The market has made a weak start to the October series. On the day of September expiry, profit-booking dominated the market. Both Sensex and Nifty closed with a fall. However, buying in realty and consumer durable stocks remained. Sensex fell 287 points to 59,126 and Nifty fell 93 points to close at 17,618. Banking stocks also saw selloff. But today there was a rise in mid cap and small cap. But in the September series, the Sensex-Nifty has gained about 3%. The media-realty index has given returns of up to 30 per cent.
Buying was in realty, consumer durable stocks. There was also buying in pharma, power shares. On the other hand, metal, auto, IT stocks declined. 40 out of 50 Nifty stocks declined. 23 out of 30 Sensex stocks were sold. 8 out of 12 stocks of Nifty Bank remained under pressure. Vinod Nair of Geojit Financial Services said that the Indian markets opened flat today. The trading then slipped further in the second half of the day with weak global cues. The US debt ceiling crisis and a rise in bond yields put pressure on the market. Apart from this, the markets are looking cautious before the arrival of core sector figures for August.
technical view
Motilal Oswal’s Chandan Tapadia Let’s say that Nifty formed a bearish candle on Daily Scale today and closed with a gravity of around 90 points. Now to know the direction of Nifty 17777 and 17850, one has to hold the multiple support of 17580. Support for Nifty is now seen slipping towards 17450 and 17350.
How will the market move tomorrow
Shrikant Chauhan of Kotak Securities It says that due to the absence of any fresh trigger and weak global cues, investors made profits on the day of expiry. Nifty is moving in the range of 17,600-17,780. It has formed a lower top formation on the intraday chart which is a negative sign. However, the medium term structure remains positive.
The intraday trading setup indicates that the level of 17,700 will act as strong support for the Nifty. If Nifty slips below it, then it can be seen going towards 17,500-17,450. On the other hand, if it stays above this level, then the next hurdle for it will be at 17,750. After crossing this, it will be seen going towards 17,800.
Rohit Singre of LKP Securities Lets say that in Nifty we can see consolidation in the range of 17,300-18,000 and breakout coming in any direction will decide its direction.
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