The Nifty50 index is now closer to crucial area of 17,500-17,600 levels. If it manages to surpass this area, then it can gradually march towards 17,800-18,000 levels in coming sessions, with near term support at 17,300 followed by crucial at 17,000, said experts
The Nifty50 had more than 100 points gap up opening and decisively crossed more than couple of earlier swing highs to close with a percent gains, forming small bodied bullish candle on the daily charts on October 18. The 50-share NSE benchmark index extended uptrend for third session in a row, tracking positive mood in global counterparts, but failed to sustain 17,500 mark at close.
The index is now closer to a crucial area of 17,500-17,600 levels. If it manages to surpass this area, then it can gradually march towards 17,800-18,000 levels in coming sessions, with near-term support at 17,300 followed by crucial at 17,000, experts said.
The rally was seen across sectors with Bank, Auto, FMCG, IT, Metal and Oil&Gas indices gaining 1 percent each, while the broader markets were also strong with the Nifty Midcap 100 index rising 1.15 percent and Smallcap 100 index climbing 0.8 percent.
The Nifty50 opened higher at 17,439 and jumped up to 17,528, an intraday high. The index rose 175 points to 17,487, the highest closing level since September 22, taking total three-day gains to around 3 percent.
"In terms of the Fibonacci retracement, 61.8 percent retracement of the entire September decline i.e. 17,580 is expected to keep the current bounce in check," said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas.
The Nifty50 had more than 100 points gap up opening and decisively crossed more than couple of earlier swing highs to close with a percent gains, forming small bodied bullish candle on the daily charts on October 18. The 50-share NSE benchmark index extended uptrend for third session in a row, tracking positive mood in global counterparts, but failed to sustain 17,500 mark at close.
The index is now closer to a crucial area of 17,500-17,600 levels. If it manages to surpass this area, then it can gradually march towards 17,800-18,000 levels in coming sessions, with near-term support at 17,300 followed by crucial at 17,000, experts said.
The rally was seen across sectors with Bank, Auto, FMCG, IT, Metal and Oil&Gas indices gaining 1 percent each, while the broader markets were also strong with the Nifty Midcap 100 index rising 1.15 percent and Smallcap 100 index climbing 0.8 percent.
The Nifty50 opened higher at 17,439 and jumped up to 17,528, an intraday high. The index rose 175 points to 17,487, the highest closing level since September 22, taking total three-day gains to around 3 percent.
"In terms of the Fibonacci retracement, 61.8 percent retracement of the entire September decline i.e. 17,580 is expected to keep the current bounce in check," said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas.
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