On October 24, during the Muhurat trading day, the market made a solid start to Samvat 2079, mirroring the upbeat sentiment among its international counterparts. On Tuesday, there was some profit-taking that came after it.
For the third consecutive week ending October 14, the market remained erratic and range-bound, with the Nifty50 finding support at 16,750–16,800 levels and encountering resistance at 17,350–17,400 levels. Therefore, a decisive move on either side of the range can define the market’s direction, and until that time, experts predict that it will trade in the same range for the ensuing several weeks.
The Nifty50 recovered around half of its losses from the prior week and finished the week down 0.7 percent at 17,186. The market’s weekly loss was partially offset by the recovery on Friday, but profit-booking at higher levels casts doubt on the upward trend’s long-term viability.
On the weekly charts, the stock price has exited the horizontal channel. Increased volumes occur in conjunction with price breakout. It has a positive trend across all time frames and is located above all important moving averages.
In addition to the market’s more than 2 percent gains from the previous week, the current week saw gains of 0.5 percent overall. The Nifty50 has steadily increased over the past two weeks, rising to 17,800 from a level of 16,950 on October 11. Now that the index is getting closer to the critical resistance level of 17,750-17,900, experts predict that it won’t be long until 18,000 is within reach, with a support range of 17,500-17,400.
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