Taking Stock: Sensex dives 1,158 points, Nifty ends below 17,800 on worst day for markets since April

Asia's Tech News Daily

#Local Markets, #Nifty, #Sensex, #Taking Stock, Nifty 50, IndusInd Bank, Adani Ports, Nifty Auto, Nifty PSU Bank

Indian markets fell almost 2 percent on October 28, their worst performance since April 12, on weak global cues, selling across sectors and increased volatility due to monthly expiry of futures and options contracts.

The Sensex nosedived 1,158.63 points, or 1.89 percent, to 59,984.70, and the Nifty ended 353.70 points, or 1.94 percent, down at 17,857.30.

Profit booking extended for the second consecutive day, with selling seen across sectors. Only 6 of 30 Sensex stocks ended in the green. While six Nifty companies gained, 44 ended in the red. The selloff pushed the Nifty below 17,800 and the Sensex down by over 1,300 points intraday.

“Today, Morgan Stanley downgraded India to equal weight due to outperformance by Indian markets in recent months. Inflation and slowdown in global growth momentum are other concerns amid expensive valuations,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

The rise in fresh COVID cases in some of the countries was weighing on investor sentiment, he said.

“We are in a structural bull market where intermediate corrections will be a part of this journey and these kinds of corrections will provide good buying opportunities in quality stocks,” Meena added.

The broader indices had a better day than the benchmarks. The BSE midcap lost 1.3 percent and the smallcap 1.5 percent.

Adani Ports, ITC, ONGC, ICICI Bank and Kotak Mahindra Bank were among the major Nifty losers. Gainers included IndusInd Bank, L&T, UltraTech Cement, Asian Paints and Shree Cements.

Index Prices Change Change%
59,984.70 -1,158.63 -1.89%
17,857.25 -353.70 -1.94%
39,508.95 -1,365.40 -3.34%

Nifty 50 17,857.25 -353.70 (-1.94%)
Thu, Oct 28, 2021

  • 1D
  • 5D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 2Y

Biggest Gainer Prices Change Change%
IndusInd Bank 1,176.00 33.45 +2.93%
Biggest Loser Prices Change Change%
Adani Ports 688.10 -57.75 -7.74%
Best Sector Prices Change Change%
Nifty Auto 11260.90 -134.25 -1.18%
Worst Sector Prices Change Change%
Nifty PSU Bank 2784.85 -153.35 -5.22%

All sectoral indices ended in the red, with Nifty metal, pharma, PSU bank and energy indices losing 2-5 percent.

Stocks and sectors

On the BSE, realty and bankex indices shed over 3 percent, while metal, oil & gas and power fell 2 percent each.

More than 150 stocks, including ABB India, Vimta Labs, Lloyds Steels Industries, hit a 52-week high on the BSE.

Technical View

If the Nifty stays below 18,000, there is a high possibility of the index heading towards its 50-day moving average, whose value is placed at around 17,500 levels, said Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory, Chartviewindia.in.

Strength shall not be expected unless the Nifty closes above 18,200 levels, he said.

In the next trading session if the bulls manage to defend 17,860, then some sideways consolidation can be expected. For now, traders should remain neutral on the long side by avoiding “buy the dip” strategy, Mohammad said.

Outlook for October 29

Ajit Mishra, VP- Research, Religare Broking

This fall in the index has derailed the recent recovery and we may see a further slide in the following sessions.

On the benchmark front, the Nifty has the next support at around 17,550-17,650. We reiterate our cautious view on markets and suggest restricting leveraged positions.

Santosh Meena, Head of Research, Swastika Investmart

We are seeing the first meaningful correction in the market. The Nifty has slipped below its 20-DMA, which has opened the door for further downside where rising 50-DMA will be the next support level that may coincide with gap area around 17,650 level. Below it, 17,450-17,250 would be the next support zone.

On the upside, 18,150-18,300 has become an immediate resistance zone.

Palak Kothari, Research Associate, Choice Broking

On the technical front, the index has given a breakdown of the falling trendline as well as horizontal level, which points to weakness in the counter for upcoming days.

The Nifty has formed a Bearish Marabozu candle on the daily chart, which signals that sellers are quite active. Moreover, the price also moved below the 21-day SMA, which suggests a lower trend for the next trading day.

Momentum indicators MACD and Stochastic suggested negative crossover on the daily time frame, which confirmed a bearish move for the upcoming session. The Nifty has support at 17,690, while resistance comes at 18,180.

Gaurav Ratnaparkhi, Head, Technical Research, Sharekhan by BNP Paribas

On the way down, the Nifty broke the crucial 18,000-mark and has now reached lower end of a falling channel on the hourly chart. Going ahead, 17,750-17,700 is a key support zone, which can attract buying support.

The overall structure shows that the short-term range for the Nifty has shifted lower and it is now expected to trade in the range of 17,700-18,200 over the next few sessions.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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