“The stock market at Dalal Street is currently gripped by bearish sentiment due to various factors. Tumbling oil prices haven’t diverted attention from rising US bond yields, and even diplomatic efforts to quell conflicts in the Middle East go unnoticed. Foreign Institutional Investors (FIIs) have been selling significantly in October, and concerns about inflation and recession persist. Nifty’s major support is at 18,921, while Bank Nifty faces downside risks at 41,500. Nifty’s options data suggests a trading range of 18,900-19,500. Amidst this, Q2 results are expected today from companies like ACC, Asian Paints, Canara Bank and more. The preferred trade strategy for Nifty is to buy on dips between 18,950-19,000 with targets at 19,379-19,557, while for Bank Nifty, buying between 42,500-42,600 is recommended with targets at 43,500 – 44,000,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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