Indian stock indices surged on Thursday with the expiration of November futures and options, dragged down by gains from index heavyweights like Reliance Industries, Infosys, Kotak Mahindra Bank, HDFC Bank, ITC, Bharti Airtel and Tech Mahindra. Benchmarks opened lower but quickly gave up on intraday losses, Sensex rising 758 points from today’s low and Nifty 50 recovered its psychologically important 17,500 after hitting an intraday low. from 17 351.
The Sensex finished 454 points higher at 58,795 and the Nifty 50 Index rose 121 points to close at 17,536.
“If the Nifty is able to hold above 17,500, it can reach 17,600-17,700 levels. Momentum indicators such as the Relative Strength Index (RSI) and the Converging Moving Average Divergence ( MACD) indicate positive momentum in the market, ”Vijay said. Dhanotiya, head of technical research at CapitalVia Global Research.