Mumbai (Maharashtra) [India], October 3: The stock market witnessed a subdued opening today as international markets faced significant turmoil, sending shockwaves through global financial centres.
Despite a lacklustre start, the Indian markets showed resilience, with bulls hoping for crucial support at the 18,887 level.
At the opening bell, the Sensex took a dip of 319.98 points, opening at 65,508.43, while the Nifty was down by 102.90 points, starting at 19,535.60.
The Nifty displayed a mix of performances among its constituents, with 10 companies recording advances and 40 witnessing declines.
Among the Nifty gainers, names included Hindustan Unilever, Asian Paints, Adani Enterprises, Sun Pharma, and L&T.
However, Eicher Motors, Hindalco, HDFC Life, Reliance, and ITC were among the notable losers during the market opening.
Despite the initial negative trend, Indian markets displayed considerable strength, standing their ground against global uncertainties.
For the bullish sentiment to maintain its foothold, the key support level at 18,887 holds significant importance.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Indian markets are still showing lot of strength even though opening is weak. For bulls 18887 is important. Open Interest (OI) data has shift to broader range of 19200-19800 on Nifty. Major put writing around 19200-19300 levels”.
Market observers noted that the recent low of 19,492 was a crucial point for the market's strength to persist.
Given the uncertain global outlook, traders and investors were advised to exercise caution and adopt risk-defined strategies while trading.
Aggarwal said, “Recent low of 19492 is crucial too for this strength to remain. One should be cautious looking at global outlook and one should trade with stop losses or risk defined strategies. IT, Banks, Metal stocks can be picked on this downfall. Selected mid and small cap stocks are getting attractive on this market correction. Bias for medium term remains bullish with new highs on Index. Investors should see this correction as healthy correction”.
Opportunities seemed to emerge in the information technology, banking, and metal sectors, as certain mid and small-cap stocks started to appear attractive amid the market correction.
Despite the challenging start, the medium-term bias remained bullish, with expectations of new highs in the index.
Investors were encouraged to view this correction as a healthy adjustment in the market, with potential for growth in the near future.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor