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Monthly options expiry is expected to be more volatile, as traders shift focus to weekly expiries due to recent Sebi guidelines. This change has led to significant swings in the Nifty 50 index, with a notable 500-point fluctuation observed on December 5. The new rules have centralized expiry events, altering market dynamics significantly.
Experts suggest that the Nifty 50 may rebound to the 24,300-24,400 zone during Muhurat trading, but sustainability is crucial amid negative sentiment due to upcoming US elections and the Fed's interest rate decision. Support is at 24,000, while the Bank Nifty faces resistance at 51,700, with support between 51,100-51,000. On October 31, the Nifty 50 closed at 24,205, down 136 points, and the Bank Nifty fell 332 points to 51,475, despite a favorable market breadth.
Indian equity markets are consolidating ahead of the monthly expiry of futures and options contracts on October 31, with the Nifty 50 declining by half a percent on October 30. The index has been trading within the 24,100-24,500 range for a week, and a decisive move above 24,500 could signal upward momentum, while a drop below 24,100 may trigger selling pressure towards the August low of 23,900. Key stocks to watch include L&T, Dabur, Tata Power, and IRB Infra.
The Indian equity market faced a third consecutive day of losses, with the Nifty closing below 24,500 and struggling against key resistance levels at 24,550 and 24,700. Immediate support is seen in the 24,400-24,350 range, and a break below could lead to levels around 24,200-24,000. Global cues are subdued, and attention is on HUL following disappointing volume growth, along with key earnings reports from ITC, IndusInd Bank, and NTPC.
Chandan Taparia
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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