with gains of nearly one percent at the closing bell on the stock market. The Sensex was 476.11 points or 0.82 percent up at 58,723.20.
"Nifty made a new all time high of 17,532 on September 15. It gave a strong breakout from its consolidation with strong volumes. It closed at 17520 up by 135 points. The previous resistance range of 17450-17425 will now act as strong support for Nifty. Nifty is currently headed for 17580 and 17610 in the next few trading sessions." - Mr.Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Nifty continues to trade with a positive bias for the short as well and medium term, said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities. "We expect the index to conquer 18000 and above in the medium term. Last matured support for the index is seen at 17,080 above which we remain positive. Options concentration is seen at 17,000 put and 17,500 call – this is indicative of some resistance at 17,500-17,600 levels. Value is seen in Auto and Mid-cap Banking stocks; expect outperformance in the midcap space to continue."
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, "The intraday index rally was largely aided by strong investor participation in the telecom and oil and gas stocks. Technically, post the 17,450 range breakout, the index succeeded to close above 17,500, which indicates strong possibility of a continuation uptrend wave up to 17,575. Above the same, the index could rally up to 17,625, whereas trading below 17,450 may trigger a quick intraday correction up to 17,400-17,350 levels."
Sachin Gupta, AVP-Research, Choice Broking, said, "Midcap and Smallcap index has also contributed more than half-percent gains in a day. Technically, on the daily chart, the Nifty50 has breached the recent resistance of 17438 levels and set a new milestone. Overall, the nifty50 index has been trading in bullish territory with higher high and higher low formation and making new records regularly, which indicates bullish strength in the market. All the key indicators are supporting the buying trend with positive optimism in the index. At present, the Nifty may find the resistance around 17,600 levels while on the downside, 17,350 may act as support for the index."
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