The index has to continue to hold above 10,550 zones to witness an up move towards 10,650 then 10,750 zones.

A strengthening rupee also boosted sentiment on D-Street, while investors shrugged off weak sentiment coming in from lower crude oil prices.

The index failed to surpass previous day highs (10,651) and consolidated for most part of the trading session, but closing above 10,600 indicated that it could rally further in coming session, experts said.

The Nifty after opening flat gained momentum to surpass 10,600 in morning itself followed by small correction to hit day's low off 10,557.50. The index gradually gained strength again in late morning deals and touched a day's high of 10,646.50 in afternoon. It closed 40.40 points higher at 10,616.70.

"The key take away from Thursday's session can be a closure of Nifty50 above psychologically important resistance level 10,600 for the first time in this entire consolidation phase. Hence, a follow through buying in next session can result in a much awaited breakout above 10,650 levels," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

Big News:

We are at the fag end of earnings season, but there are a few names that are yet to declare their September quarter results.

Srei Infra, Supreme Infrastructure and Tourism Finance Corporation are the names that will be announcing their numbers.

Investors will keep an eye on the movement of Indian rupee. The currency managed to strengthen past 72 per US dollar mark. Along with it, crude prices being in a bearish zone as Iran continued to supply oil to eight nations.

Technical View:

Nifty formed a small bullish candle kind of pattern on the charts.

The index failed to surpass previous day highs (10,651) and consolidated for most part of the trading session, but closing above 10,600 indicated that it could rally further in coming session, experts said.

The index has to continue to hold above 10,550 zones to witness an up move towards 10,650 then 10,750 zones while on the downside support exists at 10,500 then 10,450 levels, they added.

Max Call OI: 11000, 10800, 10,700

Max Put OI: 10,200, 10,500,10,400

Stocks in news:

Bank of Baroda: The Board has approved an issue of Tier-II capital bonds for up to Rs 1,500 crore

IL&FS: The company was unable to service obligations on interest of Rs 4.7 crore due on NCDs

ITC: looks to expand food portfolio to boost turnover

RInfra Q2 net profit slips 49% to Rs 277 crore

Technical Recommendations:

Here’s what they have to recommend:

Maruti Suzuki | Rating: Buy | Target: Rs 7,950 | Stop Loss: Rs 7,250 | Return: 6.5 percent

Nestle India | Rating: Buy | Target: Rs 11,170 | Stop Loss: Rs 10,075 | Return: 7 percent

Titan Company | Rating: Buy | Target: Rs 1,005 | Stop Loss: Rs 879 | Return: 9 percent

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Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.