The BSE Sensex and NSE Nifty 50 ended the first day of the week in positive territory. BSE Sensex jumped 443 or 0.8 per cent at 59,246, while NSE Nifty 50 ended at 17,665.80, up 0.7 per cent. Stocks of index heavyweights such as Reliance Industries Ltd (RIL), ICICI Bank, ITC, HDFC Bank, L&T, and Infosys among others contributed the most to the indices gains. Broader markets also ended in the green. S&P BSE MidCap index rose 0.5 per cent or 117 points up at 25,581. S&P BSE SmallCap index soared nearly one per cent or 256 to settle at 29,057.

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Benchmark indices outperformed their Asian peers and also shrugged off the weak European market sentiment as investors bet on metals, banking & capital goods stocks. Cautious optimism prevailed as there are enough indications that markets may remain volatile in coming sessions on global slowdown fears. Technically, the Nifty has formed a bullish candle on daily charts. Currently, the market is witnessing positive consolidation formation near the 20-day SMA (Simple Moving Average). The Nifty would see a key support level of 17550 and above the same it could move till 17750-17800. On the flip side, below 17550 a fresh round of selling could be seen and below the same, the index could slip till 17450-17400.

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Kunal Shah, Senior Technical Analyst at LKP Securities

The Bank Nifty bulls continued their upper hand and closed near the immediate hurdle of 39,800. The index is trading in a strong uptrend with higher top and had higher bottom formations intact on all the time frames. The index once surpasses the mentioned hurdle will see a strong move on the upside toward the 41,000-41,500 zone. The lower-end support stands at the 38,800-38,500 zone where fresh put writing has been observed.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty remained in the green during the day; however, it stayed from challenging the 17700 mark which remained a crucial resistance. The market may remain buy on dips as long as it sustains above 17400. On the higher end, a decisive move above 17700 may induce a rally in the market.

Vinod Nair, Head of Research, Geojit Financial Services

Concerns about the global economy, which is struggling with high inflation and recession, were stoked by mixed job data from the US and a worsening energy situation in Europe. Strong employment in the US will give Fed the confidence to raise interest rates by another 50–75 bps in the forthcoming policy meetings. In anticipation of decrease in output, oil prices increased prior to the OPEC+ summit. Meanwhile, none of these has impacted the domestic market, which continues to hold an upbeat outlook, bolstered by strengthening local economic statistics and rising corporate demand.