Market closed in red mark amid volatility
On November 2, the market once again returned to the red mark. Markets look cautious ahead of weak global cues, Bank of England and US Fed decisions. Today’s trading started with a gapup. As the trading day progressed, profit-booking dominated the market on the day of Dhanteras. Dhanteras is an auspicious day according to Hindu beliefs. On this day, we buy gold and silver and utensils.
At the end of trading, the Sensex closed at 60,029.06, down 109.40 points, or 0.18 per cent. On the other hand, Nifty closed at 17,888.95, down 40.70 points or 0.23 percent.
Vinod Nair of Geojit Financial Services says that there was weakness in metal, oil and commodity stocks in today’s trade while realty, PSU banks and consumer durables were seen trying unsuccessfully to handle the market.
In today’s volatile trading day, the Indian market looked tired due to weak global cues.
Technical view
Chandan Tapadia of Motilal Oswal says Nifty formed a small bearish candle today but continued to make higher lows of last 2 trading sessions. Chandan Tapadia says that Nifty will have to cross 18000 level and stay above it to go towards 18,150 and 18,350. If it doesn’t, it will see us stuck between 17,777 and 18000. On the downside for Nifty, support is seen at 17,777 and 17,600.
