Investors were cautious ahead of weak global cues and US Fed policy announcement. The market has closed in the red mark for the second consecutive day today. After opening sharply, by the time of noon, the market lost all its gains and closed on the last day of Sawant 2077 on a decline. Auto, banking and pharma stocks put pressure on the market today.
At the end of trading, the Sensex closed at 59,771.92 with a fall of 257.14 points, or 0.43 per cent. On the other hand, Nifty lost 59.75 points or 0.33 per cent to close at 17,829.20.
It is worth noting that on November 4 i.e. on Diwali, between 6.15 to 7.15 pm, Murhut trading will be organized in the auspicious time. On the other hand, on November 5, the market will remain closed on the occasion of Diwali Balipratipada.
Ajit Mishra of Religare Broking Says that the phase of consolidation is going on in the market and in today’s volatile trading day it has closed down by about half a percent. After the initial rally, the market was gradually dominated by weakness, although it made several attempts to recover during the middle of the trading session, but it was unsuccessful in this attempt.
He further said that the market looked cautious today before the decisions of the US Fed Meet. Apart from this, the weekly expiry also showed its effect on the market.
Diwali Stocks 2021: Angel One advises to buy these 16 stocks on Diwali, know everyone’s target price
technical view
Nifty formed a bearish candle today and rejected higher loss formation in the last 2 trading sessions. Chandan Tapadiya of Motilal Oswal says that if Nifty has to go in the zone of 18,150 and 18,350, then it will have to cross the 18000 level and survive. If this does not happen, then Nifty will remain trapped in the range of 17,600 to 1,8000. He further said that there is support for Nifty at the level of 17600-17500.
Sahaj Agarwal of Kotak Securities It says that Nifty has entered the corrective phase. It is expected that Nifty will remain under pressure in the short term. Above 18,000-18,100 resistance is visible for Nifty. On the downside, it has strong support around 17,000-17,200. Traders are advised not to take too aggressive positions while investors are advised to adopt the strategy of buying slowly on the downside. IT and metal stocks should be bought in this fall.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.
.