Indian stock markets closed in the red mark for the third consecutive day on Thursday. Traders were busy settling their positions ahead of the expiry of the monthly derivatives on Thursday. Due to this, the Nifty50 index fell 1.3% in the last three days. At the same time, it ended the month of September with a decline of 2.8%.
So what are the charts on Dalal Street now indicating for the new month starting tomorrow?
Nagraj Shetty, Technical Research Analyst, HDFC Securities said that Nifty has formed a small negative candle on the daily chart, which indicates that the weak trend may continue on October 1.
Air India sale: Government officials meet Tata, Ajay Singh for second consecutive day
Medium term structure still positive
On the other hand, Shrikant Chauhan of Kotak Securities says that due to lack of any fresh trigger and weak global cues, investors made profits on the day of expiry. Nifty is moving in the range of 17,600-17,780. It has formed a lower top formation on the intraday chart which is a negative sign. However, the medium term structure remains positive.
What are the signs of the global market?
The S&P 500 E-Mini was last seen trading with a gain of 0.2%. This is a sign that Wall Street may open higher. European stocks started the day on a positive note, but are headed for month-to-month losses. Globally, investors are apprehensive about the slowing global economy and rising inflation. The pan-European STOXX 600 was trading with a gain of 0.6% at the time of writing. Earlier in the day, more markets in Asia were in negative zones.
Nitin Kamat of Zerodha became richer than Rakesh Jhunjhunwala, here is the list of top richest brokers in the country
What to expect from Dalal Street tomorrow?
Shetty of HDFC Securities said that the Nifty is expected to swing the support level of 17,475 points tomorrow and trade in a limited range for the next 1-2 sessions. However, he also said that there is a lot of possibility that investors will be interested in buying from the lower levels.
Rahul Sharma, Co-Founder, Equity99, said, “The market is currently in consolidation mode. Hence, it is likely to fall further.” He said automobile, banking, real estate and telecom stocks may remain in focus tomorrow.
Ola Electric raised $ 200 million in funding, the company’s value reached $ 3 billion
How will Nifty50 move?
Shrikant Chauhan said that the level of 17,700 can act as a strong resistance for the index. However, if it goes down, there can be a correction up to the level of 17,500-17,450 points. He said that any recovery in the market can take the index to the level of 17,800. On the other hand, Sharma says that the index has immediate support at 17,575 and then 17,525. However, strong support lies at 17,450.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.
.