Equity Research Outlook- Post Market: 18th October, 2013 by (Deepak Sharma, Technical Analyst- Equity) Domestic market opened on the positive note and maintained the trend throughout the day largely supported by Financial, Metal and capital goods stocks. The market remained in bulls grip on broad based buying with both the equity benchmarks climbing over 2 percent in a day. All sectors indices ended in green but the most attraction was witnessed in the Metal stocks after China’s economy grew at its fastest pace this year for the quarter ended September. Indian currency also boosted the markets sentiments by extending their gains to the highest in more than two months on the expectations that the US Fed may postpone tapering of the stimulus program. On the global front, most Asian indices traded comparatively high after US lawmakers came to an agreement to raise the debt ceiling and avoided a potential default coupled with encouraging Jul-Sep growth from China. Technically, Nifty witnessed a decent upside move on Friday, subsequently gave the neckline breakout of “Inverted Head and Shoulder” pattern on the daily charts and also managed to close above the same. So, this rally may extend upto 6300 in coming days.
Posted on: Mon, 21 Oct 2013 09:01:56 +0000
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