Stock market ended Friday on a positive note with both sensex and nifty closing higher. the recovery was not equally strong across all segments. while it and pharma stocks supported the benchmark indices, mid cap and small cap shares remained under pressure. market closed on Saturday or sunday, so now investors will now look towards global market development and fresh trading cues before Monday's opening on November 2.
How did the market close on Friday?
The BSE sensex gained 308.49 points, or 0.42% to close at 74,459.53. The NSE nifty 50 rose 116.35 points or 0.51% and settled at 23,053.10. IT stocks were among the strongest performers. nifty IT gained more than 2%, while pharma and healthcare stocks also supported at market. Infosys, Indigo and Trent were among the notable gainers.
The broader market told a different story. The nifty midcap 100 declined around 0.93% while the nifty small cap 100 fell 1.85%. This means the gains in the headlines indices did not reflect the performance of the entire market. For October, The nifty gained 1.9% while the Sensex rose 2.7% ending a two month losing streak.
What can happen in the market over the weekend?
There will be no regular trading in the Indian equity market on Saturday or Sunday. developments in international markets can influence investor sentiment when trading resumes. Investors will be
watching three important factors:
Global markets- Movements in US and Asian markets can influence the mood of Indian investors on Monday. Technology stocks will remain important after the recent strong performance of Indian IT shares.
Crude oil prices- Higher Crude oil prices can put pressure on India because the country imports a large part of its oil requirements. Any fresh rise could affect inflation concern and market sentiment.
Foreign investors activity- Buying or selling by foreign institutional investors can influence market direction, particularly when global uncertainty is high. The weekend itself does not decide Monday's direction. fresh developments and international market movements will matter.
Market prediction For Monday
Based on Friday's closing levels and the technical outlook available after the session, the nifty is approaching an important level around 23,000.Market analysts are watching 23,000 as an important support area, while 23,200 is an immediate resistance leval. IF The nifty stays above 23000 any buying continues, the index may attempt to move towards 23,200.
On the other hand, a fall below 22,900 could weaken the short term outlook and bring fresh selling pressure. Bank nifty also needs attention.IT Closed at 54,686 on Friday, down around 0.41% even as the main benchmark indices gained. This shows that banking stocks did not participate strongly in the market recovery.
