Daily Analysis of Stock Market – NIFTY – 23rd October 2020

Daily-Analysis-of-Nifty

On Friday, The market had a gap down opening, Later it slipped and traded in a particular range for the whole session. At the closing, the market closed in the green. The market was very much volatile today, the Nifty index closed at 11,930.35, The Nifty bank index closed above and hold 24,478.30, and the Sensex settled above 40,685.50. The Nifty index gained around 33.90 points, The Nifty bank index lost around -5.85 points, and the Sensex gained 127.01 points in a single day.

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Today, the Nifty index opened at 11,957.90 went up to 11,974.55, and closed at 11,930.35, after making the low of 11,908.75. Nifty Bank index opened at 24,669.20 and stayed volatile between the high of  24,764.15 to the low of 24,360.85, and closed at 24,478.30.

Daily Analysis of Stock Market – NIFTY – 23rd October 2020 1

According to the Nifty Daily chart, If the Nifty breaks and sustain above 12,025 levels, Then Nifty can go towards 12,100 to 12,200 levels Alternatively, If the Nifty breaks and sustain below 11780 levels, then it might retest 11600 to 11500 levels.

NEWS HIGHLIGHTS

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  • Silver futures traded firm at Rs 62,900 per kg on a weaker dollar.
  • Tech Mahindra Q2 beats estimates with profit at Rs 1,065 crore; declares a special dividend.
  • Yes Bank reports Q2 profit at Rs 129 crore, NII falls 9.7% to Rs 1,973 crore.
  • IDBI Bank reports profit in Q2 at Rs 324 crore as provisions decline significantly.
  • Rupee ends 7 paise lower against the US dollar.
  • Burger King India files IPO papers with Sebi, fresh issue size increased to Rs 542 crore.
  • Airtel Africa Q2 profit falls 37% to $145 million.
  • Mphasis Q2 net up 9.4% to Rs 299 crore.
  • Aditya Birla Fashion shares price up over 6% as Flipkart buys a stake for Rs 1,500 crore.

Trading zone for the Nifty index on 23rd October 2020

Upside Resistance:-  11,967, 12,004, 12,033.

Downside Support:-  11,901, 11,872, 11,835.

Nifty 50

AdvancesDeclines
2921

In the Nifty 50, 29 stocks traded in green and whereas only 21 were declined on 23rd October 2020.

Top 5 Nifty Gainer and Loser

Gainer%Loser%
Maruti Suzuki4.28Ultratech Cement-2.38
M&M3.44Shree Cement-2.24
Tata Steel3.37HUL-1.63
Power Grid Corp3.06HCL Tech-1.59
Tata Motors2.62GAIL-1.52

The most active value-wise stocks were Reliance, Maruti Suzuki, HDFC Life, Tata Steel, Bajaj Finance, and the volume-wise were Tata Motors, NTPC, SBI, Tata Steel, ICICI Bank.

Results To Be Declared Tomorrow
Tech Mahindra
Polycab India

FII and DII trading activity on NSE, BSE, and MSEI on Capital Market Segment as on 23rd October 2020

FII (Cr.)DII (Cr.)
906.93-891.86