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  • Anuradha Mishra

Weekly Market Wrap - (week ending 28th October 2023)






"Navigating Turbulence: Nifty and Sensex Weather a Volatile Week"


Despite this positive resurgence, the previous week had been challenging for both Nifty and Sensex, with both indices experiencing a decline of approximately 2.5 percent. This placed them among the top losers in the global equity markets. The impact was even more pronounced on smaller companies, with the Nifty Midcap witnessing a 3 percent drop and the BSE Smallcap down by 2 percent.📈.


📈: '' Nifty's Weekly Support and Resistance Zones: Key Insights for Traders"

Analyzing the weekly charts, it's evident that the Nifty has found support within the 18800 – 18925 range. This zone includes significant support parameters, such as the 40-week average and a crucial Fibonacci retracement level. Looking ahead, the Nifty may consolidate within 18800 – 19200 before initiating the next phase of decline. Notably, 19160 – 19220 will serve as a resistance zone, while 18930 – 18900 provides immediate support.

'' Sectoral Movement ''

On October 27, the Indian stock market saw a positive turn, ending a six-day losing streak. All sectoral indices closed in the green, with the Sensex gaining 634.65 points or 1.01% to reach 63,782.80, and the Nifty closing 190 points higher at 19,047.30, marking a 1.01% increase. The market had been under pressure in October due to various factors including sharp gains in US bond yields, foreign capital outflows, unimpressive Q2 earnings, and geopolitical tensions. Notably, smaller companies fared worse, with the Nifty Midcap down 3% and the BSE Smallcap down 2%. Despite the recent dip, experts believe that robust economic growth and strong fundamentals in the domestic economy provide some protection. However, lingering negative factors like the Israel-Hamas conflict, surging US bond yield, FII fund outflows, and rate hike concerns are expected to keep the markets volatile in the near future.

''Market Indices at a Glance''
  • Sensex: 63,782.80 (+634.65, +1.01%)

  • Nifty 50: 19,047.25 (+190.00, 1.01%)

  • Nifty Bank: 42,782.00 (+501.85, +1.19%)


📈 Stock Performance Highlights of the week :


Top Nifty 50 Gainers Today:

Coal India: +3.11% , HCL Tech: +2.90% , Axis Bank: +2.87%


Top Nifty 50 Losers Today:

UPL: -0.40% , ITC: -0.10% , Hindalco: -0.05% , BPCL: -0.04% , Asian Paints: -0.04% , Dr. Reddy's Laboratories: -0.04%


"Market Resilience: Nifty Gains Ground After Recent Decline 📊 '' On the contrary, if the index dips below 18,900, it could trigger heightened selling pressure, potentially leading to a slide towards 18,800. Further down this trajectory, there's potential for the index to touch the 18,700 mark. This indicates a level of significance that market participants are closely monitoring. It's worth noting that put writers are expected to mount a defense around the 18,800 level, providing immediate support, with a secondary buffer at 19,000. This strategic move is indicative of the market's sensitive nature and the intricate dance between buyers and sellers.
''Market Rebounds: Sensex Gains 635 Points, Capping Recent Correction 📊 '' Sensex closed at 63,782.80, up by 635 points. This resurgence is attributed to value buying following a recent market correction. Persistent concerns about interest rates, bond yields, and geopolitical tensions continue to influence market sentiment.

Conclusion: The market's recent performance highlights the significance of monitoring key levels and indicators. As investors navigate through these dynamic trends, it's crucial to remain vigilant and adapt strategies accordingly.




















Disclaimer

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of the future performance of the schemes. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability and adequacy of distributable surplus. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme.




Market Highlights :

  • The Indian markets faced a challenging week, with both Nifty and Sensex experiencing a 2.5 percent decline, marking them among the top global losers. Smaller companies were hit harder, with Nifty Midcap down by 3 percent and BSE Smallcap by 2 percent. Factors contributing to this downturn included concerns over higher global interest rates, lackluster Q2FY24 earnings, and overall growth worries. While Foreign Portfolio Investors (FPIs) continued to sell, mirroring a trend seen in emerging markets, Domestic Institutional Investors (DIIs) remained net buyers.

  • JSR Makers and its proprietor have been directed to refund fees within three months. Additionally, Waghmare is prohibited from accessing the securities market for two years following the refund and must pay the fine within 45 days. SEBI's order on October 27 determined that JSR Makers was offering investment advice through its website and receiving compensation for it, classifying it as an "investment adviser." The funds received from individuals were deemed as fees for the investment advice provided.

  • The Indian Rupee remained steady at 83.27 against the US dollar, influenced by weak domestic equities and surging global crude oil prices. The dollar saw an upswing due to escalating concerns in the Middle East. The rupee opened at 83.24 and settled at 83.27 against the American currency. Brent crude futures, a global oil benchmark, surged by 3.29 percent to reach USD 87.36 per barrel. Amidst the Israel-Hamas conflict, risk assets were heavily impacted, prompting a sell-off in risky assets including the rupee, although the RBI maintained control over the situation.


Disclaimer: This information is for educational purposes only and should not be considered as financial advice. Invest wisely and consult a financial professional for personalized guidance.



Quote of the week 📢


"Consider SIPs as the steady rhythm of rain, nurturing your financial garden to bloom with abundance over time."


 

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Stay tuned for further updates 🚀 and analysis on the NIFTY index and other market trends 📢. , Happy investing💰!


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Disclaimer : While all efforts have been taken to make this blog and its data as authentic as possible, please refer to the original source of the data, like NSE/ BSE etc. We will not be responsible for any loss to any person/entity caused by any short-coming, defect or inaccuracy inadvertently or otherwise crept in this Blog.


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