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Sensex gains 291 pts, Nifty ends above 11,400

Sensex gains 291 pts, Nifty ends above 11,400

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  16 Oct 2019 12:30 PM GMT

MUMBAI: Sensex ended up 291.62 points or 0.76 percent at 38506.09, and the Nifty closed up 87.10 points or 0.77 percent at 11428.30. About 1100 shares have advanced, 1344 shares declined, and 184 shares are unchanged. Nifty Auto was the outperformer while IT stocks dragged. Nifty has surpassed the hurdle of 11,400 on the closing basis. Hence, post a ‘Doji’ formation on Monday the bulls seem to have taken the charge on Tuesday. The daily chart shows that the index is moving higher as a follow-through of a ‘Popgun’ pattern, formed recently near the key short-term moving averages. Traders are recommended to be on the long side of the trade and use intraday dips as a buying opportunity. On the downside, 11,350-11,300 will now act as a key support zone from near term perspective. The overall setup suggests that the Nifty is likely to continue with the northward journey and can head towards the September high of 11,694.

“Despite early weakness in the global markets, our market managed to stay higher due to exceptional strength in FMCG, auto and private bank stocks. Nifty added 67 points and Sensex shot up by 291 points. Bank Nifty also added 400 points and closed above the resistance level of 28,500. The next levels to watch out for are between 11,500 and 11,600. Below 11,400, Nifty would find support at 11,340 and a close below the same would further weaken the sentiment. However, while looking at the market breadth and stocks specific performance, Nifty is more likely to hit the level of 11,550 in the near term,” Shrikant Chouhan, Senior Vice-President - Equity Technical Research, Kotak Securities. (IANS)

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