Indian Stock Indices Bracing for Muted Start Amid Global Market Woes

Indian Stock Indices Bracing for Muted Start Amid Global Market Woes

VoM News Desk | November 10, 2023 | 10:52 AM IST | Breaking News | Follow on Google News

Indian Stock Indices Bracing for Muted Start Amid Global Market Woes

Indian Stock Indices Bracing for Muted Start Amid Global Market Woes

The Indian stock market is set to witness a tepid opening on Friday, shadowing the downturn of global markets. Indications from the SGX Nifty suggest a lower start for the benchmark index, as it traded at the 19,383 mark, contrasting with Nifty futures’ previous closing of 19,476.

Equities Close Lower; Technical Outlook Cautious

Thursday’s trading session saw the equity indices closing in the red, with the Sensex dropping 143.41 points, finishing at 64,832.20, and the Nifty 50 ending 48.20 points down at 19,395.30. The formation of a negative candle on the daily chart, staying within the 19,460-19,350 range, hints at possible consolidation or minor weakness in the short term. Technical analysts like Nagaraj Shetti from HDFC Securities observe that the market might witness some consolidation before a decisive upward breakout. He also noted that the current pattern of higher tops and bottoms is maintained on the daily chart.

Options Data Suggest Sideways Movement

The examination of the Open Interest (OI) data presents significant resistance for the Nifty at the 19,500 level. Conversely, the put options reflect the highest OI at the 19,400 strike, indicating an expected sideways trend, as analyzed by Mandar Bhojane of Choice Broking.

Nifty 50 and Bank Nifty Technical Projections

For the Nifty 50 index, resistance was found at the critical moving average, suggesting a potential decline in bullish sentiment. Rupak De from LKP Securities pointed out a slip below the 21-day EMA, a sign of a failed bullish reversal, with sentiment leaning towards bearish as long as the Nifty stays below 19,500. On the downside, support at 19,300 is crucial, below which the market may see a more profound correction.

The Bank Nifty, showing a modest gain of 25 points, concluded at 43,684. It has been trading in a narrow range, indicating a sideways to positive trend if it stays above 43,500. A drop below this level could mean a trend failure and a possible decline towards 43,000-42,800. Resistance and support levels for Bank Nifty are projected around 43,800-44,000 and 43,500-43,400 respectively, suggesting a phase of consolidation.

Disclaimer: The opinions and suggestions provided in this article are those of individual analysts and do not reflect the viewpoints of VoM News. We encourage investors to consult with certified experts before making any investment choices.

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