Market Update for 16th October 2017
The BSE Sensex rose by 200.95 points to shut at AN all-time high of 32,633.64 as investor optimism climbed following encouraging comments from the IMF chief.
The broader NSE nifty too ended at a recent lifetime high of 10,230.85 points, showing gains of 63.40 points, or 0.62 percent, in its record-setting spree for the second session.
Market sentiment was buoyant in a truncated trading week ahead of Diwali and inspiring Q2 earnings from oil-to-telecom conglomerate Reliance Industries.
The rupee appreciating further to 64.68 against the dollar (intra-day) at the forex market too fuelled the rally.
Sentiments got a lift after the IMF chief Christine Lagarde on Saturday said the Indian economy is on a “very solid track” in the mid-term, triggering all-around buying activity, brokers said.
The broader NSE nifty zoomed past the 10,200-mark for the first time to hit AN all-time high of 10,242.95. It, however, failed to maintain record levels on profit-booking, and settled at a new high of 10,230.85, up 63.40 points, or 0.62 percent.It broke its previous record closing of 10,167.45, hit on October 13.
The BSE Sensex after scaling AN all-time high of 32,687.32 points at the outset, finally ended 200.95 points to end at a new peak of 32,633.64, breaching its previous record of 32,575.17 hit on August 1 and also broke its intra-day record of 32,686.48 reached on August 2.
The gauge had gained 598.70 points in the previous 2 straight sessions.
Unabated buying by domestic institutional investors (DIIs) and wholesale price inflation (WPI) falling to 2.60 percent in September, helped both the key indices to scale new highs.
Shares of Godrej Agrovet (GAVL) made a strong debut on BSE, as the scrip got listed at Rs 621, a 35 percent premium to its issue price of Rs 460. However, the scrip slipped later in the day and finished 4 per cent down at Rs 595 apiece. The company’s recently-concluded IPO received an overwhelming response from investors as the issue was oversubscribed 95.41 times.
Technical summary for 17th October:-
We have detected a Gann Swing or Pullback that is usually a bullish pattern! It should be used with other indicators.
Tomorrow’s projected High: 10,270.83, the projected Low:10,202.98. The top 21-day Bollinger band is at: 10,274.43 while the bottom 21-day Bollinger band is at 9,722.12.
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