Ahead of Market: 10 things that will decide stock action on Friday
foreign outflows and weak corporate earnings dampened investor sentiment.
The NSE Nifty 50 declined by 0.56% to close at 24,205, while the BSE Sensex dropped 0.69% to 79,389. Both benchmarks lost around 6% in October, their steepest monthly drop since March 2020, when COVID-19 lockdowns triggered a sharp global market selloff.
Here's how analysts read the market pulse:
«The Nifty index remained volatile before closing on a negative note. On the hourly chart, it encountered resistance around the 21 EMA, leading to a pullback toward 24,200. Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750,» said Rupak De of LKP Securities.
Jatin Gedia, Sharekhan by BNP Paribas, said, «Nifty opened with a gap down today and witnessed volatile price action during the day. It closed down 126 points. On the daily charts we can observe that the Nifty has been trading in the range of 24,500–24,070 since the last five trading sessions. The range bound action in the index is likely to continue on account of the monthly expiry of October series derivative contracts. Post that we are likely to witness trending moves. Crucial support levels are 24200 – 24180 while resistance is placed at 24500 – 24550.»
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