Domestic stock markets opened with strong gains on Thursday (23 October). The market continued to rise throughout the day, but the last hour saw heavy profit-booking and major benchmark indices lost all their gains. Sensex closed 130 points higher at 84,556. Nifty closed 23 points higher at 25,891. Nifty Bank closed at 58,078, up 71 points. In the currency market, the rupee strengthened by 9 paise and closed at 87.84/dollar.
In the afternoon, Nifty was trading above 26,000, up 180 points. However, in the last hour it came down to below 26,000. Sensex also saw a rise of 600 points. Bank Nifty rose 200 points to its all-time high. The index touched an all-time high of 58,381. Nifty had reached a high of 26,066 in early trading. Sensex touched a high of 85,160 in day’s trading.
Add Zee Business as favorite source
Will the market close above 26,000 today?
– Open interest of 26,000 puts on Nifty is the highest in the monthly expiry series at Rs 15.5 million.
– In such a situation, 25,875-25,975 levels will be strong support.
– There is a high probability of closing around or above 26,000.
– Short covering and buying will increase above 26,125, next target will be 26,200-26,275.
Why is the market trading in a tight range after a strong start?
– The market had a strong start, but not as strong as the Gift Nifty had indicated.
– Nifty and Bank Nifty are near important levels.
– Profit booking can be seen at Nifty 26000 and Bank Nifty 58500.
– Investors and DIIs who had bought at 24500 can book some profits.
– However, short covering by FIIs above 26000 provided complete support, which is why the market opened with a gap up and remained in a tight range.
Will Bank Nifty continue to lead?
– Banks and NBFCs are currently the strongest segments of the market.
– Strong support for Bank Nifty now lies in the range of 57875-58050.
– The rise above 58600 will be stronger.
– There is no possibility of any significant weakness in Bank Nifty till the end of the month.
– Call writers are stuck in the range of 57000 to 58000.
If it closes above what levels will the price be worth?
– There will be further rise in Nifty 25950, Bank Nifty 58250.
– Nifty will weaken only if it closes below 25775, Bank Nifty 57700.
stock market boom
voda idea
Today again, the biggest gainer in F&O with a jump of 6%.
infosys
Strong short covering was expected in IT stocks today.
In the morning, Infosys, HCL Tech and Tech Mahindra were declared as contenders for significant short covering.
Mafatlal Industries
Diwali offer pick performed brilliantly, registering a gain of 25% in two days.
The first target was well above 175, touching a high of 204 today.
On Nifty, Infosys, HCL Tech, Tech Mahindra, Kotak Bank, HUL, Trent, Tata Steel and Axis Bank saw good gains. Meanwhile, only six out of 50 Nifty stocks – Indigo, Dr Reddy, Cipla, Eicher Motors, Eternal and Bajaj Auto – were trading in the red.
In the morning Nifty was trading above 26,250, up 350 points, although Dow futures were down nearly 80 points, while Nikkei fell 700 points in Asian markets. Meanwhile, expectations of a rapid improvement in US-India relations have boosted sentiment towards the Indian market.
Positive signs of India-US trade agreement
According to media reports, America may reduce the tariff on India from 50% to 15-16%. President Trump spoke to Prime Minister Modi over phone, wished him a happy Diwali and said there were some “great deals” going on between the two countries. It is believed that India is also indicating plans to reduce its dependence on oil imports from Russia.
Important triggers for the market today
US-India trade deal soon: Report
Gift Nifty above 26250, jumped 350 points
Dow fell 116 points in two days, Nasdaq fell 250 points
Trump warned China, if agreement is not reached, he will impose 155% tariff
Crude oil jumped 5% and crossed 64
Heavy fall in gold and silver
Foreign institutional investors made purchases for the fifth consecutive day during Muhurat trading.
Check Nifty futures results including HUL, Colgate and Laurus Labs
