Analyst Somesh View - Closing Comments on 13 OCT 2021

2021-10-13 17:56:02 By Somesh

img

Nifty formed a bullish candle on the daily Chart and closed with gains of around 170 points.

Sensex was up 452 points, or 0.75 percent, at 60737, and Nifty was up 169 points, or 0.94 percent, at 18161.

SGX nifty, Index opened on a positive note and showed an upside rally and made a new life time high at 18197 level and closed the session at 18161 level with a gain of 169 level. Bank Nifty closed the session at 38635 levels with a gain of 114 points. 

Auto stocks led by Tata Motors propelled the Nifty to new highs of 18200 with good support from infra & metal stocks on the launch of the master plan for infrastructure development and multi- modal connectivity.

Private equity firm TPG Group will invest Rs 7500 crore in its new wholly-owned electric vehicle (EV) subsidiary, Tata Motors said on 12th October 21.

As the street awaited earnings from big IT names, Tata Group stocks hogged the limelight despite profit-taking in late afternoon trade.

Auto stocks led by Tata Motors propelled the Nifty to new highs of 18200 with good support from infra & metal stocks on the launch of the Master Plan for infrastructure development and multi- modal connectivity. 

As the street awaits earnings today from big IT names, Tata Group stocks hogged the limelight despite profit taking in late afternoon trade.

Mood of the Global market is muted by inflation fears & high bond yields ahead of the release of US inflation data. However, Indian market is robust due to the festival season. Best performers are auto, metal and power sectors in expectation of high demand.

Markets witnessed a stellar rally as both Sensex and Nifty scaled to fresh record highs, largely dominated by auto and IT stocks. Benchmark Nifty maintained a strong breakout continuation formation which clearly suggests further uptrend from current level. 

Tata Motors zoomed 20% today and was the top gainer in Nifty today, this surge was majorly due to investment of Rs 7500 crore by the TPG group in Tata Motor’s EV subsidiary. Almost all the Tata Group Companies were on a roll today. Investors are expecting earnings today from big IT names such as Wipro and Infosys. These results will guide whether the bull-run in the IT sector would continue or we may witness some profit booking in this space.

Nifty has been able to sustain above 18000 and we may see it touching 18300 in the coming session. Immediate support for the Nifty is at 17800.

Short term chart formation is still in to the long side but due to an overstretched intraday rally the bulls may take a caution stance between 18250/18275 level. 

Day Traders, 18100 would act as a key support level. Above the same, the uptrend wave will continue up to 18200/18275 level. On the other hand, dismissal of 18100 could possibly trigger a correction wave up to 18040/17980 level.

All the sectoral indices ended in the green, with the Nifty Auto index adding more than 3 percent. Energy, infra, IT and metal indices were up a percent each.

 


Closing Comments

Expert's View


ఇన్వెస్టర్లకు ఎనలిస్టుల "దసరా మాములు" స్టాక్ రెకమెండేషన్స్

Trending