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Below the market comment for Monday October 2023 by Mandar Bhojane Research Analyst, Choice Broking 

On October 23, the benchmark stock market indices concluded their fourth consecutive session with notable declines, with a particularly significant downturn observed in the last hour of trading. All sectoral indices closed in negative territory, with Metal, Information Technology, Realty, Oil & Gas, Power, and Capital Goods sectors all experiencing losses of 2-3 percent each. Concurrently, Auto, Bank, FMCG, and Pharma sectors recorded losses ranging from 1-2 percent.

The overall outlook for both indices appears bearish. On the daily chart, the Nifty index formed a substantial bearish candle, signaling a bearish trend. Nifty seems to have a demand zone in the range of 19,250 to 19,200, acting as a support level. If this zone is breached, the index may target the lower side, reaching levels around 19,000 to 18,800. Conversely, resistance levels are situated at 19,550 to 19,600. Market sentiment remains negative.

The biggest losers on the Nifty included LTIMindtree, Adani Enterprises, Hindalco Industries, Adani Ports, and UPL, while M&M and Bajaj Finance were among the gainers.

INDIA VIX saw a 0.81 percent intraday decline and settled at 0.0875.

The index has support around the 19,200-19,000 zone. In terms of Open Interest (OI) data, the highest OI on the call side was observed at 19,600, followed by the 19,500 strike prices. On the put side, the highest OI was at the 19,000 strike price. In contrast, Bank Nifty has support at 42,700-42,000, with resistance levels at 43,900-44,000.

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