Stock Market Today: Selling likely to continue

Analysts expect selling pressure to continue in the domestic stock markets this week as well. The deadline for monthly contracts approaching, the results of giant companies coming out weak, and the expectations of the owners being disappointing.. can make investors cautious. Markets are closed on Friday (November 1) on the occasion of Diwali. But on the occasion of the beginning of Samvat 2081 year, Murat trading is conducted for one hour in the evening on the same day. Due to strong selling by FIIs, the losses are expected to continue and the indices are expected to stabilize. Technical experts predict that the Nifty-50 may first find support at 23,800-23,900 and then at 23,400. Other analysts say there is scope for some recovery as the markets have already suffered heavy losses. The impact of ICICI Bank, Bharti Airtel and Sun Pharma results can be seen on Monday. What are experts saying about different fields?

Bank Nifty may recover. Resistance may be encountered at 51,000. 51,000 level is possible as long as 50,380 level is not lost. But it should be used only for receiving profits. If it goes below 50,380, it can touch 50,000. Results of PNB, Federal Bank, Canara Bank are available this week.

Shares of FMCG may lose or move to a lower range. This is due to weakness in consumer demand. Shares of FMCG companies that have announced results so far have suffered losses in the last week. ITC alone increased by 4%.

The shares of cement companies may move stagnant amid the lack of impactful news and expectations that the market may continue to weaken. Even if they lose in the short term, they can recover in the mid-long term. Today's Ambuja Cements results are worth noting.

Shares of machinery companies may suffer. Investors are likely to focus on L&T's investments. These can be useful in understanding the demand situation. Results of Kalpataru, Titagarh Rail, Kirloskar Brothers are out this week.

On the back of strong results, most of the IT companies' shares may trade on a positive trend. IT index may see support at 41,601.60 and resistance at 42,584.80. Expectations that there may be a rate cut at the US Fed meeting in November may come together.

Shares of metal companies are likely to stabilize. Mixed results can dictate the movements of stocks. JSW Steel shares may lose amid disappointing results. Analysts opine that metal shares are reasonably priced.

Most vehicle companies can move in a lower range. Due to the results of Maruti and JBM Auto, the shares of those companies may come into light. In the long run, the shares of this sector can be positive.

Shares of oil companies depend on the outcome of the Israel-Iran war. Oil prices are expected to fall as Israel does not target Iran's oil reserves and nuclear facilities in its retaliatory strikes. Shares move based on these developments.

Shares of telecom companies may receive signals from the main market. Bharti Airtel's results to be released on Monday should be watched. Vodafone Idea may not do well.

Drug stocks may move mixed as market sentiment remains weak. Sunpharma, Cipla, Biocon, Dr. Reddy's results are coming this week.

Board meetings today

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