The market has closed in the red mark for the third consecutive day today. However, the good thing is that there was a strong recovery in the market in the last hour on the day of weekly expiry. Bank Nifty reached a new peak and Bank Nifty closed beyond forty thousand for the first time. Nifty Bank climbed 652 points to close at 40,170 today. ICICI BANK, AXIS BANK, and KOTKA MAHINDRA added enthusiasm. On the other hand, Nifty also improved from lower levels. While the Nifty improved by 52 points, the Sensex improved by 217 points. Apart from banking, there was buying in auto, PSE shares. However, metal, realty and FMCG stocks showed pressure.
At the end of trading, the Sensex closed 217 points lower at 61,043. At the same time, Nifty closed 52 points lower at 18,215. While the midcap fell 59 points to close at 31,420. At the same time, Nifty Bank climbed 652 points to close at 40,170. Today 20 out of 30 Sensex stocks fell. At the same time, 31 out of 50 Nifty stocks declined. While 11 out of 12 stocks of Nifty Bank rose.
Vinod Nair of Geojit Financial Services Says that due to the weak results of Q2, there is a sell-off in the market. Apart from this, due to weak global market and profit-making in IT, metal and realty stocks, the market is also under pressure. However, even in this weakness, banking stocks, especially PSU bank stocks, were seen moving strongly in the hope of good results. He also said that foreign and domestic institutional investors remained net sellers due to heavy volatility.
How will the market move tomorrow
Rohit Singre of LKP Securities Says that in the last hours of the trading session, with the Nifty reaching the support of 18,100, a strong pullback was seen. This level of 18,100 will act as a strong support for Nifty in future also. After this, the next support for Nifty is seen at the level of 18,000. On the upside, there is an immediate support near 18,280-18,350 for Nifty.
Motilal Oswal’s Chandan Tapdia It says that now Nifty will have to cross the level of 18,250 and stay above it to know towards 18,350-18,450. On the other hand, support is visible for Nifty at the level of 18,050 on the downside.
Mohit Nigam of Hem Securities Says that the profit recovery on October 21 is a good sign for Badar. Any downside in the market at this time will be a good buying opportunity in good stocks. There is immediate support for Nifty at 18,000 level.
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