Indian Stock Market Analysis: Weak Global Sentiments Lead to Declines

Indian Stock Market Analysis: Weak Global Sentiments Lead to Declines

VoM News Desk | October 19, 2023 | 10:40 AM IST | Breaking News | Follow on Google News

Indian Stock Market Analysis: Weak Global Sentiments Lead to Declines

Indian Stock Market Analysis: Weak Global Sentiments Lead to Declines

Indian stock markets faced a day of decline influenced by negative global market sentiments. Key indices recorded losses in the session.

Nifty 50 and BSE Sensex Decline

The Nifty 50 index witnessed a downward trend, sliding by 140 points to close at 19,671 levels. Similarly, the BSE Sensex corrected by 551 points, ending at 65,877 points. The Bank Nifty index also faced a decline of 520 points, closing at 43,888 levels. The broader market saw small-cap and mid-cap indices going down by 0.32% and 0.85%, respectively.

For Nifty, experts suggest that the short-term trend appears to have reversed downwards. Further weakness is anticipated, which could pull Nifty down to the range of 19,400 to 19,350 levels. Immediate resistance is observed at 19,750 levels.

In the case of Bank Nifty, the RSI oscillator has signaled a negative crossover, indicating potential negative momentum. Traders are advised to exercise caution and avoid aggressive trading until strength in the banking sector is evident.

For Nifty, call open interest was concentrated at 19,700, 19,800, and 19,900 strikes, while put open interest was significant at 19,600 and 19,500 strikes.

In the Bank Nifty segment, call open interest was observed at 44,000 and 44,500 strikes, with corresponding put open interest at 44,000 and 43,800 strikes.

Day Trading Stocks for Today

Several experts have recommended day trading stocks for the session:

1. Cipla: Experts suggest buying at ₹1210 with a target of ₹1258 and a stop loss at ₹1180. Cipla exhibits strong technical indicators, including a recent breakout and support levels at ₹1200. It has maintained positions above key moving averages, indicating bullish momentum.
2. Tata Motors: A buy recommendation at ₹668.50 is proposed, with a target of ₹695 and a stop loss at ₹650. Tata Motors witnessed a bounce back from the strong support at ₹655 levels and is trading above key moving averages.
3. Godfrey Phillips: A buy recommendation at ₹2301 is suggested, with a target of ₹2400 and a stop loss at ₹2250. The stock shows a bullish reversal pattern in the short-term trend.
4. Quess Corp: Experts recommend buying at ₹443, with a target of ₹455 and a stop loss at ₹433. A bullish reversal pattern has been identified in the short-term chart.
5. Radhika Jeweltech: A buy recommendation in the range of ₹40.5 to ₹40.9 is suggested, with a target of ₹44 and a stop loss at ₹38.70. The stock is breaking out of a bullish pattern.
6. Vimta Labs: A buy trade in the range of ₹580 to ₹586 is recommended, with a target of ₹615 and a stop loss at ₹568. The stock is breaking out of a pattern formation.

Indian Stock Market Analysis Day Trading Guide Nifty Bank Nifty Call and Put Options Day Trading Stocks Cipla Tata Motors Godfrey Phillips Quess Corp Radhika Jeweltech Vimta Labs

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.