Friday, 11 Oct, 2.18 am Deccan Chronicle

Market hopeful of up-move near-term

After a sharp up move the benchmark indices and broader market fell on Thursday.

Sensex closed 0.78 per cent or 297.55 points down at 37880.40 while the broader Nifty-50 Index closed 0.70 per cent or 78.75 points down at 11234.55.

The broader market fell almost in the same range with BSE Mid-Cap Index down 0.87 per cent and BSE Small-Cap Index down 0.57 per cent.

The foreign portfolio investors were yet again net sellers of equities worth Rs 263.11 crore while the domestic institutions were net buyers by Rs 502.67 crore.

Technical View
Shrikant S. Chouhan, Senior Vice-President — Technical Research, Kotak Securities said, 'Market took a breather after previous sessions' massive rally. Bank Nifty, Wednesday's biggest gainer, was Thursday's big loser.

Fundamentally, we are of the view that the market has taken a cautious bet ahead of US and China tariff talks, as well as the results of Index giants like TCS and Infosys. On Friday, 11330 and 11090, would be major levels to watch out and we expect major activity beyond the same.'

Ruchit Jain, Technical Analyst, Angel Broking said, 'During this week, the Nifty has given respect to the confluence of support which was placed around 11100. Thus, till this support is intact, we are hopeful of an up-move in near-term. On the higher side, the immediate resistance for the Index is seen around 11350-11400 and a move above the same could then lead to a directional up move going ahead.'

Market View
Ajit Mishra, Vice President, Research, Religare Broking said, 'Markets traded under pressure and lost over half a per cent, tracking weak domestic cues and mixed global markets. Besides, the anxiety ahead of the beginning of the earnings season was also weighing on the sentiment. Mostly sectoral indices traded in line with the benchmark and ended lower wherein banking and realty were the top losers.

Markets will first react to TCS numbers in early trade on Friday and then focus would shift to the Infosys results. Besides, the trade talks between the US and China will also remain on the participants' radar. In short, we expect a volatile session ahead on Friday.'

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Deccan Chronicle