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Nifty to hit 18600 soon; Sensex, Bank Nifty clock record closing highs in bull run at D-St on F&O expiry

Analysts say Nifty will aim for 18,600 once it gets past 18400. Image: Reuters

BSE Sensex and Nifty posted record closing highs yet again on Thursday, as bulls reigned for the sixth consecutive session. BSE Sensex rallied 568 points to end at 61,305, the first time ever above 61,300, while the Nifty 50 index settled at 18338, rising 177 points. During intraday, Sensex scaled a fresh lifetime high of 61,353.25, and Nifty hit a historic high of 18,350. Index heavyweights such as HDFC Bank, ICICI Bank, Housing Development Finance Corporation (HDFC), ITC, L&T, State Bank of India, and Infosys, among others, contributed the most to the indices gain. In the broader market, the BSE Midcap index rose 0.54 per cent or 143 points to 26,700, while the BSE Smallcap index gained 0.46 per cent or 138 points to finish at 29,893. India VIX, volatility index, cooled off 2.06 per cent to settle at 15.77 levels. Analysts say Nifty will aim for 18,600 once it gets past 18400.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

We were very close to the 18400 mark but did not achieve it. The target is still open and if we can sustain there, 18600 should be the next level for the Nifty. Considering the support is at 17800, the risk-reward is skewed and hence traders should only seek Intra day dips to accumulate long positions on the index for higher targets.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty made a new life-time high of 18350 today. It closed at 18335, up by 175 points from yesterday’s close. Volumes in Nifty were higher than its average which is a good sign for longs. Nifty has a strong support in the 18050-18110 range. Traders can use buy on dips strategy with strict stoploss for 18380-18420 as targets.

Rohit Singre, Senior Technical Analyst at LKP Securities

Index closed a week at 18339 with gains of two & half percent and formed a bullish candle on the weekly chart for the second consecutive week. Now immediate supports are coming near 18250 followed by 18170 zone any dip near mentioned supports zone will be again fresh buying opportunity for the overall targets of 18500 zone, immediate hurdle is coming near 18400-18500 zone around mentioned resistance one can lock their long gains.

Mohit Nigam, Head – PMS, Hem Securities

On the technical front, benchmark indices witnessed continuous positive trend after sustaining well above 18,200 levels. According to our technical analysis this positive momentum might continue till 18,500 levels in coming sessions. Immediate support for Nifty 50 is 18,200.

Vinod Nair, Head of Research, Geojit Financial Services

The Indian market sustained its upbeat mood supported by positive global market, favorable inflation data and up move in IT stocks following strong earning scorecards by sector majors. India’s September retail inflation eased sharply to 4.35% against 5.30% in August owing to a decline in food price while wholesale inflation stood at to 10.66% compared to 11.39% in the previous month. Banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season.

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