THE MARKETS RECOVERED ALL THE LOSSES AND ENDED WITH A GAIN

NIFTY:

The  NIFTY opened at 19565.60 with a gap up of 53 points. The index recorded its intraday low at 19565.45 and moved sideways for about the first hour of trading. That consolidation eventually broke on the upside and prices have seen a mild up move. The rally picked a pace in the afternoon and took the index above the 19700 level. Prices have recorded its intraday high at 19717.80, saw a minor dip towards the end of trading session, and finally closed at 19689.85 with a gain of 177.50 points or 0.91% up. All the sectoral indices have closed with a gain led by REALTY which ended with a 4.01% higher. METAL, BANK, FINANCIAL, AUTO, and MEDIA moved up and ended with a gain of more than 1%. The short-term trend is sideways now which was down before. Support is visible around 19250 while resistance is visible around 19700. A short-term support is also visible around 19500.

BANK NIFTY:

The BANK NIFTY opened at 44027.55 with a gap up of 159 points. The index initially moved sideways inside a narrow range of about first three hours and then broke on the upside. A sharp rally came which took prices around 44500. A minor dip came in the last hour of trading. The index recorded its intraday low at 44004.55, its intraday high at 44487.25, and finally closed at 44378.40 with a gain of 510 points. PSU BANK outperformed, saw a sharp upside move, and ended with a gain of 2.08%. PVT BANK has also moved up and ended with a gain of 1.16%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is now again sideways. A trading range is now visible on the daily timeframe chart with support around 43800 and resistance around 44800.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

News Updates

• The Indian benchmark indices recovered the previous session losses to close almost a percent higher on October 10 on positive global cues after dovish comments from the US Federal Reserve officials eased rate worries even as the Israel-Hamas conflict remains a concern. At close, the Sensex was up 566.97 points, or 0.87 percent, at 66,079.36, and the Nifty ended 177.50 points, or 0.91 percent, higher at 19,689.80.

• Realty stocks were among the most sought-after on October 10 amid optimism over the festival season that is about to commence and encouraging second-quarter business updates from companies. Consequently, the Nifty Realty index was the biggest sectoral gainer at noon. At close, the Nifty Realty index was up 4.01 percent, led by gains in Prestige Estates, which surged 8 percent. Sobha, Godrej Properties, Oberoi Realty and DLF had gained between 4 and 7 percent.

• The International Monetary Fund (IMF) has raised its 2023-24 GDP growth forecast for India for the second time in three months, taking it closer to the 6.5 percent predicted by Indian authorities. According to the multilateral agency’s latest World Economic Outlook report, released on October 10, India’s GDP is expected to grow by 6.3 percent this year, 20 basis points higher than what it had forecast in late July.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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Corporate Action

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