The market closed with a fall for the second consecutive week in the week ended yesterday amid FII selling and profit-taking by domestic investors. In the week ended October 29, the BSE Sensex closed at 59,306.93, down 1514.69 points, or 2.49 per cent. At the same time, Nifty closed at the level of 17,671.7 with a fall of 443.2 points or 2.44 percent. However, if we talk about the whole month of October, then the Sensex and Nifty have seen a rise of 0.30 percent.
BSE midcap and smallcap have closed with a fall of about 1 per cent in the last week. At the same time, talking about the whole of October, their move has been flat. In October, more than 132 smallcap stocks have seen a gain of 10-75 percent. This includes the names of Tilaknagar Industries, Best Agrolife, Maharashtra Seamless, Transport Corporation of India, Network 18 Media & Investments and Tata Teleservices (Maharashtra).
These 5 focused equity funds have given 67-80% returns in the last 1 year, let’s have a look at them
At the same time, there are more than 100 stocks in which there has been a decline of 10-56 percent. These include SREI Infrastructure Finance, Panacea Biotec, McLeod Russel (India), Balaji Amines, PNB Housing Finance, Solara Active Pharma Sciences and Gujarat Themis Biosyn.
How can the market move ahead?
Sameet Chavan in Angel One It is said that since the market is looking somewhat oversold at this time. Therefore, there will be some upside in the market going forward. But traders need not get too excited about this rebound. On the upside, immediate hurdles are seen for Nifty at 18,000–18,100 levels. If there is any bounce above it, lighten the position.
Edelweiss’s Top Diwali Pics That Will Brighten Your Portfolio In The New Year
On the other hand, in case of weakness, Nifty can move towards 17,450 and then towards 17,200-17,000. Keeping this in mind, keep the position light and avoid any kind of bottom fishing for the time being.
Esha Shah of Samco Securities It is said that although the next business week will be short, but it may remain eventful. The market will keep an eye on the upcoming FOMC meeting. Apart from this, auto sales figures will also come in the next week starting Monday. Despite the festive season, semiconductor shortages, rising freight charges and rising commodity prices could negatively impact auto sales.
Shrikant Chauhan of Kotak Securities Says that the short term trend will remain weak due to oversold position in the market. The weekly trading set-up indicates that there is an immediate hurdle for Nifty at 17,800. If Nifty stays above it, then it can also see the level of 17,920-18,000-18,070. On the other hand, if it goes below 17,800, then the level of 17,600-17,500-17,420 can be seen on the downside.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.
.