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Markets stage smart recovery in late trades after early volatility; auto, realty, metal stocks provide impetus

03:59 PM Oct 26, 2021 | FPJ Web Desk

Markets witnessed volatility in early trades but benchmark Nifty soon found support near 18,100 and reversed sharply thereafter. The Sensex was up 383.21 points or 0.63 percent at 61350.26, and the Nifty was up 143.00 points or 0.79 percent at 18268.40. About 2,174 shares have advanced, 1007 shares declined, and 150 shares are unchanged.

Among major Nifty gainers were the following stocks: Tata Motors, Tata Steel, SBI Life Insurance, Titan Company and JSW Steel. Nifty losers today on the bourses were IndusInd Bank, ICICI Bank, Power Grid Corp, HUL and NTPC.

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Gaurav Udani, CEO & Founder, ThincRedBlu Securities,"Nifty closed positive today at 18300 , up by 185 points. However, in volumes in Nifty were lesser than its average. Traders in long positions may consider booking profits on all rise or keep tight stoploss. Nifty has resistance in 18330-18350 range and support in 17980-18020 range."

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Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "The index has formed a promising reversal formation near the 20 day SMA which is broadly positive. In addition, on intraday charts, it has formed a higher bottom formation that also supports further uptrend. We are of the view that as long as the Nifty is trading above 18,200, the pullback rally is likely to continue up to 18,375 and on further upside the index may rise up to 18,450. On the flip side, dismissal of 18,200 may trigger further weakness up to 18,100-18,050."

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