Indian benchmark indices NSE Nifty 50 and BSE Sensex are likely to open higher on Monday, hinted SGX Nifty. Nifty futures were trading 165 pts or 0.93% higher at 18000 on the Singapore Exchange signalling a positive start for domestic equities.
Indian benchmark indices NSE Nifty 50 and BSE Sensex are likely to open higher on Monday, hinted SGX Nifty. Nifty futures were trading 165 pts or 0.93% higher at 18000 on the Singapore Exchange signalling a positive start for domestic equities. “Markets have been inching gradually higher however a mixed trend across the index heavyweights keeping the momentum in check. We expect Nifty to maintain the positive tone till it manages to hold 17,400 and inch gradually toward the 18,100+ zone. We feel banking might take a breather around its record high and other sectors would fill in on a rotational basis. Traders should continue with the “buy on dips” approach with a focus on overnight risk management,” said Ajit Mishra, VP – Research, Religare Broking.
Key things to know before share market opening bell
Global market watch: Shares in the Asia-Pacific region rose on Monday ahead of China’s factory activity data that’s slated to be released, and as markets look ahead to the US Fed meeting later this week. Japan’s Nikkei 225 rose 1.32%, South Korea’s Kospi added 0.59%. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3%. Meanwhile, all major US indices ended Friday’s session up about 2.5% or more. The Dow Jones Industrial Average rose 2.59%, the S&P 500 gained 2.46%, and the Nasdaq Composite added 2.87%.
Nifty technical view: On weekly charts, the Nifty has formed a Hammer kind of candlestick formation, indicating indecisiveness between the bulls and bear. “Nifty moved above the high-low range of the previous three sessions and closed at the highest in more than 5 weeks. Sectoral rotation is keeping the Nifty afloat in volatile times. On a weekly basis, Nifty gained 1.20% building on the gains of the previous week. Nifty could now head towards 17838-17919 band, while 17568-17637 band could offer support,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Levels to watch for: “The support for Nifty has shifted around 17600 levels while on the upside 18000 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40500 levels while resistance at 41800 levels. Overall, Traders are advised to keep a buy-on-dip approach until there’s any change in data and look for stock-specific opportunities with a positive bias,” said Palak Kothari, Senior Technical Analyst, Choice Broking.
Q2 Results today: Larsen & Toubro, Tata Steel, Bharti Airtel, 3i Infotech, Castrol India, LT Foods, Data Patterns (India), Equitas Small Finance Bank, Fino Payments Bank, GHCL, Motherson Sumi Wiring India, Music Broadcast, Saregama India, Swaraj Engines, Timken India, and VST Tillers Tractors will report September FY23 quarter earnings (Q2) on 31 October.
FII and DII data: Foreign institutional investors (FIIs) net bought shares worth Rs 1,568.75 crore, whereas domestic institutional investors (DIIs) net offloaded equities worth Rs 613.37 crore on 28 October, according to the provisional data available on the NSE.