MTECHTIPS INDEX MARKET NEWS

MTECHTIPS :-NIFTY
Nifty opened the session with a gap up and the index witnessed a sideways move throughout the session, as the market managed to trade in green throughout the day. The Nifty closed the session with strong gains, but some profit taking was seen at higher levels, although the sentiment remained positive.Nifty has made high of 5735 from 5215 low of September month almost 8% gain and closed highest in 17 months. Nifty Holding 5630 is very important for rally towards 5850 or 6000. But in case Nifty now fails to cross 5735 and goes below 5630 then correction till 5450 can be possible before a fresh rally. Month of October has been mostly negative as Hedge fund allows maturity once a year in month of November. Today Nifty holding above 5710 is important for any rally towards 5770 & 5810, below 5670 correction till 5630 & 5580 could be possible

MTECHTIPS:-SENSEX
The SENSEX gave a gap up opening as the index reacted to positive cues from the global counterparts. The index witnessed a positive session, as the markets continued their upward movement. The Sensex witnessed some profit taking above 18800 levels, but managed to close the day with strong gains.Sensex has almost made a double top on daily and weekly charts with the 21/Sep high at 18866 and 28/Sep 18869, now if Sensex falls below 18552 which is low of last 5 trading days then it would confirm the beginning of a downtrend. Today if Sensex holds 18680 ,then 19000 & 19150 could be the next possible levels on higher side, whereas if the index slides below 18680 ,then 18290 & 18040 would soon become possible. Sensex is showing clear weakness when compared to Nifty.

MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a positive session as the index closed the day with small gains. The index gained strongly and managed a close above the 11400 levels, as buying returned in banking stocks. The bank index in last few session is taking strong support around 11300 levels indicating strong buying at lower levels, but it has failed to hold on to the gains at higher levels on account of sustained profit taking. The bank nifty will now face stiff resistance above 11600 levels, and if it manages to trade above these levels we may gain witness testing of 11800 and higher levels in coming days. Very crucial support in the bank index in coming sessions is seen below 11200 levels. Any dip below will open up levels of 10800 and lower in coming days, but the current momentum is very positive, and investor interest in banking stocks will keep the index in green zone.But after a sharp rally recently, the index may also witness some profit taking in coming sessions. (view maintained)

MTECHTIPS:-CNXIT The Technology index witnessed a day of small positives moves as the technology stocks gained after few days of negative moves. The levels around 6300 acted as strong support for the index as it took support and managed a positive close. The levels around 6250 will act as strong support zones for the index, and if these levels are broken we may soon witness the index testing 6180 levels again. The technology index in coming sessions if manages to hold above the 6350 levels again, we may soon witness levels of 6480 and higher in the index. The technology index is looking

to close the gap around the 6200 levels, and if it manages to sustain after dipping, we may witness a rebound soon.