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MTECHTIPS:-Technical Snapshot
The Nifty opened the day on high note, and the index remained under pressure for the day. Snapping their five days winning streak, Indian equity indices ended the session in the negative terrain with both the bourses tumbling below their crucial 5,750 levels.The gauges, despite a firm start, went into a tizzy on Friday after couple of trading errors on Nifty pressed the panic button momentarily, resulting sharp fluctuations in the key stock indices.The NSE circuit filter got triggered due to entry of 59 erroneous orders which resulted in multiple trades for an aggregate value of over Rs 650 crore. These orders had been entered by a trading member Emkay Global Financial Services on behalf of an institutional client. These non-algo market orders were entered for an erroneous quantity which resulted in executing trades at multiple price points across the entire order book thereby causing the circuit filter to be triggered.Earlier, the markets opened higher for the 6th consecutive session on Friday following Cabinet’s clearance to FDI in insurance and pension, and encouraging comments by ECB President Mario Draghi yesterday. But, the undertone turned cautious, as the markets seemed to have already reacted to the news of impending Cabinet nod for those reforms. Further, selling in banking stocks too dampened the sentiments as the RBI governor D. Subbarao reiterated that inflation was not at a comfort level and at its forthcoming policy meeting on October 30th.
The Nifty opened the day on high note, and the index remained under pressure for the day. Snapping their five days winning streak, Indian equity indices ended the session in the negative terrain with both the bourses tumbling below their crucial 5,750 levels.The gauges, despite a firm start, went into a tizzy on Friday after couple of trading errors on Nifty pressed the panic button momentarily, resulting sharp fluctuations in the key stock indices.The NSE circuit filter got triggered due to entry of 59 erroneous orders which resulted in multiple trades for an aggregate value of over Rs 650 crore. These orders had been entered by a trading member Emkay Global Financial Services on behalf of an institutional client. These non-algo market orders were entered for an erroneous quantity which resulted in executing trades at multiple price points across the entire order book thereby causing the circuit filter to be triggered.Earlier, the markets opened higher for the 6th consecutive session on Friday following Cabinet’s clearance to FDI in insurance and pension, and encouraging comments by ECB President Mario Draghi yesterday. But, the undertone turned cautious, as the markets seemed to have already reacted to the news of impending Cabinet nod for those reforms. Further, selling in banking stocks too dampened the sentiments as the RBI governor D. Subbarao reiterated that inflation was not at a comfort level and at its forthcoming policy meeting on October 30th.
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