The markets maintained a rangebound trajectory with a bearish undertone, influenced by subdued Asian market indicators. Investors engaged in profit-booking within the banking, real estate, and IT sectors, while a surge in buying activity was observed in metal, automotive, and consumer durable stocks, aiding in mitigating market declines. Initially, due to mixed global signals, the market opened on a pessimistic note, pushing the Nifty below the 19,700 level. However, it managed to recover and sustained a sideways movement for the remainder of the trading session.
NIFTY: The index opened flat at 19,737 and made a high of 19,781 before closing at 19,731. Nifty has formed a small-bodied bearish candlestick pattern with long upper and lower shadows, which resembles a Doji kind of pattern on the daily chart. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,670.
BANK NIFTY: The index opened 83 points lower at 44,204 and closed at 44,225. Bank Nifty has formed a Doji kind of candlestick pattern on the daily chart, making lower highs, lower lows for the second consecutive session. Its immediate resistance level is now placed at 44,500 while support is at 44,050.
Stocks in Spotlight
▪ Skipper Ltd: Shares of Skipper surged over 3% after the company said it won orders worth Rs 588 crore.
▪ MCX: Shares of MCX rallied more than 3.5% as trading began on the company's new software platform.
▪ GATI: Shares of Gati surged over 10% after volumes rose 18% year-on-year in the July-September quarter of the current fiscal year.
▪ Pan-European Stoxx 600 index was up 0.14%, with sectors spread across positive and negative territory. Healthcare stocks slipped 0.45%, while mining stocks rallied 1.2%.
▪ Brent Oil Futures steadied above $90 a barrel on Monday after passing the threshold on Friday, as investors waited to see if the Israel-Hamas conflict draws in other countries.
▪ Gold held above the key $1,900 ceiling on Monday, despite a drop in prices due to technical selling following a fierce 3% rally in the previous session.
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