There was a huge sell-off in the market on the day of weekly expiry and investors lost about Rs 10 lakh crore in a single day. Many reasons are being cited behind this sell-off in the market, but the Middle East crisis is being cited as the biggest reason. But, it cannot be denied that the Indian markets were showing signs of weakness at the technical level. The impact of SEBI's new circular on F&O will be seen in the market.

After this, due to the boom in the Chinese markets, interest is decreasing in outperforming markets like India. Many experts are accepting that China is now becoming more attractive than India. Yesterday, big heavyweight stocks like Reliance Industries and HDFC Bank also put pressure on the market. Today is the last trading session of the week and business updates of many companies will be watched. Apart from this, the market will also keep an eye on the latest updates from the Middle East.
 

Indications from global markets
Yesterday was the third day of ports strike in America. Morgan Stanley says that if it continues for a long time, its effect can be seen on consumer prices. Its effect can be seen on companies like Walmart, Target, Costoc and Nike. Services PMI has reached 54.9 here for the month of September. Employment data for the month of September will be released today. Meanwhile, the US market closed in the red mark yesterday.


Talking about Asia, mixed business is seen here today. Japan's Nikkei index is almost flat. South Korea's Kospi index is working with a gain of about half a percent. Hong Kong's Hang Sang is showing signs of weakness.

Strong rise in crude oil
Amid the possibility of Israel's attack on Iran's oil facility, crude oil has seen a strong rise of 5% after the statement of US President Joe Biden. He said that we are talking about it, it will be rare for this to happen. However, he definitely said that nothing like this is going to happen today. Brent crude oil has now reached close to $ 78 per barrel. Crude oil has climbed up to 8% this week.

FIIs - DIIs figures
On Thursday, heavy selling was seen by foreign institutional investors in the cash market. However, domestic institutional investors have also made big purchases in the cash market from lower levels yesterday.


Outlook for Nifty for today

Rajesh Bhosale of Angel One says that this time the selling momentum in Nifty seems strong. Now the next important support for Nifty is the 50-DEMA i.e. the zone of 25,050 - 25,000. If it breaks, the index can go up to the level of 24,750, which was the swing low of September. Bhosale advised to look at any bounce as an opportunity to reduce long positions. There is resistance for the index at the level of 25,500.

Nagaraj Shetty of HDFC Securities said that in the short term, the sentiment for Nifty seems weak. Nifty may slip to 25,100 - 25,000. The resistance for the index is at 25,400.

Outlook for Nifty Bank for today During September 11 to 27, Nifty Bank managed to reach a peak of 54,467 after a massive rally of 3,500 points. But, in the last four trading sessions, this index has lost 2,600 points. Heavyweight stocks like HDFC Bank and ICICI Bank have almost lost the momentum gained after September 11. Axis Bank has slipped to its lowest level since September 11. Rohit Srivastava of Indiacharts.com says that Nifty Bank is close to a very important support level of 51,500. If the index closes below it, the trendline of June's low may break. If the index maintains 51,500 on a closing basis, only then will the index see a move up to 55,000.