The Nifty opened gap up today and continued to inch higher throughout the day to close in the green after a sharp decline during the week. We expect this pullback to continue till 19160 – 19220 where resistance in the form of a Fibonacci retracement level and the 40 hour moving average is placed. The hourly momentum indicator has a positive crossover which is a buy signal. Thus, considering the above parameters we expect the pullback to continue.

On the weekly charts we can observe that the Nifty has respected the support zone of 18800 – 18925 where multiple support parameters in the form of the 40-week average and a crucial Fibonacci retracement level was placed. Thus, going ahead the Nifty can consolidate within 18800 – 19200 before resuming next leg of the fall. In terms of levels, 19160 – 19220 shall act as a resistance while 18930 – 18900 shall act as an immediate support zone.

Bank Nifty also witnessed a pullback from the steep decline during the week. The pullback can continue till 43400 where resistance in the form of the hourly upper Bollinger band is placed. On the downside 42730 – 42600 is the crucial support zone.

Markets ended their 6-day losing streak as Nifty reclaimed the psychological 19000 mark on the back of broad-based buying support. Despite the strong rebound, we suspect the benchmarks are not out of the woods yet. For markets to remain buoyant, some resolution is needed between the on-going Israel-Hamas war. Technically, confirmation of major strength in Nifty only above the 19700 mark.

After the gap-up start, Nifty gradually inched higher as the session progressed and finally settled at 19,047.25 levels. Mostly sectors contributed to the move wherein realty, energy and financials were among the top performers. The broader indices also participated in the rebound and gained in the range of 1.5%-2%.

Nifty has respected the support zone of long term moving average i.e. 200 EMA and witnessed a rebound on expected lines however participants shouldn’t read much into a single-day recovery. The earlier support zone i.e. 19200-19300 would act as a hurdle in case of further rebound. Weakness in heavyweights especially from the banking pack combined with feeble global markets would continue to weigh on the sentiment. We thus suggest utilizing a rebound to reduce longs and wait for clarity.

After a drastic fall in the indexes over the last few trading sessions, the major indexes rose by more than 1% in the last trading day of the week today. The fall was caused by the fall in the US markets and the aggravation of the Middle East conflict. There are strong indication that the US rates may move up further owing to the elevated inflation levels. The movements in the US markets and the geo political developments will continue to hold sway over the markets in the coming days too. The domestic economy is afforded some protection by the robust economic growth and the strong fundamentals. Another factor that adds to the positivity is the likelihood of domestic interest rates remaining stable for a longer time after the recent spike in money market yields.”

Markets were in an oversold zone after a 6-session fall and investors were already anticipating a relief rally soon. Aided by a recovery in several Asian indices, domestic equities bounced back sharply on strong all-round buying support and Nifty once again retained the 19k-mark. However, lingering negative factors such as Israel-Hamas conflict, surging US bond yield, FII fund outflows, and rate hike worries will mean markets are likely to stay volatile going ahead.

Technically, on weekly charts the Nifty has formed a long bearish candle, indicating strong possibility of further weakness from the current levels. As long as the index is trading above 18900, the pullback rally is likely to continue till 19200-19275.

On the flip side, below 18900, the selling pressure is likely to accelerate and could slip till 18800. Further down side may drag the index till 18700.

For Bank Nifty, 42400-42300 would act as sacrosanct support zones, above which, it could rally till the 200-day SMA (Simple Moving Average) or 43200 and 43350 levels. On the flip side, below 42300, the uptrend would be vulnerable.

Nifty snapped a six-day losing streak on October 27 and ended higher aided by positive global cues. At close, Nifty was up 1.01% or 190 points at 19047.3. Volumes on the NSE did not rise with the reversal but fell towards recent lows. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 4.3:1.

Asian markets mostly rose after data showed the U.S. economy was growing robustly and as robust forecasts from Amazon.com and Intel along with a pullback in Treasury yields lifted megacaps. European stocks were mixed on Friday as weak corporate earnings offset robust U.S. economic data released overnight. Energy stocks outperformed as oil prices surged on concerns over a widening of the Israel-Hamas conflict.

Nifty reversed the downtrend on October 27 but low volumes on such a day remains a concern. In the process it filled the downgap on daily charts formed on the previous day. Nifty could now head towards 19229-19298-19432 levels over the next few days while 18826-19047 band could provide support on downmoves.

After relentless selling in recent days, the Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed significantly below the critical breakdown level of 19250. As long as it stays below 19250, the market may continue to be inclined towards selling on any upward movements.

On the downside, a resumption of weakness is expected if the index falls below 18800. This is because put writers are likely to defend the Nifty with substantial positions at 18800, with immediate support placed at 19000.

After a consolidation breakdown on the daily chart, Bank Nifty experienced a 2000-point correction in a short span of time. The index appeared somewhat oversold, leading to a pullback on Friday. However, the sentiment remains predominantly bearish, and any upward movements may still face selling pressure.

On the upper side, 43000 could serve as a significant resistance level, as call writers have established substantial positions there. Support can be observed at 42500, where writers have a strong presence.

The domestic market recovered well compared to yesterday’s sharp corrections, due to restrained FII’s selling along with moderation in currency and global bond yield volatility. Till date, the Q2 results outcome is decent, which is in-line with the buoyant estimate. Yet, the market is not enthusiastic as we are at the cusp of earnings downgrade in anticipation of further slowdown in the world economy due to elevated interest rate and geopolitical risk.

Indian rupee ended flat at 83.24 per dollar on Friday versus Thursday's close of 83.23.

: Benchmark indices snapped six-day losing streak and ended higher with Nifty back above 19,000.

At close, the Sensex was up 634.65 points or 1.01 percent at 63,782.80, and the Nifty was up 190.00 points or 1.01 percent at 19,047.30. About 2673 shares advanced, 825 shares declined, and 125 shares unchanged.

Biggest gainers on the Nifty were Axis Bank, Coal India, HCL Technologies, SBI and Adani Enterprises, while losers were Dr Reddy's Laboratories, SBI Life Insurance, UPL, ITC and Asian Paints.

All the sectoral indices ended in the green with PSU Bank index up 4 percent.

BSE Midcap and Smallcap indices up nearly 2 percent each.

Net profit at Rs 1,480 crore and revenue at Rs 6,880 crore