Share Market Highlights: Nifty ends above 17750, Sensex rises 200 pts amid volatility; RIL, Maruti lead gains

Share Market News Today | Sensex, Nifty, Share Prices Highlights: After a strong start, benchmark indices slipped into red intraday before they recovered to close the week higher. Broader markets,however, succumbed to selling pressure to end in red. BSE Sensex ended 203 points higher at 59,960. The NSE Nifty settled 50 points higher at 17,787. In the broader markets, BSE Midcap and Smallcap indices slipped around 0.5% each. Reliance led gains on benchmark indices as the stock jumped 3 per cent. The stock alone contributed 234 points to the BSE benchmark. Maruti Suzuki was te other top contributor as shares surged up to 5% after better-than-expected Q2FY23 results.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates 28 October, Friday

15:52 (IST) 28 Oct 2022 Decent Q2 earnings supporting domestic market in near term

“Gains in index heavyweights helped the domestic market to withstand its gains despite negative trends in its global peers. US tech stocks had a significant sell-off following disappointing quarterly results and a bleak forecast. The ECB raised its interest rate by 75bps, also signalling that it is making progress in combating record inflation, though the plausibility for a recession grew. However, the strengthening rupee along with a softening treasury yield and decent Q2 earnings results are supporting the domestic market in the near term.”-Vinod Nair, Head of Research, Geojit Financial Services

15:37 (IST) 28 Oct 2022 Nifty, Sensex end in green

Sensex ended higher by 203.01 points or 0.34% at 59,959.85. Nifty ended higher by 49.80 points or 0.28% at 17,786.80.

15:06 (IST) 28 Oct 2022 Domestic PV industry growth to support Maruti’s business

“Maruti Suzuki has reported decent performance in 2QFY23. We expect the domestic PV industry to record double digit volume growth in FY23 and FY24, which would support MSIL’s business. Moreover, sales of premium products would further increase. MSIL would enjoy the benefit of higher market shares in CNG variants, as preference for CNG vehicles has been rising. In view of expected healthy PV sales over the next 2 years owing to low penetration and rising affordability, strong products portfolio across markets, strong return ratio and healthy balance sheet, at present we have BUY on MSIL.”-Mitul Shah – Head of Research at Reliance Securities

15:04 (IST) 28 Oct 2022 Maruti Q2FY23 results beat estimates; buy stock

“Maruti Suzuki 2Q performance was better-than-street estimates. Its new models – New Brezza, New Baleno, and Vitara have been gaining good traction. Pending customer orders stood at about 412k vehicles at the end of the quarter, of which 130k units for the newly launched models. The company has addressed white spaces in its portfolio through the launch of Brezza and Grand Vitara. However, higher competition in the SUV space and slow revival in the entry segment still remains a concern. Production levels for the company are almost back to normal levels as the chip issue is largely addressed. However, market share gains remain key for Maruti, due to the competitive intensity in the UV space. Maruti has lost significant market share over the last few years (41% in Sep-22YTD vs 51% in FY19).” – Mansi Lall – Research Associate, Prabhudas Lilladher

14:45 (IST) 28 Oct 2022 Maruti Suzuki Q2FY23 profit jumps 4xo Rs 2,062 cr

Maruti Suzuki India, reported a standalone net profit of Rs 2,061.5 crore for the July-September quarter of fiscal 2022-23 (Q2FY23) as sales improved sharply on easing chip shortage. The profit jumped over four-fold, or 333%, from last year’s profit of Rs 475.3 crore. Maruti Suzuki shares jumped 3% on BSE after the result.

14:22 (IST) 28 Oct 2022 boAt raises $60 mn, defers IPO plan

“We now want to make smartwatches our second core and will replicate the boAt digital playbook to become global leaders in this category as well. The new funding will allow us to invest significantly to disrupt the smart watches space with more innovative products,” said Aman Gupta, co-founder and chief marketing officer of boAt, in a company statement.

14:19 (IST) 28 Oct 2022 Fusion Microfinance sets IPO price band at Rs 350-368 per share

Fusion Microfinance on Friday said it has fixed a price band of Rs 350-368 a share for its Rs 1,104 crore initial public offering (IPO). The initial share sale will open for public subscription on November 2 and conclude on November 4. The bidding for anchor investors will open on November 1, according to the company.

14:18 (IST) 28 Oct 2022 European markets open lower

European markets opened lower on Friday as investors continued to digest the European Central Bank’s decision to raise its interest rate by 75bps. The Stoxx 600 was down 0.4% at the start of trading.

12:28 (IST) 28 Oct 2022 Tata Chemicals shares fall 3% after Q2FY23 results

The company reported a nearly three-fold jump in consolidated net profit to Rs 628 crore for the September 2022 quarter on higher income. The company’s profit stood at Rs 221 crore in the same quarter a year ago. In the earnings concall, the management sai that its soda ash volumes were impacted due to maintenance shutdowns by some clients. Q2 & Q3 seasonally see lower volumes; there is favourable demand-supply dynamic; and recession impact not seen on clients.  

12:11 (IST) 28 Oct 2022 Sensex off day’s high

Sensex trimmed gains to trade below day’s high. The benchmark index is up 120-odd points. Nifty is up 28.70 points or 0.16% at 17,765.70.

12:08 (IST) 28 Oct 2022 Bank of India shares jump 1.5%

Bank of India shares jumped 1.5% as the lender in an exchange filing said, “We wish to inform that the Board of Directors of the Bank would be considering at their meeting scheduled on 04th November 2022, the proposal of capital raising by issue of Additional Tier-I (AT-I) bonds up to Rs 2,500 crore in one or more tranches.”

12:03 (IST) 28 Oct 2022 Nykaa shares fall 7% to hit new lifetime low; stock plunges 21% in a month; what should investors do?

Nykaa (FSN E-Commerce Ventures) shares continued to reel under pressure on Friday and hit a new low in an otherwise firm market. Nykaa share price tumbled 7 per cent to hit a fresh low intraday. The stock fell to Rs 975 on NSE, the lowest level since its listing in November last year, and has fallen 21 per cent in the past one month. In comparison, benchmark NSE Nifty 50 has rallied over 5 per cent in the same period. With the recent fall, the market price of Nykaa has tanked 62 per cent from its record high level of Rs 2,574, touched on 26 November 2021. 

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11:06 (IST) 28 Oct 2022 Indices hold gains

Sensex is up 206.29 points or 0.35 percent at 59,963. Nifty up 57.60 points or 0.32 percent at 17,794.60.

11:00 (IST) 28 Oct 2022 Any minor dip could be seen as an opportunity for bulls to add long bets

“On the technical perspective, the crucial support of the 17650 was firmly safeguarded, implying the resilience of the technical support. However, some tentativeness was evident on the higher grounds as the index struggled to breach the 17800 zone in the entire week. In terms of technical levels, any breach above the mentioned resistance could surge the market toward the 18000 zone in a comparable period (which we believe should happen anytime soon). At the same time, on the lower end, the 17650-17600 could be seen as immediate support, followed by the sacrosanct support around the 17500 mark. Going forward, our 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.”-Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

10:57 (IST) 28 Oct 2022 Bank Nifty in red

Bank Nifty index was trading in the red at 41100 levels, down over 150 pts.

10:52 (IST) 28 Oct 2022 Nykaa drops out of top-100 most valued companies

Nykaa dropped out of top-100 most valued companies as the stock has fallen 24% in a month. With the recent fall, the market price of Nykaa has tanked 62% from its record high level of Rs 2,574, which it touched on November 26, 2021. The company made its stock market debut on November 10, 2021.

10:08 (IST) 28 Oct 2022 Indices trading firmly in green

Benchmark indices were trading firm with Nifty around 17800. The Sensex was up 228.25 points or 0.38% at 59,985.09, and the Nifty was up 61.50 points or 0.35% at 17,798.50.

09:55 (IST) 28 Oct 2022 Nifty already up by 6% in October, trend looks set to continue

“The near-term market construct is clearly ‘advantage bulls.’ There are many factors going in favour of the bulls like strong Q3 GDP numbers (2.6%) in the US, easing recession fears, indications of declining inflation and expectations that Fed might pause rate hikes in Q1 of 2023. In India, even though valuations look high from the short- term perspective, there are favourable factors that can take the market higher. The important positive is the decline in US 10-year bond yield to below 4% which will persuade the FPIs to buy rather than sell in the near-term. The encouraging Q2 results will provide fodder to the bulls. Nifty is already up by 6% in October and the trend looks set to continue. The resilience of banking, select autos, capital goods and telecom might continue.”-VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:48 (IST) 28 Oct 2022 V-Guard Q2 net profit dips 26.5%

Electrical goods manufacturer V-Guard Industries Ltd on Thursday reported a 26.5% decline in its consolidated net profit at Rs 43.66 crore for the second quarter ended September 30.  It had posted a net profit of Rs 59.40 crore in the July-September period of last fiscal. However, its revenue from operations was up 8.67% to Rs 986.14 crore during the period under review. It was at Rs 907.40 crore in the corresponding period a year ago. V-Guard’s total expenses were up 12.51% at Rs 93,026 crore in the second quarter of FY23.

09:38 (IST) 28 Oct 2022 Rollover Analysis (Expiry Day)

“Market-wide futures open interest at the start of November series stands at ~INR 2.155tn as compared to ~ INR 2.095tn at the start of October series. Market-wide rollovers is at 90% vs. last 3M avg. of 91%. In absolute number of shares November series will start with higher OI 4,626 Mn shrs(~INR 2.15 tn) (led by long additions mainly led by FIIs) and this is highest in the last six months. Stock futures rollovers stands at 93% which is in-line with the average rollovers of last three series at 93%. The roll cost for SSF for today was around 50-52bps, which continuously increased for the last few sessions. This clearly reflects long aggression.”-Abhilash Pagaria, Head – Alternative & Quantitative Research, Nuvama Wealth

09:37 (IST) 28 Oct 2022 Rollover Analysis (Expiry Day) | FIIs short covering leads markets higher

In the cash segment, FIIs who withdrew USD 1.6bn in Sept, saw selling pressure receding as they sold only USD 0.5bn; the lowest in many preceding months. In October, DII continued to lend support to markets by deploying USD 1.3bn. The sectors which saw major gains were PSU Banks (19%), Nifty Bank (9%), Financial Service (7%), I.T. (6.5%), Metals (5.7%) and Realty (5.3%). The only sector which closed in red was FMCG (down 90 bps). Nifty futures rollovers stand at 76% vs 79% (last three series). Alongside, Nifty futures will start the November series at a higher OI base at INR 209bn (~11.8mn shares) vs. OI of 205bn (~12.2mn shares) seen at the start of October series. On Expiry day, the roll cost for Nifty was around 25-26bps, higher than Tuesday’s 18-19bps. For last 6 days, average roll cost was around 20-22bps.

09:36 (IST) 28 Oct 2022 Rollover Analysis (Expiry Day)| Rollovers – SSF: 93%; Mkt Wide: 90%; Nifty: 76%

“It was a Happy Diwali for the bulls as the sharp rebound in the last two weeks led markets to settle the October series at 17,722 with a gain of 5.5%. At the start of the series, Nifty Index took support at 100 DMA and after consolidating in the first half of the month, bulls eked out bears in no time. The major factors which led the bulls to win were mainly technical (extremely depressed sentiment, oversold prices, extreme FII short positioning) and most importantly the Q2 FY23 earnings season (especially the banks) have been strong, although there are still several reports to come. This series was an important one as Client (HNI & Retail) category was clearly the winner. They took aggressive long bets in future segment at start of the October series while FIIs who started with aggressive shorts, have now converted their positions to longs which majorly led to the sharp up move in last few days.”-Abhilash Pagaria, Head – Alternative & Quantitative Research, Nuvama Wealth

09:34 (IST) 28 Oct 2022 Key Sectoral Rolls (Price/Open Interest)

Cement & Infra: NSE Cement & Infra Index gained 5.09% in Oct Expiry. Long Build Up was seen in ULTRACEMCO (4.2%/4.7%). Short Covering was seen in UPL (7.6%/-7.1%), GRASIM (4.1%/-5.4%), and SHREECEM (1.1%/-11.8%).

Energy: NSE Energy Index gained 4.23% in Oct Expiry. Long Build Up was seen in ONGC (4.1%/10.5%). Short Covering was seen in POWERGRID (7.6%/-41.8%), NTPC (7.0%/-11.2%), RELIANCE (5.4%/-9.8%), and BPCL (0.8%/-3.3%).

Auto: NSE Auto Index was up by 3.86% in Oct Expiry. Long Build Up was seen in HEROMOTOCO (2.9%/2.4%) and M&M (2.8%/4.9%). Short Covering was seen in BAJAJ-AUTO (4.2%/-36.6%), EICHERMOT (2.4%/-11.0%), TATAMOTORS (1.4%/-2.0%), and MARUTI (0.6%/-19.3%).

Pharma: NSE Pharma Index gained 2.75% in Oct Expiry. Long Build Up was seen in CIPLA (4.5%/7.4%). Short Covering was seen in SUNPHARMA (8.7%/-14.8%) and BHARTIARTL (6.9%/-2.1%).

FMCG: NSE FMCG Index corrected by 0.91% in Oct Expiry. Short Build Up was seen in ASIANPAINT (-10.1%/17.0%), Short Build Up was seen in HINDUNILVR (-6.7%/6.2%), and Short Build Up was seen in TATACONSUM (-3.3%/15.3%). Profit Booking was seen in BRITANNIA (-2.8%/-5.2%).

09:34 (IST) 28 Oct 2022 Key Sectoral Rolls (Price/Open Interest)

Public Sector Banks: NSE PSBK Index gained 18.82% in Oct Expiry. Long Build Up was seen in SBIN (11.1%/22.6%).

Banking: BANKNIFTY was up by 9.7% in Oct Expiry. Long Build Up was seen in KOTAKBANK (5.7%/6.2%), HDFCBANK (5.2%/12.1%), and INDUSINDBK (0.0%/48.5%). Short Covering was seen in AXISBANK (27.3%/-10.2%) and ICICIBANK (9.5%/-5.0%).

Financial Services: NSEFIN Index was up by 7.07% in Oct Expiry. Long Build Up was seen in HDFC (6.5%/9.1%) and HDFCLIFE (0.9%/2.1%). Short Covering was seen in SBILIFE (1.1%/-3.1%).

IT: NSE IT Index was up by 6.54% in Oct Expiry. Short Covering was seen in HCLTECH (11.8%/-11.4%), TECHM (6.8%/-9.8%), INFY (5.4%/-21.2%), and TCS (3.8%/-13.4%).

Metal: NSE Metal Index was up by 5.74% in Oct Expiry. Short Covering was seen in COALINDIA (12.6%/-35.3%), HINDALCO (11.1%/-5.2%), JSWSTEEL (9.9%/-4.1%), and TATASTEEL (3.1%/-8.3%).

Industrials: BSE Industrials Index gained 5.65% in Oct Expiry. Long Build Up was seen in LT (8.2%/3.7%).

09:33 (IST) 28 Oct 2022 Rollover action- Sector Specific

At the start of October series, we observe that the Auto Sector for the third consecutive month is seeing long unwinding. The Aggressive long side bias is seen in Banking Sector (Private and PSU both- most of the names also saw roll cost expanding).  Interestingly the dark horse for Nov series could be I.T. and Metal sectors as the OI base is quite lower vs averages and any good surprise can lead benchmark and stocks higher. –Abhilash Pagaria, Head – Alternative & Quantitative Research, Nuvama Wealth

09:32 (IST) 28 Oct 2022 Rollover Analysis

Outlook for October Series | Upside momentum to continue followed by immediate resistance at 18,200

“The bulls maintained upper hand in the second half of October series, and they continue to hold the grounds which is clearly reflected in today’s roll cost expansion and rollovers percentage. The monthly seasonality is also in favour of the bulls as November has settled in green 7 out of 10 years with an average return of 1.3%. Alongside, Bank Nifty also had the same hit ratio with an average return of 80 bps. We believe Nifty Index could move towards 18,200 and then find some resistance while 17,100 will be a very important support and in case we move closer to this level then it should be used as an opportunity to buy with 16,900 as strict stop loss. Thus we expect the market to consolidate at higher levels and face stiff resistance above 18,450.”-Abhilash Pagaria, Head – Alternative & Quantitative Research, Nuvama Wealth

09:31 (IST) 28 Oct 2022 Rollover Analysis

Participant Positioning | FIIs changed stance from aggressive shorts to net longs & Clients booked gains

At the start of the Feb series, net longs by client category (HNI + Retail) in Single Stock Futures (SSF) were 1,422k contracts (record high) vs at start of Oct series, they were net long by (1,134k contracts) and now they will be starting November series with net long by (1,130k contracts). Client category have clearly utilised the surge in markets to book profits and trim longs by 96k contracts.

The FII category change in positioning (excessive shorts to longs) have clearly helped Client category benefit as at the start of October series , FIIs were net short by 23k contracts  and now they are starting November series with net longs by 117k contracts. Alongside, FIIs refused to carry net shorts in Index Futures. They were net shorts by 121k contracts (at start of oct series) and are now net longs by 23k contracts. Change In FII positioning has helped bulls (HNI/Retail) to rejoice in the festive week. –Abhilash Pagaria, Head – Alternative & Quantitative Research, Nuvama Wealth

09:29 (IST) 28 Oct 2022 SBI Cards shares plunge 5%

Shares of SBI Cards tumbled over 5% after the company on Thursday reported a 52% jump in its net profit to Rs 526 crore for the quarter ended September on higher income. The pure-play credit card company promoted by the country’s largest lender State Bank of India (SBI) had reported a net profit of Rs 345 crore in the previous quarter a year earlier. The total income in the second quarter of the current fiscal rose 28% to Rs 3,453 crore from Rs 2,695 crore a year ago. The interest income grew 27% to Rs 1,484 crore, while income from other sources jumped 29% to Rs 1,813 crore.

09:27 (IST) 28 Oct 2022 Nykaa appoints Rajesh Uppalapati as CTO, shares down 5%

Nykaa on October 27 announced the appointment of Rajesh Uppalapati as its chief technology office (CTO), with effect from November 1. Uppalapati will be replacing Nykaa’s incumbent CTO Sanjay Suri, who will cease to hold the charge from November 1 onwards. “Over the next few weeks, Mr. Sanjay Suri will work closely with Mr. Rajesh Uppalapati to ensure smooth settling in and transition of roles,” Nykaa informed the stock exchanges. Nykaa shares plunged 5%.

09:23 (IST) 28 Oct 2022 Sensex Heatmap

22 of the 30 Sensex constituents rise in opening trade; Maruti Suzuki, RIL top gainers

09:22 (IST) 28 Oct 2022 Sectoral trends

Auto stocks lead gains; Metals, Pharma indices slide

09:21 (IST) 28 Oct 2022 Markets open in green

Indian indices opened flat with positive bias amid mixed global cues. The Sensex was up 186.83 points or 0.31% at 59943.67, and the Nifty was up 55.80 points or 0.31% at 17792.80.

09:20 (IST) 28 Oct 2022 RBI Special MPC meeting on 3 Nov

The Reserve Bank will hold a special meeting of its rate-setting committee on 3 November to prepare a report for the government on why it failed to keep retail inflation below the target of 6% for three consecutive quarters since January. The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will prepare the report on reasons for failure to meet the inflation target as well as the remedial measures the central bank is taking to bring down prices in the country. RBI Act mandates that in case the inflation target is not met for three consecutive quarters, the central bank has to submit a report to the government explaining the reasons and detail the remedial actions it will be taking to check the price rise.

09:05 (IST) 28 Oct 2022 Pre-Open: Nifty, Sensex in red

Benchmark indices are trading lower in the pre-opening session. The Sensex was down 449.91 points or 0.75% at 59306.93, and the Nifty was down 55 points or 0.31% at 17682.

09:04 (IST) 28 Oct 2022 Rupee opens higher

Indian rupee opened 11 paise higher at 82.38 per dollar on against Thursday’s close of 82.49.

09:03 (IST) 28 Oct 2022 NHAI to list its infra investment trust on BSE

NHAI’s Infrastructure Investment Trust (InvIT) which has been oversubscribed by about five times will be listed on the Bombay Stock Exchange on Friday.Infrastructure Investment Trusts are instruments on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.

09:01 (IST) 28 Oct 2022 Markets likely to stay positive in early trades

“Local equity indices are likely to stay positive in early trades Friday, amid positive cues from the SGX Nifty even as most of the other Asian indices are trading in dismal zone. Domestically, FIIs were net buyers of local shares in yesterday’s trade, providing a boost to local traders who are trading cautiously in uncertain markets. Also, the odds for a 75bps hike by the US Fed in December have fallen to 45.6% versus 69.8% a week ago. The US Dollar index falling in recent sessions and treasury yields declining have eased concerns of jittery investors.”-Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:53 (IST) 28 Oct 2022 Rupee likely to appreciate amid retreat in dollar, strengthening Asian peers; USDINR to trade in this range

The Indian Rupee is expected to appreciate against the US dollar on Friday amid retreat in dollar and strength in Asian, EM peers. Expectation that the US Fed might ease the aggressive pace of raising interest rates beginning December is also expected to pull back the American currency, lending support to rupee. The dollar index has dropped to around 110, down about 1.7% this week. In the previous session, rupee appreciated 34 paise against the US dollar as the greenback retreated from its elevated levels. At the interbank foreign exchange market, the local currency opened at 82.15 and witnessed a high of 82.14 before it finally settled at 82.47 against the American currency, registering a rise of 34 paise over its last close.

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08:35 (IST) 28 Oct 2022 Nifty may head towards 18100; ‘stick to buy-on-dip approach, look for stock specific opportunities’

Post the sharp correction in the later part of the September series, Nifty started the October series on a positive note. The index formed a support base in the range of 17000-16750 and then it recovered gradually throughout the series. The intermediate dips during the series got bought into and the index ended the October expiry well above 17700 with gains of over 5 percent compared to last expiry closing. The October series started with rollover of short positions by the FII’s. However, as the series progressed, the global markets started to recover from their lows and the Nifty too formed a support base around 17000 mark and started to recover. Thus, we witnessed unwinding of short positions gradually which led to an upmove in the index.

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08:21 (IST) 28 Oct 2022 Reliance Securities Intraday Picks

ASHOKLEY (PREVIOUS CLOSE: 148) BUY 

For today’s trade, long position can be initiated in the range of Rs 145- 147 for the target of Rs.151 with a strict stop loss of Rs 144

HAVELLS (PREVIOUS CLOSE: 1187) BUY 

For today’s trade, long position can be initiated in the range of Rs 1175- 1182 for the target of Rs.1210 with a strict stop loss of Rs 1165

OBEROIRLTY (PREVIOUS CLOSE: 884) BUY 

For today’s trade, long position can be initiated in the range of Rs 875- 882 for the target of Rs.899 with a strict stop loss of Rs 865  

08:17 (IST) 28 Oct 2022 Oil prices edge higher

Oil rose more than $1 a barrel on Thursday, extending the previous day’s rally of nearly 3%, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Data showed record U.S. crude exports, a hopeful sign for demand. Speculation that central banks could be nearing the end of rate-hiking cycles added support, after the European Central bank raised rates by 75 basis points. Brent crude settled up $1.27, or 1.3%, to $96.96 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.17, or 1.3%, to $89.08 a barrel.

08:15 (IST) 28 Oct 2022 Nifty, Bank Nifty support and resistance

“On the technical front major support for Nifty50 is placed at 17500 whereas major resistance can be seen at 18000. For Bank Nifty major support and resistance are placed at 40800 and 41850 respectively.” -Mohit Nigam, Head – PMS, Hem Securities

08:14 (IST) 28 Oct 2022 Markets to remain upbeat, focus on potential movers which offer better trading opportunities

“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.”-Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:12 (IST) 28 Oct 2022 Nifty can move towards 18000 above 17800

“Trading session was marked by extreme volatility on the monthly F&O expiry day, but sharp rally in metals, realty and oil & gas stocks helped markets maintain the bullish sentiment seen in the recent trades. Investors are positive about the India growth story, which is driving markets higher despite several headwinds on the external front. Technically, for the last three sessions, the Nifty has consistently found resistance near the 17800 level and conversely taking support near 17625. For Nifty, 17800 would be the key breakout level and above the same the index could move up to 17900-18000. On the flip side, a fresh round of selling is possible only after the dismissal of 17625. Below the same, the index could slip till 17500-17450.”-Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

08:11 (IST) 28 Oct 2022 ECB raises interest rates by 75 basis points

The European Central Bank on Thursday rolled out another bumper rate hike to combat soaring inflation, despite growing concern that the eurozone is hurtling towards a painful recession. The ECB’s 25-member governing council repeated last month’s unprecedented move and opted for another increase of 75 basis points, leaving its three main rates sitting in a range of between 1.5 and 2.25 percent.

The hike was widely expected and comes as the Frankfurt institution faces pressure to rein in record-high inflation, mainly driven by skyrocketing energy costs in the wake of Russia’s war in Ukraine. Eurozone inflation stood at 9.9 percent in September, nearly five times the ECB’s two-percent target.

08:10 (IST) 28 Oct 2022 Will bulls manage to pull Nifty above 18000 amid global headwinds? Key things to know before market opens

Trends in SGX Nifty hinted at a flat to positive start for the Indian share market as the Nifty futures were trading around 17,863 levels, up 0.34% on the Singaporean exchange. In the previous session, BSE Sensex jumped over 200 points to 59,757, while the NSE Nifty 50 rose 81 points to 17,737. “Investors are positive about the India growth story, which is driving markets higher despite several headwinds on the external front,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. India VIX, the volatility gauge, is below 17 levels and is supporting the overall positive sentiments in the market, according to analysts.

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08:09 (IST) 28 Oct 2022 IMF cuts Asia’s economic forecasts

The International Monetary Fund (IMF) cut Asia’s economic forecasts on Friday as global monetary tightening, rising inflation blamed on the war in Ukraine, and China’s sharp slowdown dampened the region’s recovery prospects. While inflation in Asia remains subdued compared with other regions, most central banks must continue raising interest rates to ensure inflation expectations do not become de-anchored, the IMF said in its Asia-Pacific regional economic outlook report.

“Asia’s strong economic rebound early this year is losing momentum, with a weaker-than expected second quarter,” said Krishna Srinivasan, director of the IMF’s Asia and Pacific Department.

07:55 (IST) 28 Oct 2022 Fresh longs only above 17811; Positional breakdown point at 17640

“FIIs are now net long in index futures. From heavy shorts of 1.27 lakh contracts in early October to 23.2K contracts net long. Retail booked profits in staggered way in this rally winning it yet again. Outlook: Fresh longs only above 17811, until then we may continue to grind. Intraday weakness may set in below 17700. Positional breakdown point at 17640.

Position Sizing Guide: Small

Support: 17700 and 17640

Resistance: 17811 and 17920″

– Rahul Sharma, Head – Research, JM Financial Services

07:54 (IST) 28 Oct 2022 Trade Setup

Cumulative Open Interest: Nifty down 20% | Rollover at 76%

Cumulative Open Interest: Bank Nifty down 20% | Rollover at 77%

Nifty Options Data: Bullish | PCR: 1.10 (up)

Bank Nifty Otions Data: Hurdle at 41500 | PCR: 0.99 (down)

FII bought: Cash, IF, SF, IO and SO

FII sold: Nil

– Rahul Sharma, Head – Research, JM Financial Services

07:36 (IST) 28 Oct 2022 Asian markets mainly lower

Shares in the Asia-Pacific fell ahead of the Bank of Japan’s interest rate decision and a slew of companies in the region reporting earnings. The Nikkei 22 in Japan fell 0.63%, while the Topix was fractionally lower. South Korea’s Kospi was slightly lower. In Australia, the S&P/ASX 200 was down 0.49%. MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.42%. The Hang Seng index in Hong Kong dipped 0.1%, with the Hang Seng Tech index sliding more than 1%. In mainland China, the Shanghai Composite was 0.58% lower and the Shenzhen Component lost 0.946%.