Share Market Highlights 20 October 2023: Sensex sheds 250 pts, Nifty below 19,600; Nestle India, TCS shine; ITC, HUL shed


On October 20, the Sensex and Nifty indices are poised to commence trading on a cautious note, as per indications from the GIFT Nifty trends, which point towards a negative opening for the broader index. Following suit with the previous session, Indian stock markets concluded lower for the second consecutive day on Thursday. The domestic markets initiated with a gap-down opening, mirroring the adverse cues from both Wall Street and Asian counterparts, subsequently trading below their equilibrium points. However, as the day progressed, indices managed to recuperate a significant portion of their early losses, ultimately closing marginally lower. Notably, the Nifty exhibited a decline of 46 points, forming a modest green candle with an upper shadow on the daily chart, thereby indicating a notable interest in buying at lower levels. It was observed that put-writers fortified their positions at the 19,500 strike.

In the event of a further weakening of the index, potential support is anticipated around the 19,450-19,400 levels. Conversely, any upward rebound from this juncture may encounter resistance around the 19,650-19,700 levels. A decisive breach beyond this obstacle could propel the Nifty towards another critical hurdle at the 19,800 levels. On a contrasting note, the Bank Nifty finds itself situated within a pivotal demand zone, spanning from 43,600 to 43,350. Should this zone be breached, it may lead to a breakdown in the Bank Nifty.

The market breadth remained neutral, with the advance-decline ratio indicating nearly equal proportions at the day’s conclusion. Foreign Institutional Investors (FIIs) assumed the role of net sellers, offloading shares valued at Rs 1,093.47 crore, while Domestic Institutional Investors (DIIs) took the opposite stance, acquiring shares worth Rs 736.15 crore on Thursday.


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