Trade Setup For Oct. 22: Nifty Support Slips To 22,700, Analysts Flag Sideways Drift Till 23,000
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Domestic equity benchmarks ended lower on Wednesday as broad selling hit the Nifty and Sensex.
- ✓The Nifty fell 0.34% to 22,811.35.
- ✓Analysts said the index faces a sideways drift until it hits 23,000.
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- MARKET
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- India Economy
Domestic equity benchmarks ended lower after Wednesday's trading session as broad-based selling across most sectors weighed on the Nifty and Sensex. The Nifty settled 0.34% lower at 22,811.35 after falling to an intraday low of 22,649.90. Meanwhile, Sensex ended 0.19% lower at 73,709.69, after reaching a low of 73,229.45 intraday. Bank Nifty fell 511.20 points, or 0.92%, to end at 54,976.90.
The broader market saw a lot more selling pressure during the session, with the Nifty Smallcap 100 slipping 2.37% and the Nifty Midcap 100 falling 1.58%. Among sectoral indices, metals, auto, realty, pharma, media and FMCG stocks declined, while the IT index gained 2.88%.
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