What happened with the Share Market Today

Indian markets opened higher in line with positive global cues. Nifty opened higher but could not sustain the previous day‘s strength and fizzled out during the day. The index closes near day’s low at 17656 levels (-74 points). Nifty witnessed strong pre-Diwali buying, gaining more than 400 points in the previous 5 trading sessions before the Muhurat session. Strong festive demand and healthy earnings announced so far have helped Nifty to move up sharply by 6% in Oct’22.

We expect gradual momentum in market to continue with support base also shifting higher. US markets have also turned positive providing further strength to Indian equities. Banking stocks and PSEs are likely to remain in action with strong results and healthy demand outlook.

Technical Outlook:

Nifty index opened positive by 78 points above 17800 zones but it failed to hold its opening levels and drifted lower. It started profit booking mood from initial tick of the day and corrected from 17811 to 17640 levels. It formed a strong Bearish candle and a Bearish Engulfing pattern on daily scale which is restricting its upside momentum. It closed the day near to its lowest part of the day with losses of around 75 points. Now, it has to above 17580 zones, for an up move towards 17777 and 17850 zones whereas supports are placed at 17580 and 17442 zones.