Closing Bell: Bloodbath on Dalal Street; Sensex plunges 806 pts, Nifty ends tad below 10,600

Eicher Motors, Hero MotoCorp and Reliance Industries were the biggest losers among Nifty50 stocks, sinking 6-9 percent.

Benchmark indices closed sharply lower on Wednesday with the Sensex losing 806.47 points or 2.24 percent to 35,169.16 as all sectoral indices ended in the red.

The 50-share NSE Nifty plunged 259 points or 2.39 percent to 10,599.30. More than two shares declined for every share rising on the BSE.

Gainers and Losers

HPCL, BPCL and IOC were biggest losers among Nifty50 stocks, falling more than 11 percent after Finance Minister Arun Jaitley said the government cut excise duty on petrol & diesel by Rs 1.50 per litre. "Oil marketing companies will absorb Re 1 per litre w.r.t petrol & diesel prices."

Reliance Industries (6.87 percent) and Eicher Motors (5.71 percent) were other losers while ICICI Bank bucked the trend, rising 4.21 percent followed by Axis Bank (up 2.45 percent), UltraTechCement (2.16 percent), Bharti Infratel (1.77 percent) and Yes Bank (up 1.06 percent).

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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-bloodbath-on-dalal-street-sensex-plunges-806-pts-nifty-ends-tad-below-10600-3011131.html

MCX SUPPORT & RESISTANCE LEVEL (4 OCT 2018)

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NCDEX SUPPORT & RESISTANCE LEVEL (4 OCT 2018)

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Sensex dips 200 pts, Rupee off record low; Europe trades higher

The Indian rupee hit new record low of 73.41 on strong demand for the American currency from importers amid rising global oil prices and unabated capital outflows.

On IT services front after rupee depreciation, HSBC said the hopes are running high now as reflected in premium valuations.

It believes Q2FY19 earnings should be decent, but are unlikely to be an upside trigger, and sees relative value in the sector over the broader market.

"2-3 years demand visibility is decent and the rupee weakness provides a margin cushion," HSBC said.

The Indian rupee has depreciated nearly 15 percent year-to-date to hit record low of 73.41 against the US dollar on Wednesday.

The global research house has a Buy call on Infosys with increased target price at Rs 880 from Rs 830 per share earlier and also has Buy rating on HCL Technologies with increased target price at Rs 1,180 from Rs 1,120.

On other stocks like TCS, Wipro, Tech Mahindra, Mindtree and Mphasis, HSBC has Hold call with increased target at Rs Rs 1,990 (from Rs 1,910), Rs 300 (from Rs 290), Rs 780 (from Rs 740), Rs 1,220 (from Rs 1,200) and Rs 1,200 (from Rs 1,190) respectively.

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Source:https://www.moneycontrol.com/news/business/markets/market-live-sensex-dips-200-pts-rupee-off-record-low-europe-trades-higher-3006971.html

NCDEX Support & Resistance Level

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Opening Bell ( 3 Oct 2018)

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Nifty forms bullish candle, closes above 11,000; next target seen at 11,170

India VIX fell by 2.22 percent to 16.61 levels. Volatility has to cool down to form a short term top then only Nifty can form a short term bottom process for a temporary bounce back process, experts said.

The Nifty50 after flat opening fell sharply but formed the bottom and managed to rebound in noon trade to close tad above psychological 11,000 levels. The solution to IL&FS issue by forming new board lifted sentiment in later part of the session.

The index formed bullish candle on the daily charts after weakness seen in previous three consecutive sessions. It was a good start to October month after getting butchered in September.

Experts expect the Nifty to move up further if it sustains above 10,900 and said the next target is seen at around 11,170 levels but the downside seems limited.

The Nifty50 started off October month on a flat note but immediately fell sharply to hit day's low of 10,821.55, but managed to recoup those losses gradually in later part of the session and hit an intraday high of 11,035.65. The index closed 77.80 points higher at 11,008.30.

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Source: https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bullish-candle-closes-above-11000-next-target-seen-at-11170-3004231.html