Markets Expected to Run Tepid Today for 3rd Consecutive Session

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Markets Expected to Run Tepid Today for 3rd Consecutive Session
Credit: © Reuters.

By Malvika Gurung

Investing.com -- After rallying for seven consecutive sessions, backed by positive earnings results, strong global cues, increasing vaccination drive and economies reviving across the world, the Indian equity benchmarks fell for a second straight session, as the market closed on Wednesday.

The selling pressure that seeped into the market on October 19 stirred up on October 20, as sectors like FMCG, metal, IT, auto, and pharma dragged the market down.

"The short-term trend of Nifty continues to be negative and there is a possibility of some more weakness in the next 1-2 sessions before any convincing bounce from the lows," states Nagaraj Shetti, Technical Research Analyst at HDFC (NS: HDFC ) Securities.

He adds that the benchmark could continue to be driven negatively for some sessions more, as Nifty50 appears to have completed one part of its correction.

In terms of global markets, the E-Mini S&P 500 Futures was down by 0.04%, while the European stocks did better.

Also, the Nifty 50 Futures listed on the Singapore-based Exchange SGX were trading at 18,353.80, marginally up by 0.18% at 7:38 on Thursday, indicating a muted opening for Indian benchmark indices on October 21.

Japan’s Nikkei 225 was down by 0.26%. Manish Shah, an independent analyst, predicts that Nifty 50 could continue to decline for Thursday before it stabilizes.

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  • Ganesh Padiyar @Ganesh Padiyar
    below previous weekly high .if open above then only bounce
    Like 0
  • Ganesh Padiyar @Ganesh Padiyar
    below previous weekly high .if open above then only bounce
    Like 1
  • Ganesh Padiyar @Ganesh Padiyar
    below previous weekly high .if open above then only bounce
    Like 0
  • AKSHAY LUNGE @AKSHAY LUNGE
    market will open gap up but sustian it touches 18150 today after 12 pm
    Like 0
  • AKSHAY LUNGE @AKSHAY LUNGE
    market will open gap up but sustian it touches 18150 today after 12 pm
    Like 0
  • Neeraj Chandak @Neeraj Chandak
    18000 today
    Like 0
  • Nitish Gupta @Nitish Gupta
    Bull shit Market will bounce
    Like 1
  • Nitish Gupta @Nitish Gupta
    Bull shit Market will bounce
    Like 3

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