Technical View - Oct 12, 2021 - Mr. Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities

Markets ended with healthy gains on Tuesday. After drifting lower in the morning session, Nifty found support at the 17864 levels before moving higher to close near the highs of the day. The Nifty finally gained 46 points or 0.26% to close at 17,992. Broad market indices like the BSE Mid Cap index gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.

Sectorally, the top gainers were the BSE CD, FMCG, Metal and Auto indices. The top losers were the BSE IT, Telecom and Healthcare indices.

Zooming into the Nifty 60 min charts, we can observe that although the index has corrected from the highs of Monday, it bounced back today and managed to close on a strong note above the 20 period MA. This indicates that the short term uptrend looks set to continue.

Further upsides are likely once the immediate resistance of 18009 is taken out. Next upside targets are at 18100. Immediate support to watch for weakness is at 17958.

Source : Equity Bulls

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