Before Market Opens: Trade Module & Key Nifty50, Nifty Bank Levels by Experts

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Before Market Opens: Trade Module & Key Nifty50, Nifty Bank Levels by Experts

By Malvika Gurung -- The domestic market ended the holiday-shortened week on a positive note with benchmark indices Nifty50 and Sensex surging almost 1.3%, while closing Oct 7 marginally lower.

The headline index Nifty has managed to hold the key psychological level of 17,000 in October, with market experts witnessing the formation of a small-bodied bullish candle on the daily charts on Friday and a bullish candlestick on the weekly scale.

Nifty is likely to head towards 17,500-18,000 over the upcoming sessions, while volatility remains much in the picture. The next crucial support zone is provided at 16,750-16,800, breaking which could lead to a sharp correction, as per market experts.

Nagaraj Shetti of HDFC (NS: HDFC ) Securities states that Nifty50’s consolidation movement could extend in the early part of next week and the market could eventually witness a sharp upside bounce from the lows by next week.

“A decisive upside breakout of the hurdle of 17,450 is likely to pull Nifty towards another important resistance of 18,000-18,100 levels. Immediate support is placed at 17,200 levels,” he adds.

According to Rupak De of LKP Securities’ reading, a positive trend will likely remain so long as Nifty sustains above 17,300. “On the higher end, the 17,600-17,700 zone may act as resistance, while support is visible at 17,200 on the lower end,” he states.

Sameet Chavan of Angel One (NS: ANGO ) reads a positive sign on the Nifty Bank index and expects key support at 38,800-38,600 levels and immediate resistance at 39,600, as per CNBC TV-18.

Read Also: Top 6 Market Drivers in The Busy Week Ahead: RBI, FOMC Minutes, Q2 Earnings & More

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