On October 17, the Nifty reversed a three-day decline and ended the day in positive territory thanks to widespread buying, notable increases in banking sector stocks, and a decrease in oil prices. Fuelled by favorable international indicators, the market started the day with a strong opening and maintained its position near the daily peak, primarily driven by investments across various sectors.
NIFTY: The index opened 112 points higher at 19,843 and made a high of 19,849 before closing at 19,811. Nifty has formed a bearish candlestick with minor upper and lower shadows on the daily chart, as the closing was lower than opening levels. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,770.
BANK NIFTY: The index opened 364 points higher at 44,589 and closed at 44,409. Bank Nifty has formed a bearish candlestick with a minor lower shadow on the daily scale. Its immediate resistance level is now placed at 44,600 while support is at 44,200.
Stocks in Spotlight
▪ Newgen Software Technologies: Stock surged over 11% after the company reported a sharp improvement in its September quarter earnings numbers.
▪ Ajmera Realty: Stock jumped over 5% after the company secured a residential redevelopment project in Mumbai. The targeted sale value of the project is Rs 360 crore.
▪ Trident: Stock closed 2.83% lower on news of I-T raids being conducted across group locations.
▪ Pan-European Stoxx 600 index was down 0.1%, with utilities adding 0.6% while mining stocks dropped 1.7%.
▪ Australia and China stocks closed higher on Tuesday for the first time in three days, while the New Zealand dollar weakened following an inflation reading, the first since the elections over the weekend.
▪ Oil prices steadied on Tuesday after sliding more than $1 on Monday amid hopes the US would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.
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