NEW DELHI: Indian equity market continued its rally on Friday despite weak global cues. The BSE Sensex again reclaimed the 60,000 mark while the broader Nifty50 is heading toward the 18,000-mark. On Friday, Sensex settled at 59,959, a gain of 203 points. The Nifty jumped 50 points to end the week at 17,786.
Market experts believe that it is a matter of time for Nifty to reclaim the 18,000-mark. “Markets raced ahead as bulls were seen enthusiastic with immediate inter-week goal posts for Nifty seen at the psychological 18000 mark. Above 18000, the benchmark Nifty will aim its all-time-high at 18605 mark.
The positive takeaway was that the bulls shrugged off the fact that the Fed will almost certainly issue a fourth-straight 75 basis point rate increase at its policy meeting scheduled on November 2. For Nifty, the immediate hurdle is seen at 18100, while support is seen at 17407-17589,” said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One, said markets have opted to take a breather before unfolding the next leg of the rally. As per Chavan, as far as supports are concerned, 17600 - 17500 are to be treated as key levels and till the time, it remains unbroken, there is no reason to worry for. On the flip side, it’s a matter of time, we would see Nifty surpassing 17800 to retest the psychological junction of 18000, he said adding that traders are advised to remain upbeat and keep a close watch on thematic moves which may unfold in the first of the forthcoming week.
Most Asian markets remained weak with China witnessing sharp sell-off following a Communist Party Congress meet dashed hopes for market-friendly policies. Benchmark Shanghai Composite Index dropped 2.2%, while the Hang Seng Index shed 3.6%.