Market Yesterday

In yet another rangebound session, the Indian equity indices ended lower on October 11, with the Nifty at around 24,950.

Amid mixed global cues, the market opened flat and traded in a range, mostly in a mildly negative zone. The Nifty failed to cross 25,000 amid selling in auto, bank, and realty stocks.

At close, the Sensex was down 230.05 points or 0.28 percent at 81,381.36, and the Nifty was down 34.20 points or 0.14 percent at 24,964.30.

For the week, BSE Sensex and Nifty ended with marginal losses.

The top losers on the Nifty included M&M, TCS, ICICI Bank, Cipla, and Power Grid Corp, while the gainers were Trent, Hindalco Industries, HCL Technologies, Tech Mahindra, and ONGC.

On the sectoral front, auto, bank, power, and realty indices were down 0.5 percent each, while IT, metal, oil & gas, pharma, and media were up 0.5-1 percent.

The BSE midcap and smallcap indices rose 0.4 percent each.

More than 200 stocks touched their 52-high on the BSE, including, Usha Martin, JM Financial, Mankind Pharma, Ipca Labs, MCX India, Divis Labs, Just Dial, Page Industries, Gujarat Alkalies, Glenmark Pharma, CG Power, HCL Technologies, Dixon Technologies, Gujarat Fluorochemicals, Century Plyboard, Symphony, Hitachi Energy, among others.

Outlook for October 14

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened marginally in the red and consolidated within a narrow range to close in the red down ~24 points. The Nifty has been consolidating in the range of 25250 – 24900 since the last three trading sessions.

We expect this consolidation to break out on the upside and rally towards 25350 – 25500 from a short-term perspective. A breach below 24800 shall weaken the structure and hence should be kept as a stop loss for the long positions.

Bank Nifty has been consolidating in the range of 50900 – 51500 since the last three trading sessions. We expect this consolidation to break out on the upside and rally towards 52000 from a short-term perspective.

Ajit Mishra – SVP, Research, Religare Broking

Markets traded lackluster on Friday and ended slightly lower amidst mixed cues. Early in the session, weak sentiment in IT major, TCS, after its earnings report impacted the mood, with further pressure from declines in private banking giants. However, selective buying in heavyweight stocks helped limit the decline as the day progressed. Sector-wise, the trend remained mixed—pharma and metal saw gains, while realty and banking finished in the red. Broader indices outperformed, gaining nearly half a percent each.

The market has been facing selling pressure on every rise, though resilience in key heavyweights, particularly in the IT, pharma, and metal sectors, has slowed the downward momentum.

We recommend maintaining a cautious stance on the Nifty until it decisively surpasses the 20-day exponential moving average (DEMA), which is currently around the 25,300 level. With opportunities on both sides, traders should prioritize careful stock selection and effective trade management.