Buy or sell: The Indian stock market witnessed solid buying on Friday, October 10, as benchmark indices Sensex and Nifty 50 advanced for the second straight session despite mixed global cues.
The Sensex climbed 329 points, or 0.40%, to end at 82,500.82, while the Nifty 50 gained 104 points, or 0.41%, to close at 25,285.35. The rally was broad-based, with the BSE Midcap and Smallcap indices rising 0.36% and 0.59%, respectively.
“The Nifty 50 ended the week on a positive note, gaining 1.32% to close at 25,285, with the broader indices also advancing by 2% to 5%. Sectoral buying was witnessed across new-age, technology, pharma, banking, realty, and telecom segments, reflecting broad-based market strength,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Weekly market outlook
Nifty 50
On the Nifty 50 outlook, Dongre said, “On the technical front, in the previous week the index had taken strong support in the 24,300–24,400 zone, which aligns with both the 200-day EMA and the 38.2% Fibonacci retracement level—forming a solid base for future rallies. During the week, Nifty managed to sustain above the 25,000–25,100 range and moved closer to 25,400, thereby testing the crucial resistance zone of 25,500–25,600, which coincides with previous highs. Going forward, sustaining above 25,000 will be key for a potential move toward 25,500–25,600, while immediate support remains at 25,000–25,100.”
Bank Nifty
Meanwhile, on the Bank Nifty outlook, he added, “Meanwhile, the Bank Nifty also held firm above the 54,000 mark, with broader support seen at 53,500–54,000 and closing near its resistance at the 57,000 level. Overall, the market tone remains cautiously optimistic; however, a decisive breakout above 25,600 on the Nifty and 57,000 on the Bank Nifty will be essential to confirm the continuation of the upward momentum. Traders are advised to remain selective and disciplined while keeping a close watch on global cues and geopolitical developments.”
Weekly stocks to buy or sell
Godrej Properties: Buy at ₹2080-2100; Stop Loss at ₹2040; Target Price of ₹2200.
Gravita India Limited: Buy at ₹1640-1660; Stop Loss at ₹1600; Target Price of ₹1720.
Dr Reddy’s Laboratories: Buy at ₹1260-1265; Stop Loss at ₹1230; Target Price of ₹1300.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
