Share Market Highlights 19 October 2023: Sensex falls 247 pts, Nifty closes at 19,624; Bajaj Auto jumps 6%; LTIMindtree surges 5%

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BULLION

“Gold prices have seen a substantial increase, reaching a six-week high during midday trading in the United States on Wednesday. Silver prices have also risen slightly, hitting a three-week high. This rise is primarily attributed to the persistent demand for safe-haven assets due to escalating tensions in the Middle East. Geopolitical events, notably a tragic explosion at a Gaza hospital, have heightened risk premiums. According to U.S. military intelligence, the blast is believed to have been caused by a Palestinian military group. However, the simultaneous surge in the dollar index and bond yields has limited the upside potential of precious metals. We anticipate that gold and silver will exhibit volatility during today’s trading session. Gold finds support at the $1934-1920 range, with resistance at $1962-1974. Silver, on the other hand, has support at $22.74-22.60 and resistance at $23.20-23.34. In terms of the INR, gold has support at Rs59,650 and Rs59,440, while resistance is at Rs60,250 and Rs59,540. Silver, in INR terms, finds support at Rs71,150-70,210, with resistance at Rs72,480–72,950.”

CRUDE OIL

“Crude oil prices experienced a 2% surge on October 18, reaching a two-week high. This upward momentum was driven by a significant drawdown in US storage, as well as escalating tensions in the Middle East. Iran’s call for an oil embargo on Israel further complicated the situation. The US Energy Information Administration reported a notable 4.5 million barrel decrease in crude stockpiles, marking the fourth reduction in five weeks. Concerns also arose regarding the quality of oil stored, particularly at the Cushing facility. Geopolitical events, such as a tragic explosion in a Gaza hospital, heightened risk premiums. Iran’s proposed oil embargo on Israel adds an additional layer of complexity to the situation, with potential implications for the dynamics within OPEC. We anticipate that crude oil prices will remain volatile during today’s trading session. In the current session, crude oil has a support level at $86.00–85.20 and faces resistance at $87.60–88.50. In terms of the Indian Rupee (INR), crude oil finds support at Rs 7,240–7,150, while resistance is at Rs 7,430–7,510.”

USD-INR

“The USD-INR 27 October futures contract exhibited a narrow trading range. Upon analysis of the daily technical chart, it is evident that the pair is trading above its moving average trend-line support level of 83.22, and the RSI is maintaining levels above 50. While examining the technical configuration, the MACD indicates negative divergence, but the pair is sustaining itself above the 83.22 level. In accordance with the daily technical chart, the pair finds support within the range of 83.22 to 83.05, with resistance positioned at 83.45 to 83.66.”

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