Dear
Trader…
Markets ended
with modest gains on the expiry day of October month derivatives contracts amid
mixed cues. After the initial uptick,
the Nifty index oscillated in a range and finally settled closer to the upper
band of the day’s range at 17,736.95 levels. Meanwhile, sectoral indices also
traded mixed wherein buoyancy in realty, metal and oil&gas kept the traders
busy while the IT pack was on the back foot.
The broader indices too traded in sync with the trend and gained nearly
half a percent each.
Going
forward, Indian market is likely to remain upbeat in the near term, wherein any
minor dip could be seen as an opportunity for the bulls to add long bets. We
may expect gradual moves in key indices, but individual pockets are performing
well. Hence, it’s advisable to keep focusing on such potential movers, which
are likely to provide better trading opportunities.
Nifty
futures opened at 17810.05 points against the previous close of 17688.65 and
opened at a low of 17708.20 points. Nifty Future closed with an average movement
of 141.80 points and a rise of around 114.45 points and 17803.10 points…!!
On the NSE, the
midcap 100 index will rise 0.61% and smallcap 100 index is closing rise 0.41%. Speaking
of various sectoral indices only IT stocks were seen selling on the NSE, while
all other sectoral indices closed higher.
At the start
of intra-day trading, December gold opened at Rs.50715, fell from a high of Rs.50875
points to a low of Rs.50638 with a decline of 45 points, a trend of around Rs.50642
and December Silver opened at Rs.58033, fell from a high of Rs.58480 points to
a low of Rs.57793, with a decline of 18 points, a trend of around Rs.58148.
Meanwhile,
foreign institutional investors (FIIs) net sold shares worth Rs 247.01 crore on
October 25, provisional data available on the NSE shows. There will be some
buzz in telecom stocks as Communications Minister Ashwini Vaishnaw said that
the telecom companies must raise the 5G towers installation per week to at
least 10,000 per week from the current 2,500 per week. Around 8,000 towers is
ready to help telcos scale the 5G infrastructure,
however, the
speed of 5G roll-out needs to be maintained. Healthcare sector stocks will be
in focus with report that the Comptroller and Auditor General of India (CAG) is
in the process of doing a comprehensive audit of the country’s health sector,
and is adopting an approach different from its earlier exercises, whose remit
was relatively narrow.
There will
be some reaction in real estate industry stocks with a private report that
going by the momentum of housing sales in the ongoing festive period and that
of the first three quarters of this year, 2022 is likely to breach the previous
peak of 2014 with an all-time high sales across the top seven cities. There
will be lots of earnings announcements too, to keep the markets in action.
Technically, the important key resistances are placed in Nifty future are at 17909 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 17979 – 18008 levels. Immediate support is placed at 17733 – 17676 levels.
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