Rise in oil prices can hinder market rally of last 2 months
![](https://portfolio.investmentguruindia.com/uploads/news/Oil and Gas 31 oct.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
A gradual rise in oil prices along with concern over high domestic food inflation may pose a hindrance to the stretched rally of the last two months, Vinod Nair, Head of Research at Geojit Financial Services, said on Thursday.
After a subdued start, the market reversed from the day’s low amid buy-on-dips strategy. However, the overall trend remained subdued, FIIs stayed muted ahead of festive break and global market traded on a negative note ahead of the announcement of the US GDP data later on Thursday, he said.
At close on Thursday, the Sensex gained 358.79 points, or 0.51 per cent, to close at 70,865.10, while the Nifty 50 rose 104.90 points, or 0.51 per cent, to settle at 21,255.05.
Some consolidation is warranted in the near term due to peak valuation, Nair said.
Mandar Bhojane, Research Analyst at Choice Broking, said the benchmark indices concluded the highly-volatile session on Thursday on positive territory, gaining 104.9 points.
A Bullish Piercing candlestick pattern has emerged on the daily chart, indicating potential bullish momentum. If the Nifty surpasses the 21,500 level, there is positional potential for an upward movement to 21,650 and 21,750 in the coming days.
Among sectors, information technology, banking, and FMCG each rose by 0.5 per cent, while metal, pharma, realty, power, and oil & gas, as well as capital goods, posted gains of 1-2 per cent each, he said.
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Spices Outlook.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Solar07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Wheat04.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/ICICI Direct IMAGE.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Energy Outlook.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/shrey jain.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Currency.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Cotton Report.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/shrey jain.jpg)
Mid Market Comment by Mr Shrey Jain Founder and CEO SAS Online - India`s Deep Discount Broker
![Index continues to hold its opening gains & continues to trend higher above its 5 DEMA support of 24105 - Tradebulls Securities](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
![Benchmark index traded with positive bias yesterday before closing with 0.67% gain at 24286 level - Monarch Networth Capital Ltd](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![The upside momentum with range bound action continued in the market on Wednesday - HDFC Securities](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)