The market ended with decent gains on Thursday, supported by banks and IT stocks. The market sentiment was boosted as data showed that foreign institutional investors were net buyers of Indian stocks. The trading activity showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 7192.42 crore yesterday, 30 October 2019, as per data released by the stock exchanges. Investors awaited India’s fiscal deficit data for April-September period and infrastructure output data for September 2019 which will be announced later today.
Global Markets
Fiat Chrysler and Peugeot owner PSA plan to join forces through a 50-50 share swap to create the world’s fourth-largest automaker, triggering a new wave of consolidation in the car industry. European shares rose after the U.S. Federal Reserve cut interest rates, but a slump in auto and energy stocks kept gains in check as investors digested a fresh batch of earnings. The panEuropean STOXX 600 index rose 0.3%.
Nifty Chart
Nifty Index closed on positive note at 11877.45 on 31.10.2019. Nifty may face some selling pressure today. We recommend Sell near 11877-11900 with strict stoploss above 11950 for target 11850 and 11800.
Nifty Support : 11780-11720, Resistance : 11900-12000.
