The day began with a bang for the stock market, as indices surged and an opening occurred in green territory. Despite starting on a flat note due to the US holiday yesterday and today’s half-trading day, Nifty showed resilience in yesterday’s narrow range trade, closing just 5 points lower but still above the critical 19800 mark.
The Sensex surged 54.58 points, opening at 66,051.66, while the Nifty gained 20.90 points, opening at 19,820.75. Among the Nifty companies, 28 witnessed advances, while 22 declined.
The top gainers included Cipla, Divi’s Lab, Dr. Reddy, NTPC, and MandM, whereas Hero Motocorp, HCL Technology, Tata Motors, TCS, and Wipro were among the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said, “We remain positively biased on Indian economy for medium term.
The Nifty has major support at 18837 and short-term support at 19276. The Nifty has moved within a wider 20000–19500 level range. The Nifty’s medium-term objective is still 20466-21234-21410. Next week is FO expiry for the November series; OI data shows significant call writing at the 20000 CE and 19500 PE levels.