On October 12, the stock market displayed a rangebound pattern, following two consecutive days of gains. Although it initially opened on a positive note due to favorable global indicators, these gains were erased during the early hours of trading. For the remainder of the session, the market maintained a consolidative stance, with the IT sector facing significant losses a day after Tata Consultancy Services reported mixed financial results for the September quarter.
NIFTY: The index opened flat at 19,822 and made a high of 19,843 before closing at 19,794. Nifty has formed a small negative candle on the daily chart with minor upper and lower shadow. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,725.
BANK NIFTY: The index opened 55 points higher at 44,571 and closed at 44,599. Bank Nifty has formed a small-bodied bullish candlestick pattern with a long upper shadow and minor lower shadow on the daily scale. Its immediate resistance level is now placed at 44,760 while support is at 44,400.
Stocks in Spotlight
▪ PCBL Ltd: Stock rallied 3% after the company was granted two patents for inventions related to speciality-grade and surface-modified carbon black. The stock also hit a 52-week high in the bourses.
▪ MOIL: Stock skyrocketed over 7% after Quant Mutual Fund’s Gilt Fund bought 11 lakh equity shares or 0.5% stake in the counter at Rs 226/share via bulk deal.
▪ Cipla Ltd: Stock slipped almost 1% after the US Food & Drug Administration (US FDA) inspected the pharma giant’s American facility and issued an establishment inspection report (EIR).
▪ Hong Kong stocks jumped nearly 2% in the last hour of trading, leading wider gains in the Asia-Pacific region as shares of big Chinese banks surged. Investors looked ahead to key US consumer inflation data for clues on the trajectory of the Federal Reserve’s monetary policy.
▪ Gold extended gains to a two-week high on Thursday, as the dollar and Treasury yields ticked down on the Federal Reserve’s cautious tilt in tone ahead of US inflation print that could offer further rate cues.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.