The Indian stock market began the day on a positive note as both Sensex and Nifty opened in the green
Published Date – 10:40 AM, Tue – 31 October 23
Mumbai: The Indian stock market began the day on a positive note as both Sensex and Nifty opened in the green. This upward trend is in contrast to the recent market volatility, providing some relief to investors.
At the start of the trading session, Sensex witnessed a rise of 135.15 points, opening at 64,254.83, while Nifty gained 49.25 points to open at 19,170.25. Among the Nifty companies, there were 28 advances, 21 declines, and one remained unchanged.
Notable gainers during the initial market opening included Dr Reddy, BPCL, Bajaj Finserv, Tata Motors, and Hindalco. In contrast, Bharti Airtel, Britannia, LITMindtree, M&M, and ONGC were among the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Dow Jones and Nasdaq saw a good rally in yesterday’s session. U.S. stock futures indicated a rebound today, following last week’s selloff triggered by disappointing reports from major tech giants. Investors eagerly anticipate the Federal Reserve’s two-day meeting and Apple’s forthcoming earnings report scheduled for Thursday.”
The positive sentiment in the Indian market follows a strong rally in Dow Jones and Nasdaq in the previous session. U.S. stock futures indicated a potential rebound, recovering from the selloff driven by disappointing reports from major tech companies.
Aggarwal said, “As investors navigate the market volatility, the Asian market opened positive. Indian market is positive but it will face crucial resistance at 19343-19463 levels. It will be interesting to note the OI data, 19300-19500 levels have a huge open interest. Call writers are active selling calls and they will not let bulls take guard again so easily. On the downside, major support remains at 18134-18458. We expect this volatility to continue this week. Market sentiment is eyeing a lot of events lined up and this will continue to keep the moment in markets.”
Investors are closely watching the upcoming Federal Reserve two-day meeting and Apple’s earnings report scheduled for Thursday.
However, as investors navigate market volatility, there are expected to be crucial resistance levels in the Indian market at 19343-19463.
Options interest data reveals substantial open interest between 19300-19500 levels, with call writers actively selling calls. On the downside, significant support is expected to hold at 18134-18458.
“Investors should not worry about concerns related to war, US recession, Debt Levels, high-Interest Rates, Rising yield. They should focus on quality stocks on every dip for the long term. Indian Economy has huge potential and Govt. focussing on a 5 trillion economy is achievable. We have tremendous scope for growth and our market will surely see new highs in the coming times. We remain positively biased on Indian Economy”, said Aggarwal.
He added, “Traders should trade with risk-defined strategies only. Keeping low risk and high reward is good in this market. On the sectoral front, we continued to remain bullish on IT, Media, Metals, FMCG, Pharma and banking”.
While various global concerns, including geopolitical tensions and economic factors, are influencing market sentiment, experts remain positively biased on the Indian economy’s potential.
Investors are advised to focus on quality stocks for the long term and to use risk-defined strategies for trading. Sectorally, the market remains bullish on IT, Media, Metals, FMCG, Pharma, and Banking.
This week is anticipated to continue the trend of market volatility due to numerous events that are in focus. However, experts express optimism about India’s economic growth potential and its ability to achieve the goal of becoming a USD 5 trillion economy.
The market is expected to see new highs in the near future, providing opportunities for investors.
