Breach of the recent low of 10,138, though on intraday basis, suggests that the index has started next leg of the larger decline & the possibility of a larger pullback can be ruled out, experts said.
There was selling across all the sectors, with traditional defensives such as IT and pharmaceuticals too taking a hit
India VIX moved up by 7.87 percent to 21.34. Spurt in volatility suggests that upside could be restricted again in the market. Recent high of VIX is at 21.76 and above that It could be wild to head towards 24 levels, expert said.
Possibilities of more OPEC oil into the market and lacklustre global demand is likely to weigh further on the upside potential of oil says Hareesh V of Geojit Financial Services
Long positions in single options are recommended because of the very fact that we are taking a trade against the trend and we want to have a known loss strategy and that too minimal, Shubham Agarwal of Quantsapp says
The ongoing liquidity crunch in NBFCs and concerns over upcoming assembly elections in five states are likely to cap market upside, experts stated
Rupee registered highest level against dollar since October 1, while this is the biggest weekly gain since week ended August 24.
Financials sector could witness major disruption with the SOE banks giving a share to the private sector, particularly in deposits.
In the current calendar year, coriander Futures on NCDEX surged 39 percent or Rs. 1,600 per 100 kg from its low levels (in June 2018) to currently trade at Rs. 5,730 per 100 kg.
Nifty has formed “Long Legged Doji” on the daily chart, which is clearly reflecting that the market is in indecisive mode.
The market could still correct further but it seems quite unlikely for the Nifty to start trending significantly below 9,800, says Reliance Securities Head of Research Naveen Kulkarni
In a rising or falling market, we can see exhaustion moves. These are generally sharp moves in price combined with a sharp increase in volume, which signal the potential end of a trend.
India VIX moved up by 10.05 percent at 19.78. Spurt in volatility after the dips of last few sessions suggests that upside could be restricted again in the market, experts said.
The Sensex, on an intraday basis, fell over 500 points; the Nifty fell below key level of 10,300.
The breadth of the market favoured declines, on the BSE, as 685 shares have advanced, 1663 shares declined, and 1194 shares are unchanged.
As many as 142 stocks on the BSE recorded their fresh 52-week low which includes NBFCs as well as Housing Finance Companies like PNB Housing Finance, Indiabulls Housing Finance, Motilal Oswal Financial Services, Bandhan Bank, GIC Housing Finance etc. among others.
Auto stocks including Motherson Sumi, TVS Motor, Tata Motors DVR, Motherson Sumi, Exide Industries, Bharat Forge, Bajaj Auto are trading lower by 1-4 percent.
PE multiple is widely used as a valuation tool that helps in screening a stock on a relative basis.
The recent IL&FS fiasco and its adverse fallout on NBFC (non-banking financial companies) space is unlikely to reverse financial savings as a percentage of overall savings in India; it will continue to rise.
ICICI Securities, SBI Life Insurance Company, UltraTech Cement, and Bhansali Engineering Polymers are likely to be in focus on the back of their September quarter results announcements.
If the bulls fail to push the index above its immediate hurdle at 10,550-10,600 zones then profit booking may take it towards next support of 10,350 zones.
In an interview with Moneycontrol's Kshitij Anand, Dharmesh Kant speaks about his view on the currency, and stocks that he thinks are good bets
Rajeev Srivastava of Reliance Securities expects the Indian equity market to remain choppy and volatile in October
Price set up at current juncture suggests that index may remain volatile as after the recovery of 500 points from recent swings lows, it is again finding hurdles at key resistance area, Taparia said
Companies having good quality assets & strong ALM & high corporate governance will continue to stand out among its peers, Sudip Dugar of Stewart & Mackertich Wealth Management says