The market extended selling pressure for the third consecutive session and declined more than one percent on October 29, the first day of November series, dragged by private banking & financials, and IT stocks.
The BSE Sensex corrected 677.77 points to 59,306.93, while the Nifty50 fell 185.60 points to 17,671.70 and formed a bearish candle on the daily charts.
“Following back-to-back correction, the benchmark Nifty has formed a long bearish candle which clearly suggests continuation of weakness in the near future.
According to pivot charts, the key support levels for the Nifty are placed at 17,551.27, followed by 17,430.83.
The important pivot level, which will act as crucial support for the index, is placed at 38,436.4, followed by 37,757.2.
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions.
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding.
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.
A decrease in open interest, along with an increase in price, mostly indicates a short-covering.
Vedanta: The company reported higher consolidated net profit at Rs 5,813 crore in Q2FY22 against Rs 1,642 crore in Q2FY21.