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NIFTY WRAP UP & FORECASTING

October 14, 2021

The BSE sensex closed the shop at 61,305 UP by 568 points and the Nifty close the day at 18,335 by adding 173 points.

On the Upside: Adaniport, Wipro, Grasim, Hdfcbank
On the downside-Coalindia, Tatamotors, Eichermot, HCLtech.

Tech View:- We have witnessed yet another positive gap opening, mainly due to better result of IT firms & global cues.Index managed to closed on positive note and crossed all mentioned barriers with gain almost 1% and formed bullish candle on daily chart, Going forwards immediate resistance zone will be 18370-18400. Supports for nifty is coming near 18150-18250 zone. RSI and MACD crossover indicating positive trend may continue.

Sector Report:-The top gaining sectoral indices included Nifty Metal up 1.98 %, Nifty PSU Bank up 1.93 %, Nifty IT up 1.46 %, Nifty Bank up 1.32 %, and Nifty Financial Services up 1.20%. India VIX, Nifty 50 options, fell 2 per cent to 15.77-level.

European & USA markets: @ IST 04:00 European markets were trading at Positive note. Where the Germany’s DAX trading UPby 0.84 %, Other hand France’s CAC40 indexrunningPositive by 0.80% where, England’s FTSE100 indexPositiveby 0.70%.
Where; wall street @ IST 04:00 The DOW future contract trading Positive 201 points, S&P 500 Future trading [email protected] 28 points, Where Nasdaq100 future Positive 112points.

Global News Analysis:

China -China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel to ease an energy crunch that is fuelling unprecedented factory gate inflation.
Germany’s top economic institutes cut their joint forecast for 2021 growth in Europe’s largest economy to 2.4% on Thursday as supply bottlenecks hamper manufacturing, but they raised their prediction for next year.
LONDON – A global energy crunch is expected to boost oil demand by half a million barrels per day (bpd) and could stoke inflation and slow the world’s recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said on Thursday.