Nifty 50, Sensex today: What to expect from Indian stock market in trade on October 3 amid Israel-Iran war

Indian stock market indices, Sensex and Nifty 50, are likely to open lower on Thursday following weak global cues amid escalating tension in the Middle East and worries over full fledged war between Iran and Israel.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 25,720 level, a discount of nearly 255 points from the Nifty futures’ previous close.

Technically, this pattern indicates a sell on rise opportunity in the market. But, the sharp follow-through selling momentum was absent on Tuesday. The positive chart pattern like higher tops and bottoms is intact on the daily chart and the present weakness in the market is in line with the new higher bottom formation of the pattern. The higher bottom reversal needs to be confirmed,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Shetti believes the near term uptrend status of Nifty 50 remains intact and the market is currently shifted into a short term downward correction. Nifty is expected to find support around 25,500 - 25,400 levels in this week and could witness a sustainable upside bounce from the lows.

Nifty 50 Prediction

Nifty 50 consolidated on October 1 amidst a range movement and closed the day lower by 13 points.

“Nifty 50 formed a doji pattern with a long upper shadow on the daily chart, indicating market indecision. Heavy call writing at 25,800 suggests it may act as strong resistance if sustained. Immediate support lies at 25,750, and a decisive break below this could push the index to 25,600 / 25,500. On the higher side, a move above 25,800 may propel Nifty towards 26,050, where sellers could become active again,” said Rupak De, Senior Technical Analyst, LKP Securities.

The index is still in the overbought zone, as seen from its monthly RSI reading, which is above 83. Nifty has fallen nearly 2% in three trading sessions, and its current movements suggest that it is likely to see more profit-booking activities. According to my analysis, traders should look for a ‘sell on rise’ strategy. Since Nifty is trading at around 1% of its 20-day EMA, market participants can target the range if they are waiting for a sell-on rise. I would advise to track this for 1-3 days to make the most of the latest developments,” Ambala said.

Considering these aspects, she expects the benchmark Nifty 50 to gain support between 25,700 and 25,550 and face resistance between 25,830 and 25,925.

Dr. Praveen Dwarakanath, Vice President of Hedged said that the Nifty 50 consolidated near the previous closing, indicating a small halt in the fall and Tuesday’s low of 25,740 level can act as immediate support from the index.

“ADX DI+ line on the daily chart is almost on the verge of crossing the ADX average line, indicating weakness to continue. The momentum indicators also show a small room on the downside as they are closer to the oversold region. Options writer’s data showed increased call writing in the present week's expiry above 25,800 levels, indicating a possible closing below this level,” Dwarakanath said.

According to him, Bank Nifty options writer's data shows increased writing at 53,000 levels, indicating a pause in the fall at the present levels, however, an increased call writing indicates weakness to continue, making the bias in Bank Nifty, sideways to the downside.

Itc share are down by -1.07%, Nifty down by -1.09%

On the technical front, the stock is trading above the 50,100,300 days SMA & lower than the 5,10,20 day SMA. The stock will have support at 50,100,300 days SMA & face resistance at 5,10,20 days SMA

The classic pivot level analysis shows that on a daily time frame, the stock has key resistances at ₹519.3, ₹522.4, & ₹525.05, whereas it has key support levels at ₹513.55, ₹510.9, & ₹507.8.

Overall, as per Mint technical analysis, Following a strong uptrend, the stock is indicating signs of a reversal..

From a fundamental analysis perspective, the company has a ROE of 28.48% .The current P/E of the stock is at 31.58 .

The FII holding has decreased from 15.44% in march to 14.96% in the june quarter.

Itc share price down -1.07% today to trade at ₹510.45 while its peers are mixed. Its peers such as Godfrey Phillips India, VST Industries, NTC Industries are falling today, but its peers Golden Tobacco are on the rise. Overall, benchmark indices Nifty & Sensex are down -1.09% & -1.13% each respectively.

Tata Steel share are up by 1.11%, Nifty down by -1.09%

The classic pivot level analysis shows that on a daily time frame, the stock has key resistances at ₹169.31, ₹171.6, & ₹173.7, whereas it has key support levels at ₹164.92, ₹162.82, & ₹160.53.

Overall, as per Mint technical analysis, The stock is currently experiencing a strong bullish trend.

From a fundamental analysis perspective, the company has a ROE of -4.55% .

The median 1-year forecasted upside in this share is at 2.28% with a target price of ₹165.00.

The company has a 33.19% promoter holding, 10.88% MF holding, & 19.68% FII holding as per filings in the june quarter.

The MF holding has decreased from 11.20% in march to 10.88% in the june quarter.

Tata Steel Share Price Today on : At 03 Oct 11:02 today, Tata Steel shares are trading at price ₹168.85, 1.11% up from the previous closing price. Sensex is trading at ₹83305.02, down by -1.14%. The stock has hit a high of ₹169.95 and a low of ₹164.75 during the day.

On the technical front, the stock is trading above the short term simple moving averages of 5, 10, 20 day as well as longer term moving averages of 50, 100 & 300 days.

Tata Steel share price up 1.11% today to trade at ₹168.85 while its peers are mixed. Its peers such as Jindal Stainless, Steel Authority Of India are falling today, but its peers JSW Steel, Jindal Steel & Power are on the rise. Overall, benchmark indices Nifty & Sensex are down -1.09% & -1.14% each respectively

Hdfc Bank share are down by -1.01%, Nifty down by -1.08%

The classic pivot level analysis shows that on a daily time frame, the stock has key resistances at ₹1738.77, ₹1751.33, & ₹1760.67, whereas it has key support levels at ₹1716.87, ₹1707.53, & ₹1694.97.

Overall, as per Mint technical analysis, The stock is showing initial signs of a trend reversal after a robust uptrend.

From a fundamental analysis perspective, the company has a ROE of 17.18% .The current P/E of the stock is at 19.29 & P/B is at 2.76.

The median 1-year forecasted upside in this share is at 11.08% with a target price of ₹1898.00.

The company has a 25.52% promoter holding, 8.21% MF holding, & 47.15% FII holding as per filings in the june quarter.

Hdfc Bank Share Price Today on : At 03 Oct 11:02 today, Hdfc Bank shares are trading at price ₹1708.7, -1.01% down from the previous closing price. Sensex is trading at ₹83305.02, down by -1.14%. The stock has hit a high of ₹1725.9 and a low of ₹1700 during the day.

On the technical front, the stock is trading above the 20,50,100,300 days SMA & lower than the 5,10 day SMA. The stock will have support at 20,50,100,300 days SMA & face resistance at 5,10 days SMA