Fri Nov 01 03:50:00 UTC 2024: ## Indian Stock Market Shows Bearish Trend on Monthly Expiry Day

**Mumbai, October 31, 2023:** The Nifty 50 index continued its downward trend on the monthly expiry day, October 31, falling more than half a percent and trading below all short- to medium-term moving averages, raising concerns among market experts. While the index found support at 24,100, a decisive break below this level could drag it down further towards 23,900. On the upside, 24,500 is expected to act as a key hurdle.

**Key Data Points for Profitable Trading:**

* **Nifty 50:** Formed a bearish candlestick pattern on the daily charts, with resistance levels at 24,326, 24,374, and 24,450 and support levels at 24,174, 24,127, and 24,050. The index traded below the 20-, 50-, and 100-day EMAs, while the RSI also indicated a negative crossover.
* **Bank Nifty:** Sustained a lower top-lower bottom formation for the second consecutive session, with above-average volumes. The index fell by 332 points to 51,475, dropping below the 20- and 50-day EMAs. However, on the weekly timeframe, the index gained 1.35 percent with above-average volumes.
* **Options Data:** Maximum open interest in Nifty options was seen at the 24,200 strike (1.63 crore contracts), followed by 24,300 (1.09 crore contracts) and 25,000 (99.96 lakh contracts). In Bank Nifty, maximum open interest was seen at the 52,000 strike (20.1 lakh contracts), followed by 53,000 (19.49 lakh contracts) and 52,500 (18.65 lakh contracts).
* **Sentiment Indicators:** Nifty Put-Call ratio (PCR) climbed to 1.05 on October 31, indicating a firming up of bullish sentiment. Volatility has maintained its upward trajectory for the third consecutive session, reaching a fresh two-and-a-half-month high.

**Other Notable Market Trends:**

* **Long Build-up:** 3 stocks saw a long build-up, indicating a positive outlook.
* **Long Unwinding:** 103 stocks saw a decline in open interest along with a fall in price, indicating long unwinding.
* **Short Covering:** 66 stocks saw short-covering, meaning a decrease in open interest along with a price increase.
* **High Delivery Trades:** Certain stocks saw a high share of delivery trades, reflecting investing interest.
* **High Rollovers:** Some stocks saw the highest rollovers on expiry day.

**Disclaimer:** The views and investment tips expressed in this article are those of market experts and do not reflect the views of Moneycontrol or its management. Readers are advised to consult with certified experts before making any investment decisions.

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