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  Business   Market  15 Oct 2019  11100 could be new Nifty base near-term

11100 could be new Nifty base near-term

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Oct 15, 2019, 1:28 am IST
Updated : Oct 15, 2019, 1:28 am IST

The broader Nifty-50 Index closed 24.75 points or 0.22 per cent up at 11329.80 and hit intra-day high of 11420.45 points.

The Sensex rose 386.61 points to a high of 38513.69 intra-day but finally settled 87.39 points up at 38214.47 up 87.39 points or 0.23 per cent.
 The Sensex rose 386.61 points to a high of 38513.69 intra-day but finally settled 87.39 points up at 38214.47 up 87.39 points or 0.23 per cent.

The market remained volatile on Monday after a sharp rise intra-day, the benchmarks gave up most of the gains as the trading session came to a close.

The Sensex rose 386.61 points to a high of 38513.69 intra-day but finally settled 87.39 points up at 38214.47 up 87.39 points or 0.23 per cent.

The broader Nifty-50 Index closed 24.75 points or 0.22 per cent up at 11329.80 and hit intra-day high of 11420.45 points.

In the broader market, BSE Mid-Cap Index outperformed the benchmarks with gain of 0.44 per cent while BSE Small-Cap Index gained 0.12 per cent.

For the second consecutive session, the foreign portfolio investors were net buyers of equities worth Rs 895.63 crore.

Technical View

Amit Shah, Technical Research Analyst, Indiabulls Ventures said, "Period of correction which lasted for several sessions seems to have come to end. Index has breached the sticky zone of 11320-11400 and Nifty is likely to scale higher as mentioned earlier on our report towards 11700 zone. Nifty is likely to witness a build-up of momentum on the upside going forward. 11100 zone is likely to be a new base for the markets in the near-term."

Shrikant S. Chouhan, Senior Vice-President, Technical Research, Kotak Securities said, "In the last hour of trade, the market erased all the gains as soon as the negative news on the tariff front hit the market from China. Nifty and Sensex closed at almost opening levels of 11341 and at 38214 respectively."

Market View

Ajit Mishra Vice President, Research, Religare Broking said, "The Indian markets witnessed yet another volatile trading session before ending with decent gains of 0.2 per cent at 11330 levels. The signs of easing trade tensions between US-China has provided some respite to the investors globally.

“On the domestic front, the earnings season is likely to dictate trend for the Indian markets as some of the front liners would be declaring their results this week. We expect that more than the earnings announcement, investors and traders would focus on the outlook provided by the management especially for consumption driven companies."

Tags: sensex, nifty-50