F&O Expiration: Sensex Goes 60,000 Targets, Nifty to Close New Record; Is 18,000 on the cards for Nifty?

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Nifty is now trading in uncharted territory which is extremely bullish. Image: Reuters

On the day of the weekly F&O expiration, BSE Sensex and Nifty 50 finished up more than 1.5%, led by the purchase of index heavyweights such as Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC) and HDFC Bank. BSE Sensex rose 958 points or 1.63% to finish at the highest level ever reached 59,885, while NSE’s Nifty 50 zoomed 276 points or 1.57% to settle at 17,823. On the day, the 30-stock Sensex hit a record high of 59,957, and Nifty hit a new lifetime high of 17,843.90. The larger markets were also part of the rally today. The BSE Midcap index jumped 1.3% or 323 points to end at 25,490, while the Smallcap index gained nearly 1% or 253 points to close the trade at 28,109. Technical analysts say the The Nifty 50 Index closed well above the resistance at 17600 and should now head towards 17900-17950.

Manish Hathiramani, Owner Index Trader and Technical Analyst, Deen Dayal Investments

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The index closed well above the resistance at 17600 and should now head towards 17900-17950. Any decline or intraday correction should be used to accumulate long positions. 17500 has become new support for the Nifty and as long as this holds the overall trend remains bullish.

Devang Mehta, Head – Equity Advisory, Centrum Broking

The market rallied around the Fed’s statement to begin tapering in November. Encouraging news on the Evergrande crisis has also helped to dispel some uncertainties on the global front. Indian markets have been on a roll and today’s rally was symbolic of the strong feeling that prevails locally on the back of the reduction in covid cases and the high number of vaccinations. With improving economic activity and optimism surrounding the resumption of the capital spending cycle, India Inc’s earnings trajectory will naturally be strongly boosted. Most of the companies that are the market leaders in their respective fields have seen their operational efficiency and productivity improve and have also been able to reduce their debt with a significant gain in market share.

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Vinod Nair, Research Manager, Geojit Financial Services

Amid a strong start, the bulls showed no signs of weakness to soar, boosted by strong global signals and large-scale buying led by real estate, metals and banking stocks. Global markets have tempered optimism despite a slightly hawkish tilt from the Federal Reserve hinting that the US Central Bank will start cutting back on asset purchases in November and end the downsizing process around mid-2022. However, investors remain on the line pending clarification on the Chinese economy. The domestic reality sector continued its rally triggered by the recovery in demand in the real estate space.

Rohit Sigre, Senior Technical Analyst, LKP Securities

The index had a decisive breakout and closed a day at 17823 with good one and a half percent gains forming a bullish candle on the daily chart. The index experienced a breakout of range which hints that if current levels are held we may see the next quick move towards the 18k mark, immediate support for shrewd moves towards the 17770-17700 area. stop the level below the 17700 area and if said levels are maintained we can see the clue progress to the 17900-18000 area which is the immediate obstacle area on the upper side.

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Gaurav Udani, CEO and Founder, ThincRedBlu Securities

Nifty hit a new high of 17,843.9 today. It closed at 17,826, up 280 points from yesterday’s close. Nifty is now trading in uncharted territory which is extremely bullish. It can cope with a minor resistance range 17860-17900. It has solid support in the 17580-17620 range. Traders can consider buying troughs with a strict stop loss.

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