Stock market closes in green despite shaky start
Oct 30, 2023
Mumbai (Maharashtra) [India], October 30 : The stock market had an eventful day as it started on a shaky note but managed to finish in the green territory.
The Sensex showed a gain of 394.71 points, closing at 64,177.51, and the Nifty was up by 101.60 points, concluding at 19,140.
Amidst the Nifty companies, 29 registered advances, while 21 faced declines. Notable among the Nifty firms, BPCL, Ultra Cement, ONGC, Reliance, and SBI Life were the top gainers.
Conversely, UPL, Tata Motors, Maruti, Eicher Motors, and Axis Bank experienced losses.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Nifty after opening in minus, took support at 18940 and rallied beautifully to close at highest point of day. Cheerful day for investors and finally some green back to back closing. Indian market remains bullish for medium to long term. But short term resistances are crucial. As short term trend remains down, nifty is expected to face crucial resistance at 19343-19463 on upside. Strong call writing by bears around 19300-19500 levels. Traders should be cautious and trade with risk defined strategies".
The Nifty, which started in the red, found support at 18,940 and made a remarkable recovery to close at the day's highest point. Investors celebrated a day of gains, marking back-to-back green closings.
The Indian market continues to display a bullish trend for the medium to long term. However, short-term resistances are pivotal.
"On sectoral front, we remain bullish on IT, Pharma, Banking, FMCG, Metals, Realty. On dips, investors should look at this as opportunity to accumulate good stocks for medium to long term. War concerns are temporary and market is expected to reward good to investors. On downside, major support lies at 18468-18134", he added
With the short-term trend currently in the downtrend, Nifty is anticipated to encounter significant resistance in the 19,343-19,463 range. Bears have actively engaged in call writing around levels of 19,300-19,500. Traders are advised to exercise caution and implement risk-defined strategies.
On the sectoral front, there's a positive outlook for IT, Pharma, Banking, FMCG, Metals, and Realty.
Investors are encouraged to view market dips as opportunities to accumulate quality stocks for the medium to long term.
While concerns related to international tensions are temporary, the market is expected to be rewarding for prudent investors. On the downside, major support levels are situated at 18,468 and 18,134.
Investors and traders alike are closely monitoring the market as it navigates through varying sentiments and evolving dynamics.
