Yesterday’s trading saw the biggest single day decline since April 2021. Yesterday was also the expiry day of October futures. Selling across sectors, weak globus cues and down-grading of Indian equities by Morgan Stanley led the Indian markets to fall around 2 per cent yesterday.
The BSE Sensex slipped below 60,000 yesterday and closed at 59,984.70, down 1,158.63 points. At the same time, Nifty slipped below 18000 and closed at 17,857.30 with a fall of 353.70 points. This created a bearish candle on the daily chart.
Nagraj Shetty of HDFC Securities says that we have seen a long bear candle forming on the daily time frame. The downside of J Immediate Support is a clear sign of a break out. Such a big fall in a single day has not been seen even in the last 35-40 trading days. This fall can change the momentum from long to short. Now the all-time high of 18,604 made on October 19 in Nifty is seen as an important reversal point for Nifty. We may see further weakness in the coming trading sessions. Next week we can also see lower levels of 17,590-17,550. He further said that even if there is an upside bounce in Nifty, then it will have to face resistance around 18,040.
Along with the giants, there was a decline in the small-medium stocks in yesterday’s trade. Nifty Midcap 100 saw a decline of 1.96 per cent yesterday and Smallcap 100 by 1.85 per cent.
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. It should be noted here that the Open Interest (OI) and volume of stocks in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17707.5 and after that the second support is located at 17557.8. If the index moves upwards then it may face resistance at 18098.8 then 18340.4.
Nifty Bank
The first support for Nifty Bank is located at 38929.03 and after that the second support is located at 38349.16. If the index moves upwards then it may face resistance at 40509.93 then 41510.97.
strategy on nifty
Its first resistance zone is 17976-18036 and the larger resistance zone is 18127-18171. The base zone is 17833-17774. The larger base zone is 17740-17680. FIIs have made the biggest sell-offs in recent times. All SLs placed at 18000 and 20 DEMA are triggered. Today is the first day of the new series. The market is very light in terms of OI. Structure weak but short and bullish sell strategy below 17976-18036.
Hold short, stay below 18036 then sell. Big short covering is also possible if 17976 and 18036 stays above.
strategy on nifty bank
Its first resistance zone is 39923-40077. The major resistance zone is 40532-40786. The base zone is 39313 (20 DEMA)-39059 and the larger base zone is 38855-38610. 38855-38610 is the only breakout zone for 12 October. It has lost all the momentum after October 12. Selling today is not advisable due to yesterday’s fall and new series. 20 DEMA Tomorrow’s low, a pullback may also occur. Weakness will increase below its resistance zone, 10 DEMA (39923-40077). Pullback possible above 10 DEMA, long above 39923-40177 or sell at higher levels.
bulk deal
NDTV:Eriska Investment Fund has sold 28,51,894 shares at a price of Rs 79. At the same time, Vikasa India EIF I Fund has bought some shares at this price.
results coming today
आज BPCL, Adani Power, Dr Reddys Labs, Shree Cement, UPL, Vedanta, Adani Transmission, Apollo Tyres, Bandhan Bank, Barbeque-Nation Hospitality, Bharat Electronics, Cadila Healthcare, CARE Ratings, Castrol India, Chemplast Sanmar, Cholamandalam Investment and Finance Company, LT Foods, Dalmia Bharat Sugar and Industries, Dixon Technologies (India), Elecon Engineering, Emami, Embassy Office Parks REIT, Equitas Small Finance Bank, Escorts, Exide Industries, GAIL (India), Glaxosmithkline Pharmaceuticals, Indigo Paints, JK Lakshmi Cement, JSW Energy, Kolte-Patil Developers, Neuland Laboratories, Oberoi Realty, REC, RPG Life Sciences, SAIL, Satin Creditcare Network, Sumitomo Chemical India, TTK Healthcare, Varun Beverages, VIP Industries और Voltas के नतीजे आएंगे।
FII and DII figures
Foreign institutional investors sold Rs 3,818.51 crore in Indian markets on 28 October. At the same time, domestic institutional investors bought Rs 836.60 crore on this day.
8 new shares included in FNO from today, new futures series will fill the enthusiasm in the market!
8 new shares will be entered in F&O from today, this includes the names of SBI CARDS, FIRSTSOURCE, BIRLASOFT, GSPL, ATUL. The F&O family will now have 188 members.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.
.