On November 2, the market once again returned to the red mark. Markets look cautious ahead of weak global cues, Bank of England and US Fed decisions. Today’s trading started with a gapup. As the trading day progressed, profit-booking dominated the market on the day of Dhanteras. Dhanteras is an auspicious day according to Hindu beliefs. On this day, we buy gold and silver and utensils.
At the end of trading, the Sensex closed at 60,029.06, down 109.40 points, or 0.18 per cent. On the other hand, Nifty closed at 17,888.95, down 40.70 points or 0.23 percent.
Vinod Nair of Geojit Financial Services Weakness was seen in metal, oil and commodity stocks in today’s trade, while realty, PSU banks and consumer durables were seen trying unsuccessfully to handle the market.
In today’s volatile trading day, the Indian market looked tired due to weak global cues.
HDFC Securities gave buying advice in this multibagger, so far this year ran 110%
technical view
Chandan Tapadia of Motilal Oswal says Nifty formed a small bearish candle today but continued to make higher lows of last 2 trading sessions. Chandan Tapadia says that Nifty will have to cross 18000 level and stay above it to go towards 18,150 and 18,350. If it doesn’t, it will see us stuck between 17,777 and 18000. On the downside for Nifty, support is seen at 17,777 and 17,600.
How will the market move tomorrow
Rohit Singhre of LKP Securities Says that a good support zone is seen for Nifty in the zone of 17,850-17,780. If it stays on top of it, then it may appear to be accelerating. Rohit Singhre says that those who have long positions stay with stoploss of 17750 on closing basis. Huddle is visible for Nifty around 17,950-18,000. It is necessary for Nifty to cross 18000 level for new momentum in the market.
Gaurav Ratnaparkhi of Sharekhan It says that resistance is visible for Nifty at 18000 level. Although it had even crossed this level in intraday but it could not sustain above it. If Nifty manages to close above this level on a closing basis, then it may rise in the short term. On the other hand, if it slips below this level, then it will see a consolidation between 17600-18000.
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