Market Mood: Equity benchmark indices rose on Friday after a weak start. The market is getting support from purchases of foreign funds, rise in leading stocks and softening of crude oil prices. Sensex fell 261.58 points to 83,206.08 in early trade. Nifty also fell 76.7 points and opened at 25,508.60. However, both the indices soon recovered their losses. Due to this, the Sensex rose by 565.05 points or 0.68 percent to reach 84,032.70 at around 11 am. Today, for the first time since June 30, 2025, the Sensex crossed the level of 84,000.
Similarly, Nifty also reached 25,738.35 with a gain of 153.05 points or 0.60 percent. Nifty today touched an intraday high of 25,750.85, its highest level since October 1, 2024. In Nifty, shares of Asian Paints, Mahindra & Mahindra, Bharti Airtel, Max Healthcare and Hindustan Unilever have seen a rise of up to 5 percent.
Keep an eye on these levels on October 17
In the previous session, the Nifty 50 index managed to maintain its gains and closed near the day’s high. It closed above 25,550 levels with a strong bullish candle. Hardik Matalia, Derivatives Analyst-Research, Choice Equity Broking, says that this rise indicates continued strength in the near future. On the downside, immediate support for Nifty is at 25,500, followed by the next major support at 25,400. Whereas on the upside, resistance is visible at the levels of 25,700 and 25,800.
In the derivatives segment, the highest call open interest (OI) was seen at 25,600 and 25,700 strikes. While the maximum Put OI has been at 25,500 and 25,400 strikes. This OI setup is indicating a strong support base around 25,500-25,400. Whereas resistance is likely to emerge near 25,600-25,700 zone. Moving beyond this resistance range could lead to further upside in the near future.
analyst opinion
Anand James, Chief Market Analyst, Geojit Financial Services, said that after Thursday’s sharp rise, oscillators are indicating the need to take a sigh of relief. He further said that there is a possibility of a decline to 25,400 today. However, if Nifty sustains above 25,520 after the initial fall, it may reach 25,670, although this rally may not be sustainable.
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