Post market update (31st Oct)

Nifty

The Nifty commenced trading with a notable gap up, fueled by robust global cues. However, profit booking emerged from the formidable resistance band situated in the 19200-19300 range, leading to a net 0.3% decline, closing at 19079.6.

Potential resistance is anticipated within the 19200-19300 zone, while immediate support stands at the 18800 level.

FII net sell stands at -696 crores and DII net buy stands at 340.25 crores.

Nifty Bank

The Bank Nifty displayed a feeble candlestick pattern, right at the 200 EMA, mirroring the previously mentioned impediment between 43200 and 43400, as discussed in the post-market update from the previous session.

Throughout the trading day, the index declined, reflecting a sell-on-rise sentiment based on the chart’s configuration.

Likely support can be found in the 42400-42500 range, with an immediate hurdle at 43200-43400.

Midcap and Smallcap

Both the Midcap and Smallcap segments grappled with supply pressure from their recent peaks and ended the day with marginal gains, with the Midcap and Smallcap indices advancing by 0.29% and 0.02%, respectively. A prudent approach is recommended for long positions, and it’s advisable to maintain a conservative stance regarding open positions.

Probable resistance comes at 31650 and 37300 levels  and probable support comes at 30500 and 36000 levels for BSE Midcap and Small index respectively. 

PCR data

The Nifty PCR currently stands at 0.76 and 0.85, signalling a neutral perspective for the ongoing expiry period. 

Notably, the highest call Open Interest (OI) is registered at the 19,200 strike, while the highest put OI is noted at 19,000 for the weekly Nifty expiry. 

In the Bank Nifty, the 43,500 CE holds the highest OI, with the highest put OI located at 42,500 for the weekly expiry.

VIX

The Volatility Index (VIX) concluded the session at 11.83, marking a 3% increase and indicating heightened volatility during the trading day.

Sectors Update

In the sectoral landscape, results were mixed, with the Auto and Pharma sectors collectively declining by 0.7%. In contrast, the Realty and Media sectors displayed gains of 1.3% and 0.9%, respectively, for the day.

Advance Decline

The broader market exhibited minimal movement, with 1277 stocks advancing, 1140 stocks declining, and 85 stocks remaining unchanged within the NSE universe throughout the day.

 

 

About the Author

Ankit Jaiswal, our Senior Equity Research Analyst at Univest, brings over 8 years of experience in the stock market, financial analysis, and investing. With qualifications including the NISM Series VIII Equity Derivatives Certification and CMT Level 2, he’s a key asset, driving the insightful contributions to our research team.

Note – This channel is for educational and training purposes only & any stock mentioned here should not be taken as a tip/recommendation/advice

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