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Nifty50 formed a bullish candle on the daily scale and negated the lower highs of the past five sessions. Now it has to hold above 17,700 for a bounce towards 17, 777 and 17 850 levels whereas support is seen at 17 580 and 17,450 levels.

The three-candlestick reversal formation suggests gains ahead. Analysts said the index needs to sustain above the 17,580 level for further upside.

He said ONGC and Coal India, in the past, were victims of ETF issues, but now the government has suggested that it would go slow on stake sale via ETFs.

“Considering the sheer activeness in the Indian demography and also the rising income levels, in five years from now, one would have at least 500 entrants from the tech sector in the rich list in 2025, 2026.”

Privatisation hopes on a few metal names fuelled a rally in the metal index. PSU names continued to exhibit their newfound vigour. Pharmaceutical and speciality chemical stocks were also in demand.

“October could prove to be a historic month, because over the next few weeks, we will hear the government’s decision on divestment of Air India. After 15 years, we may actually see a government company being sold 100% to the private sector.”

The Nifty Pharma index closed 1.54 per cent up at 14812.4.

In the Nifty50 index, 37 stocks closed in the green, while 13 stocks ended in the red.

“More than 50% of our portfolio is focussed on pharma, IT services, niche businesses like coffee outsourcing kind of a business or even businesses to do with textiles and logistics.”

A total of 684,791 shares changed hands on the counter till 02:02PM (IST).