October 22, 2017

Nifty:

Nifty Outlook

Nifty traded on positive note today. Strong rally was seen for the day after the correction seen in last few trading sessions. Nifty-50 futures gained 100 points and managed to close around 9900 level. Metro rail policy approval by cabinet added reason for the pull back in the index. Movement just can’t be seen in isolation; correction recently was supported by higher volume, so still it would be tough for bull to cross 10135, as again the major support now can be seen as 9700.

Bank Nifty:

Bank Nifty Outlook

Bank Nifty Index saw a positive rally and almost a movement of 400 points held the bull’s head high for the day. Major PSU players in the sector remained positive, Bank of Baroda pulling up from lower level gained around 3% for the day managed to be in to gainers, also PNB gained almost 3%. Further private players too performed well. Next 24700 can be seen as major resistance for the index.

Nifty Trends

R1 9880
R2 10135
S1 9700
S2 9610
Technical Outlook:

Nifty Day Performance

Open 9,829.40
High 9,910.00
Low 9,778.20
Close 9904.95

Top Gainers

TECHM 420.00
CIPLA 591.50
TATAMOTORS 388.90
BANKBARODA 146.95

Top Losers

POWERGRID 219.80
ASIANPAINT 1,140.00
YESBANK 1,760.95
NTPC 170.15

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