Indian shares ended lower today with new lockdowns in Europe’s biggest economies hitting global market sentiment. Amid F&O expiry, the Nifty closed down 0.5% at 11,670.8 and the Sensex ended 172 points lower at 39,749. The rupee declined further by 23 paise to close at a two-month low of 74.10 against the US currency on Thursday, tracking weak domestic equities and strong dollar amid global risk aversion.

Despite the losses of the past two days, Nifty had a good October series, rising 8%.

L&T was the top loser in the Sensex pack, dropping 4.99 per cent, after the engineering major posted a 45 per cent decline in consolidated net profit for the September quarter.

Titan, ONGC, Axis Bank, HUL, NTPC , M&M and HDFC were the other major laggards, shedding up to 3.32%.

Ajit Mishra, VP – Research, Religare Broking Ltd

“Volatility remained on the higher side due to unwinding and rollover of October month derivatives contracts. We reiterate cautious stance as there is high uncertainty in global markets due to recent surge in COVID cases. A decline below 11,600 in Nifty would pave way for further slide. In case of a rebound, 11,750 would act as a hurdle. Traders should limit their leveraged positions and maintain a balanced approach.”

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Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services Ltd.

“Nifty closed the October series with the the decent gains of 8%. It witnessed a good momentum in first two weeks of the series and headed from 10800 to 12000 zones. However it remained quite volatile in last three weeks due to weakness in Global indices but holding to 11600 zones. Nifty future witnessed rollover of around 72% on provisional basis which is slightly lower than last 3 months average of 76.05% indicates that long bias is intact and some position is being liquidate ahead of volatile market scenario and US presidential election.

Now, Nifty has to cross and hold above 11750-11777 zones to get the bull’s grip for a bounce towards 12020 then 12200 zones ahead of festive season while on the downside major support exists at 11500 then 11333 zones.”

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

“Technically, on intraday charts the index has formed lower high and lower low series pattern which clearly indicates short term weakness. For the next few trading session 11,700 should be the sacrosanct level for the traders. Trading below the same we can expect further weakness up to 11550. On the flip side, 11700 would be the immediate hurdle for the traders, above the same we could expect quick relief rally till 11800-11855.”

Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“The short-term trend of Nifty continues to be negative. Today’s consolidation pattern below the lower range of 11700 levels could bring some hopes for bulls to make a comeback from the lower levels. The lower 11600 is going to be a make or break situation for the market for reasonable movements on either side. Immediate resistance is placed at 11750.”

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