Mumbai51 minutes ago
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The date of October 9 is important in the stock market this week. According to Harshubh Shah, director of wealth analytics, big moves can be seen in the market on this day.
Apart from this, the results of the second quarter of the companies, the signs of the global market, the purchase and sale of foreign investors to the technical factors will decide the market moves.
Let us understand what can happen in the market this week…
Support Zone: 24,850 | 24,805 | 24,688 | 24,647 | 24,538 | 24,458 | 24,382
Support means the level where the share or index falls from falling down. The price does not go down easily due to increasing shopping here. You can get a chance to shop at these levels.
Resistance Zone: 24,978 | 25,001 | 25,035 | 25,082 | 25,145 | 25,322 | 25,434
Resistance, ie, the level where the stock or index is hindered. This happens due to increasing selling. If the Nifty Registration crosses the zone, a new fast may occur.
Trading Outlook: What to do traders?
- Look at important dates: The report expressed the possibility of sharp Momentum in the market on 9 October. Apart from this, an important date for the market has also been given on October 6 and 7.
- Support-resistance attention: You can consider short trades below the support level mentioned. At the same time, crossing the resistance level may have a chance to take a long position.
- Use of Time Cluster: Day traders can catch the market movement using these time clusters. These time may indicate the onset of market boom or decline.
- Caution is necessary: The ups and downs in the market can be faster, so after taking any trade, use risk management and stop-loss.
Market direction
Next Trading Day (6 October): The market is expected to raise slightly. The Nifty can go up to 25,000 if Friday has a breakout above high 25,904. The main support is at 24,800.
Reason: DII shopping is balanced by FII selling. Low VIX (10.06) is reducing the fear of going downwards. Bulish MACD + high volumes are indicating faster. RSI is at 58 which prevents overbott risk.
All week (6–10 October): Overall, there is a possibility of boom. If the FII selling increases, it may fall slightly, but DII support + falling VIX will limit the loss.
Weekly PCR (1.15) and OI’s inclination is in favor of calls. RSI can reach 62 by Friday. At the same time, if VIX climbs above 12, then a test of 24,700 can be done.
Now 3 factors who can decide the direction of the market…
1. Second quarter result: The September Quarter’s Earnings season will start from next week, with the Tata Consultancy Services (TCS) will announce its results on 9 October.
Q2 earnings of the IT sector will probably remain dull. Slodown has come due to tariffs related to tariffs. Overall, the macroeconomic atmosphere still remains delicate.
2. FII Action: Foreign Institutional Investors (FIIS) remains net sellers so far this month. He has so far sold Rs 3,188 crore in the cash segment. However, Domestic Institutional Investors (DIIS) supported the market by purchasing 3405 crores.
- On Friday, foreign investors sold shares worth Rs 1,583 crore and domestic investors purchased Rs 489 crore.
- In September, foreign investors sold shares worth Rs 35,301 crore. Domestic investors had purchased Rs 65,343 crore.
3. Technical Factors: SVP-Research Ajit Mishra at Railor Broking said, Nifty has closed its immediate resistance close to 24,900, which matches 20-DEMA.
Due to strong resistance, the market may have trouble going up first 25,150 and then over 25,400. Tatkal support at the bottom is now in the zone of 24,600–24,800.
4. Global Factors: The minutes of the US Federal Reserve Federal Open Market Committee (FOMC) meeting will be released on 8 October. The market will be monitored on them.
In addition, the move of the US market affects other markets. It may also show some effect on Indian markets.
- Dow Jones climbed 238 points or 0.51% to close at 46,758 on Friday.
- The S&P 500 index rose 0.44 points to close at 6,715.
- Nasdaq Composite fell 63 points or 0.28% to 22,780.
5. Macroeconomic data: HSBC services and composite PMI data will be released. Along with this, investors will keep an eye on the data of banking sector loans and deposit growth.
Sensex climbed 223 points to close at 81,207 levels
The stock market closed rapidly on Friday, October 3, the last trading day of the week. The Sensex rose by 223 points to close at 81,207 levels. At the same time, the Nifty also climbed 57 points to close at 24,894 levels.
Of the 30 shares of the Sensex, 15 shares rose and 15 shares declined. During the trading, the Sensex recovered 600 points from the lowest level of the day and 150 points in the Nifty. In the morning, there was a decline of 200 points in the Sensex and 50 points in the Nifty.
Disclaimer: This article is only for information and learning. The above opinion and advice are of individual analysts or broking companies, not Dainik Bhaskar. We advise investors to consult certified experts before taking any investment decision.
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