Healthcare stocks continue to rally

New Delhi, Nov 10

Healthcare stocks continued to rally with Medanta, Fortis, Marksans Pharma, and Vijaya Diagnostic all gaining more than 5 per cent, showcasing that investors are bullish on the sector, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Energy space also witnessed positive action as NTPC and ONGC closed with gains of 1.9 per cent and 1.7 per cent respectively, he said.

The broader market indices outperformed the benchmarks showing investor sentiment being positive and in favour of small and mid-cap as the Nifty Microcap 250 was the top performer for the day with an up move of 0.52 per cent. For the week, Nifty gained 1.0 per cent while Sensex was up by 0.8 per cent, he added.

Rupak De, Senior Technical analyst at LKP Securities said the Nifty exhibited volatility throughout the day, rebounding above the 21-day Exponential Moving Average (EMA). However, the substantial Open Interest (OI) buildup at 19500, particularly from Call writers, suggests a protective barrier that may impede further upward movement for Nifty.

On the downside, Put writers are likely to safeguard the 19400 level. Consequently, we anticipate a market confined within a range on the Muhurat Trading Day, he said.