Mumbai (Maharashtra) [India], November 9 (ANI): At the start of Thursday’s trading session, the stock market initially opened flat but encountered a dip, showcasing its resilience as Nifty recovered after an early setback.
The Sensex opened 76.68 points down at 64,898.93, while Nifty faced a marginal decline of 30.40 points, opening at 19,413.10.
Top gainers among Nifty companies included BPCL, M&M, Adani Ports, Dr Reddy, and Hero Motocorp, contributing to the market’s positive momentum.
However, Tata Consumer Services, Tech Mahindra, Sun Pharma, HDFC Bank, and Bharti Airtel emerged as the top losers during the early hours of trading.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Rupee remains in a range against US dollar. Precious metals corrected after recent rally due to Israel War concerns. Nifty opened flat and likely to face resistances at 19463-19767 levels”.
Despite the market’s initial fluctuations, the Rupee maintained stability against the US dollar.
Precious metals experienced a correction following a recent rally triggered by concerns over the Israel War.
Aggarwal said, “Being FO expiry today, the market is expected to face stiff resistance at 19500 levels. Huge OI at 19500 CE levels. Traders should look to trade with risk-defined strategies. On the downside, crucial support lies at 19000 OI levels. Nifty has shifted in a broader range of 19600-18800 levels. The medium-term target of Nifty remains at 20466-21234-21410. We remain biased towards the Indian economy and consumption story”.
Nifty, although opening flat, is expected to encounter resistance at levels of 19,463-19,767.
With the futures and options (FO) expiry today, the market is likely to face stiff resistance at the 19,500 level, marked by significant open interest (OI).
Traders are advised to employ risk-defined strategies to navigate the market dynamics.
On the downside, a crucial support level lies at 19,000 OI levels, indicating a broader market range between 18,800 and 19,600 levels.
The medium-term target for Nifty remains optimistic at 20,466-21,234-21,410, reflecting the overall positive sentiment towards the Indian economy and its consumption story.
“On the Global front, a lot of concerns and data to watch out for in the next few weeks. Volatility is expected to continue. Expect India to outperform global markets. We expect a lot of inflows coming in Indian Markets. SIPs have been on the rise every month and a lot of money is available with fund managers to park if a dip comes. Investors should utilise this opportunity for the medium term to accumulate quality mid and small-cap stocks. We expect IT, Banking, Pharma, FMCG, Petrochemicals, and Metals sector to do good”, said Aggarwal.
Globally, concerns persist, and upcoming data releases are expected to induce volatility in the market.
However, despite these challenges, India is anticipated to outperform global markets, attracting significant inflows.
Systematic Investment Plans (SIPs) continue to rise, with fund managers holding substantial amounts to capitalize on potential market dips.
Investors are encouraged to seize this opportunity for the medium term, focusing on accumulating quality mid and small-cap stocks.
The IT, Banking, Pharma, FMCG, Petrochemicals, and Metals sectors are expected to perform well in this scenario. (ANI)
