The stock market today faced a setback in continuing the positive momentum from the previous week, erasing the gains of the two preceding days on October 9.

Amidst this volatility and selling pressure, the Nifty50 managed to hold its ground within the 19,500-19,450 range.

If this level can maintain its stability in the upcoming sessions, there’s a possibility of a resurgence in the upward rally towards 19,600-19,800, as experts have pointed out. However, it’s crucial to note that the index’s vital support remains at the 19,300 levels.

During this period, the BSE Sensex experienced a decline of 483 points, closing at 65,512. Conversely, the Nifty50 managed to climb 141 points, reaching 19,512. This movement was reflected in the formation of a bearish candlestick pattern on the daily scale.

Unraveling Long Unwinding in Stock Market Today

In today’s stock market, open interest (OI) percentages must be closely monitored.

Notably, a total of 85 stocks, including prominent names like SBI Life Insurance Company, Bosch, Granules India, Indraprastha Gas, and Bajaj Finserv, have seen long unwinding. This indicates a significant shift in market sentiment, making it a pivotal aspect to consider.

Assessing Volatility Amidst Global Events

Increasing external variables, notably the increasing tensions between Israel and Palestine, have had a significant impact on the stock market’s volatility today.

These global developments have sent ripples through the stock market, particularly impacting oil prices. Increasing external variables, notably the increasing tensions between Israel and Palestine, have had a significant impact on the stock market’s volatility today.

Nifty50’s Resilience and Crucial Levels

Despite the market’s turbulence, the Nifty50 has shown remarkable resilience by defending the critical support zone of 19,500-19,450. If this level holds in the upcoming sessions, we anticipate a resumption of the upward rally towards 19,600-19,800. It’s essential to emphasize that the index’s vital support remains steadfast at 19,300.

BSE Sensex in Focus: A Technical Overview

The BSE Sensex witnessed a decline of 483 points, closing at 65,512. On the daily scale, a bearish candlestick pattern with a long upper shadow and a minor lower shadow has formed, bringing the BSE Sensex into focus.

Insights from Sharekhan by BNP Paribas

Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, notes a correction in the positive momentum of the Nifty. He suggests that the Nifty is retracing its recent rise, particularly from 19,333 to 19,676. It’s worth mentioning that support is expected in the 19,500 – 19,460 zone, which aligns with the gap formed on October 5 and the 61.82 percent Fibonacci retracement level. In such a scenario, any gap down opening or dip could present an attractive buying opportunity.

Broader Market Trends in Stock Market Today

Today’s stock market is not just about the major indices. The Nifty Midcap 100 and Smallcap 100 indexes, which reflect the larger markets, had falls of 1.3 percent and 1.8 percent, respectively.

This decline was primarily attributed to weak breadth. Additionally, the India VIX, a measure of market volatility, surged by 12.11 percent, reaching 11.40 levels. causing discomfort for the bulls.

Key Support and Resistance Levels for Nifty Today

As per the pivot point calculator, today’s stock market indicates that the Nifty may find support at 19,486, followed by 19,460 and 19,419. On the upside, immediate resistance levels are anticipated at 19,569, 19,594, and 19,636. These levels are instrumental in evaluating the movements in today’s stock market.

Today’s Stock Market and the Nifty Bank

On October 9, the Bank Nifty faced a challenging session in today’s stock market, opening with a significant loss of around 300 points and closing below the 44,000 mark. This led to the formation of a bearish candlestick pattern on the daily timeframe, drawing attention to the Nifty Bank’s performance.

Technical Analysis of the Nifty Bank

Rupak De, a senior technical analyst at LKP Securities, anticipates the persistence of weakness in the short term. He attributes this to the index remaining below crucial moving averages. He identifies immediate support at 43,800-43,500 and resistance at 44,000 in today’s stock market.

Options Data in Stock Market Today

Options data plays a pivotal role in gauging market sentiment. In stock market today , the weekly options data reveals that the maximum Call open interest (OI) is concentrated at the 19,800 strike, with a significant 77.48 lakh contracts. This level is expected to serve as a significant resistance for the Nifty in today’s stock market. Moreover, the 20,000 strike and 19,600 strike also exhibit noteworthy OI, with 72.78 lakh and 69.49 lakh contracts, respectively.

Dynamics of Call and Put Options

Today’s stock market sees meaningful Call writing at the 19,800 strike, with the addition of 37.99 lakh contracts. This is followed by the 19,600 and 19,500 strikes, which have seen 34.8 lakh and 20.69 lakh contracts added, respectively. On the Put side, the maximum open interest remains at the 19,500 strike, with 75.64 lakh contracts. This level is anticipated to provide crucial support in today’s stock market.

Final Thoughts on Today’s Stock Market 

In conclusion, navigating today’s stock market demands vigilance and strategic planning, given the complexities and uncertainties stemming from geopolitical tensions and market dynamics. It is paramount for traders and investors to remain cautious and well-informed. Keep a close watch on the key levels of 19,500 and 44,000 as they will be instrumental in understanding today’s stock market trends. Stay tuned for real-time updates as today’s stock market continues to evolve.

Disclaimer: The information in this “Stock Profile” blog post is for informational purposes only. It is not financial advice. Always consult a qualified expert before making investment decisions.