Stock market: Indian benchmark indices reversed the previous session’s decline and closed with gains. On October 9, Nifty closed near 25,200. After sluggish trading in the first few hours, the market remained in positive territory for most part of the trading session, with Nifty closing near 25,200. Today Nifty has closed near the day’s highest level.
At the end of the trading session, Sensex closed 398.44 points or 0.49 percent higher at 82,172.10 and Nifty closed 135.65 points or 0.54 percent higher at 25,181.80. The BSE Midcap index jumped 0.75 per cent, while the Smallcap index remained flat.
Anand James, Chief Investment Strategist, Geojit Financial Services Says the expected fall to 25,030-25,000 has been completed and now a swing higher is needed. However, unless Nifty moves above 25,182-25,225, there is a fear of a bearish move towards 24,982. At the same time, if it manages to go above 25,200, then the level of 25,460 can also be seen in it.
Nifty has now formed a big trading range between 25,200 and 24,900. Dhupesh Dhameja, Derivatives Research Analyst, Samco Securities Says that as long as Nifty remains within this range, volatile rangebound trading is expected to continue.
He further said that Nifty will continue to hover around the psychological level of 25,000. There is support around this at many levels. On the upside, bears are expected to remain in strong grip until the resistance of 25,200-25,250 is crossed.
Experts suggest that traders should ‘buy on dips’ and think about new long positions only if Nifty manages to stay above 25250 points.
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