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Published on 28/10/2021 5:11:07 PM | Source: PR Agency

Bearish position among foreign investors in the Nifty50 and Nifty Bank`s By Mr. Rahul Sharma, Equity99

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Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.

Today we witnessed blood bath in markets with profit booking seen across all sectors. Sensex was down 1158 points breaching the 60k mark while Nifty was down 354 points breaching 18k points India VIX was up 6.42%. PSU Banks were worst affected followed by realty & Metals. The banking index was down 1365 points or 3.34% with IndusInd Bank & Bandhan Banks being only 2 counters in green. The midcap index was down 611 points. Among the Nifty50 pack, IndusInd bank was the top performer followed by Larsen & Ultratech Cement, while Adani Ports, ITC & ONGC were top losers.

Markets have been volatile and after today's move, we might see a further down move. Investors are advised to be cautious also considering the results season. Tomorrow many companies will be declaring their Q2FY22 results.

Technical levels-
Nifty 50 – After today`s fall for tomorrow we expect 17750 to act as strong support for Nifty on breaking which we might see 17660 levels and once these levels are broken the next strong support is 17500. On the upper side, 17950 will act as strong resistance on breaking which we might regain 18k levels post which 18200 levels are possible.

Bank Nifty – For Bank Nifty 38300 will act as very strong support on breaking which we might lose 38K levels and next support is 37700. While on the upper side 38850 will act as strong resistance on breaking which we might regain 40k levels.

Results tomorrow - Adani Power, Adani Transmission, Apollo Tyres, Atul Ltd, Bandhan Bank, BPCL, Cadila Healthcare, Castrol, Dixon, Dr. Reddys Labs, Escorts, GAIL, GIC Housing, Indigo Paints, Oberoi Realty, SAIL, UPL, VBL, Voltas,

Sector in focus – Banks, Automobiles, Metals & Infra.

 

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