Domestic stock markets Nifty had a sluggish start to the weekly close on Tuesday (November 4), but the decline intensified and closed near the day’s low. Nifty fell 166 points to close at 25,598. Sensex fell 519 points to close at 83,459. Bank Nifty fell 274 points to close at 57,827. However, the rupee strengthened in the currency market and closed 12 paise higher at 88.66/dollar. By afternoon, the Sensex had fallen more than 460 points to touch a low of 83,454. Meanwhile, Nifty fell more than 150 points to 25,600. Bank Nifty also recorded a decline. Except the Consumer Durables index, all Nifty indices declined.
What is the reason for today’s weakness?
– Selling by foreign institutional investors was also seen during yesterday’s recovery.
However, sales figures were slightly less.
Today is a day of big results, so be a little careful in the market.
Will the pressure on weekly expiry increase further?
– Nifty remained where it had opened, Bank Nifty made highs.
– Nifty has so far received support near the lower levels of the day and yesterday.
– But there has been no strong recovery at any level.
– Mahindra & Mahindra and SBI are strong after the results, if there is any recovery, it will be due to them.
– As of now, it is visible on the screen that FII selling is continuing today.
Which levels are important today?
Heavy put writing in the range of 25600-25650 at weekly expiry today
– Highest Open Interest on 25600 Put Rs.3.35 Crore
– Highest open interest on 25700 calls Rs 5.15 crore
– Heavy call writing in the range of 25700-25800
– Risk of further downside if Nifty closes below 25600 and Bank Nifty closes below 57650.
To stop the fall, Nifty will have to close above 25800 and Bank Nifty will have to close above 58100.
Result Review:
M&M:
– The company gave good results as expected
SBI:
– Results as per expectations
– Good growth in deposits and advances
– Domestic NIM increased quarter-on-quarter, slippage ratio decreased
stock rise
Titan:
– Strong rise after results due to revenue
Indus Towers:
– Share surge after the decision of the share promoter to increase the stake by 5%
power grid:
– Shares fall due to weak results and weak prospects
Hero Moto:
– Heavy fall in shares due to weak monthly sales figures
Hitachi Energy:
– Strong rise in shares due to impressive results
3M India:
– Strong rise in shares due to impressive results
This morning the Sensex opened 22 points higher at 84,000. Nifty opened 19 points lower at 25,744. Bank Nifty opened 135 points lower at 57,966. Rupee opened 37 paise stronger at 88.41/dollar.
Selling pressure was seen in Auto, FMCG and IT indices in the market today. Other indices also declined gradually. Indices like Pharma, Media and Consumer Durables maintained their gains. On Nifty 50, shares of Bharti Airtel, Titan, Adani Enterprises, Coal India, HDFC Life and Apollo Hospitals registered gains. Meanwhile, shares of Power Grid, Tata Consumer, Eternal, Eicher Motors, Maruti and Bajaj Auto were among the losers.
Global and domestic cues were mixed, due to which the Indian market opened in a limited range today. Investors will keep an eye on foreign cues, quarterly results and dollar index.
In US markets yesterday, the Dow Jones Industrial Average fell 226 points, while the Nasdaq rose 109 points. The S&P 500 closed with modest gains. Buying in technology stocks supported the market, while banking stocks remained under pressure.
This morning, Nifty was trading stable around 23,100, indicating a flat start to the market. The Nikkei is at its all-time high around 52,500 and is up 32% so far this year. US indices have also risen 11% to 24% this year.
