Bulls vs Bears: Here's what to expect on Dalal Street today
Consumer durables shares were the top sectoral gainers on Friday with their BSE index zooming 901 points to 43,263, while IT, metal and oil and gas stocks were the top losers.
- Oct 10, 2022,
- Updated Oct 10, 2022 7:21 AM IST
The Indian market ended lower on Friday in a highly volatile trade amid weak global cues. Sensex lost 30.81 points to end at 58,191 and Nifty fell 17 points to 17,314. Consumer durables shares were the top sectoral gainers with their BSE index zooming 901 points to 43,263. Top losers were IT, metal and oil and gas stocks with their indices falling 160 points, 119 points and 146 points, respectively.
Here's a look at what analysts said about the direction the market is likely to take today.
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
"Technically speaking, the downside risk for Nifty is now seen limited at the make-or-break support at 17,017 mark. We expect Nifty bulls to aim for 17,500-17,707 zone in the near term."
Apurva Sheth, Head of Market Perspectives, Samco Securities
"The bulls are expected to maintain 17,000 for October before attempting to retest at 18,100. Short-term resistance is positioned at 17,500 levels. Nifty50 closed the week at 17314.65, up 1.29%."
Mohit Nigam, Head - PMS, Hem Securities
"On the technical front, immediate support and resistance in Nifty 50 are 17,200 and 17,500 respectively. Bank Nifty immediate support and resistance are 39,000 and 39,800, respectively."
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The underlying uptrend of Nifty remains intact. The consolidation movement may be extended in the early part of next week and the market could eventually witness sharp upside bounce from the lows by next week. A decisive upside breakout of the hurdle of 17,450 is likely to pull Nifty towards another important resistance of 18,000-18,100 levels. Immediate support is placed at 17,200 levels."
Also read: Sensex, Nifty: Investors eye IIP, CPI, WPI data to be out next week
The Indian market ended lower on Friday in a highly volatile trade amid weak global cues. Sensex lost 30.81 points to end at 58,191 and Nifty fell 17 points to 17,314. Consumer durables shares were the top sectoral gainers with their BSE index zooming 901 points to 43,263. Top losers were IT, metal and oil and gas stocks with their indices falling 160 points, 119 points and 146 points, respectively.
Here's a look at what analysts said about the direction the market is likely to take today.
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
"Technically speaking, the downside risk for Nifty is now seen limited at the make-or-break support at 17,017 mark. We expect Nifty bulls to aim for 17,500-17,707 zone in the near term."
Apurva Sheth, Head of Market Perspectives, Samco Securities
"The bulls are expected to maintain 17,000 for October before attempting to retest at 18,100. Short-term resistance is positioned at 17,500 levels. Nifty50 closed the week at 17314.65, up 1.29%."
Mohit Nigam, Head - PMS, Hem Securities
"On the technical front, immediate support and resistance in Nifty 50 are 17,200 and 17,500 respectively. Bank Nifty immediate support and resistance are 39,000 and 39,800, respectively."
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The underlying uptrend of Nifty remains intact. The consolidation movement may be extended in the early part of next week and the market could eventually witness sharp upside bounce from the lows by next week. A decisive upside breakout of the hurdle of 17,450 is likely to pull Nifty towards another important resistance of 18,000-18,100 levels. Immediate support is placed at 17,200 levels."
Also read: Sensex, Nifty: Investors eye IIP, CPI, WPI data to be out next week