The market is expected to remain positive and may target the previous week's high in the upcoming sessions. Below are some short-term trading ideas to consider.
Experts said that if the Nifty 50 index manages to stay above this level, then 26,100 is the level to watch, followed by the record high of 26,277, while immediate support is placed at 25,900, followed by 25,800 (around Monday’s low).
Despite this buying, Dhani Services shares plunged sharply by 8.87 percent to Rs 51.06, and remaining under pressure since the second half of September.
Trading near all-time high levels, the banking index continues to exhibit strong bullish undertones, with all major moving averages and momentum indicators aligned in favour of the bulls.
Stock market today: Sensex, Nifty rose amid a sharp rally in global markets, as softer-than-expected US inflation report raised hopes of Fed rate cuts.
The market is expected to be rangebound and consolidative with focus on further corporate earnings, central banks meetings, monthly auto sales numbers, further developments with respect to India-US trade deal talks and US shutdown, and the scheduled meeting between US and Chinese Presidents in South Korea on October 30.
Retail investors across the industry continued to favor direct investments, with 27.37% opting for the direct route in September, up slightly from 27.14% in August.
The report noted that selling was led by large-cap long-only funds, while ETFs saw flat flows. Midcap and smallcap funds continued to bleed, with $120 million and $100 million in withdrawals over the past seven weeks. Japan-domiciled India funds also stayed under pressure, marking 14 consecutive weeks of outflows worth $740 million.
If the Nifty 50 decisively breaks 25,700 and sustains below it, it can drive the index toward 25,500 in the short term. However, on the higher side, 25,950–26,000 is expected to be a key resistance zone, experts said.
Rangebound trading is expected to continue until the benchmark indices trade below the previous week’s high. Below are some short-term trading ideas to consider.
The Nifty 50 may have entered a consolidation phase in the short term, possibly before resuming its uptrend. A decisive fall below 25,700, the immediate support, can open the door to 25,500, a crucial support level, which could strengthen bearish momentum, experts said.
Investors will closely watch domestic order ramp-up, conversion of international prospects, and trends in the GCC order pipeline. Commentary on public capex and sector-specific policy developments will also be critical.
In this month, FII sold equities of Rs 244.02 crore, while DII bought equities worth Rs 33,989.76 crore, till now.
The Foreign Institutional Investors' (FIIs) turned net buyers for week as they bought equities worth Rs 342.74 crore.
Promoter Docon Technologies has offloaded 53.3 lakh shares (10.06 percent of paid-up equity) in Thyrocare Technologies at Rs 1,252.03 per share for Rs 667.7 crore.
DIIs bought shares worth Rs 12,476 crore and sold shares worth Rs 12,303 crore. In contrast, FIIs purchased shares valued at Rs 11,768 crore while offloading shares worth Rs 11,147 crore.
The weekly options data suggests that the Nifty may trade in the 25,500–26,000 range in the short term, with a broader range between 25,000–26,500.
Combined activity in the equity cash and derivatives markets averaged 8.5 crore trades per day in September, up 4% MoM, a report stated.
Stock market today: Sensex, Nifty snapped a six-day rally to trade lower amid renewed FII selling and profit booking.
'You can make up all these theories and narratives, but the true fundamental predictor of the market is the fact that your earnings need to come through, your cash flows need to come through,' he explained.
The Nifty 50 index is expected to remain rangebound in the upcoming sessions, with immediate support at 25,700, while closing and sustaining above 25,900 can take the index toward the 26,000–26,100 zone, experts said.
The market is expected to be rangebound with a positive bias. Below are some short-term trading ideas to consider.
Experts note that as long as the Nifty 50 index defends the 25,700 zone support, the upmove toward the 26,000–26,100 hurdle cannot be ruled out, followed by the record high of 26,277 — the crucial resistance level beyond which the index would enter uncharted territory.
Dr Reddy’s performance this quarter is expected to be regionally mixed.
In previous trading session, Alay had offloaded 1.02 percent stake in the company for Rs 50.89 crore.