Stock market ends with heavy fluctuations, closes in the red
Oct 12, 2023
Mumbai (Maharashtra) [India], October 12 : The stock market witnessed a day of considerable volatility and ended in the red after initially starting the day with modest gains.
The Sensex concluded the day with a decline of 64.66 points, closing at 66,408.39. Meanwhile, the Nifty ended 27.50 points lower, closing at 19,783.85.
Among the Nifty-listed companies, advances were outnumbered by declines, with 29 companies showing gains while 21 closed in the red.
The top gainers among the Nifty firms included BPCL, Maruti, Coal India, Power Grid, and Grasim. In contrast, the top losers at the market closing were Infosys, Tech Mahindra, Apollo Hospitals, TCS, and HCL Technologies.
The market concluded the day on a somewhat bearish note, marking a day of consolidation with broader indexes stabilizing.
Varun Aggarwal, founder and managing director, Profit Idea, said, "The market closed on a low note. It was a day of consolidation with broader indexes consolidating. This was quite positive for the market. The Open Interest (OI) base is getting quite strong at 19500 levels. Banks, Automobile, FMCG, Metals, Petrochemical sector stocks looks bullish. Market breath looks really strong. Nifty target remains on higher side and investors can stay invested in this market".
This consolidation was viewed as a positive sign for the market, suggesting underlying strength. The Open Interest (OI) base strengthened, particularly at the 19,500 levels.
Bullish sentiment was observed in the banking, automobile, FMCG, metals, and petrochemical sectors. The overall market breath appeared strong, reflecting investor confidence.
"All dips must be utilised by investors to cherry pick quality stock. Nifty strong support lies at 18887. Target on short term remains at 20466, medium term target remains at 21234-21410. Bullish bias strategies on blue chip stocks like Reliance, HDFCBANK, Nifty & Bank Nifty can be opted with defined low risk", added Aggarwal.
Analysts and experts suggested that investors should utilize any market dips as opportunities to selectively invest in quality stocks. Nifty's strong support was identified at 18,887, with short-term targets set at 20,466 and medium-term targets ranging from 21,234 to 21,410.
For those seeking low-risk strategies, bullish bias strategies on blue-chip stocks like Reliance, HDFCBANK, Nifty, and Bank Nifty were recommended with defined low-risk levels.
The market continued to show resilience, and investors were encouraged to stay invested, taking advantage of opportunities presented by temporary downturns.
Investors and traders in the stock market remain vigilant for further market developments and fluctuations, with the potential for the market to present profitable opportunities in the coming sessions.
