InvestmentGuruIndia.com

Published on 28/10/2021 5:40:24 PM

Benchmarks end with sharp losses on Thursday

Indian equity benchmarks witnessed a sharp decline and lost nearly two percent in the session, amid heavy broad-based sell-off. Volatility prevailed as traders rushed to square off their positions ahead of the expiry of monthly derivatives contracts due by the end of the session. Traders were anxious with report that cooking gas LPG prices may be hiked next week after under-recovery on the fuel widened to over Rs 100 per cylinder. Some concern also came with a report from the Euro-Mediterranean Center on Climate Change (CMCC) said that in India, the decline in rice and wheat yields due to climate change could lead to economic losses between 43-81 billion EUR (or 1.8-3.4% of GDP) by 2050. Traders were also concerned as foreign Institutional Investors stood as net sellers in the capital market as they offloaded shares worth Rs 1,913.36 crore on Wednesday, exchange data showed.

Market participants overlooked a private report stated that amidst the continuing market rally, the value of the foreign portfolio investors' holdings in the domestic equities jumped by $112 billion to $667 billion between April 1 and September 30, 2021, even though they have been getting increasingly jittery about the highly stretched valuations. Traders also paid no heed towards RBI report showing that the country's foreign exchange reserves surged by $58.38 billion in April-September 2021 to $635.36 billion. The forex reserves were at $576.98 billion at end-March 2021. Meanwhile, the Central Board of Direct Taxes (CBDT) stated that refunds of over Rs 1,02,952 crore have been issued to the taxpayers during the current financial year. The CBDT frames policy for the Income Tax Department.

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InvestmentGuruIndia.com

Published on 28/10/2021 1:59:14 PM

Selling pressure continues on D-Street

Selling pressure continued on Indian equity markets, with Sensex and Nifty trading down by 537 points and 188 points respectively. Also, negative Asian leads continue to spell pessimism for local equity markets. Sentiments got hurt as report from the Euro-Mediterranean Center on Climate Change (CMCC) said that in India, the decline in rice and wheat yields due to climate change could lead to economic losses between 43-81 billion EUR (or 1.8-3.4% of GDP) by 2050. Traders were also concerned as foreign Institutional Investors stood as net sellers in the capital market as they offloaded shares worth Rs 1,913.36 crore on Wednesday, exchange data showed. On the global front, Asian markets were trading in red after a retreat on Wall Street as banks and health care companies pulled the S&P 500 and the Dow Jones Industrial Average back from their latest record highs.

Closer home, the selling pressure in realty, oil and gas and FMCG counters continue to weigh on the markets. The overall market breadth on BSE is in the favour of declines which have outnumbered advances in the ratio of 2160: 983; while 130 shares remain unchanged. Bucking the trend, IRCTC traded jubilantly after the scrip turned ex-stock split (sub-division of equity shares) in ratio of 1:5.

The BSE Sensex is currently trading at 60605.79, down by 537.54 points or 0.88% after trading in a range of 60485.26 and 61081.00. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.48%, while Small cap index was down by 0.82%.

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GEPL Capital

Published on 28/10/2021 10:48:56 AM

NIFTY INTRADAY LEVELS

SEBI Registration number is INH000000081.
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GEPL Capital

Published on 28/10/2021 10:48:38 AM

BANK NIFTY INTRADAY LEVELS

SEBI Registration number is INH000000081.
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Enrich Financial

Published on 28/10/2021 10:35:16 AM

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Although the Nifty has seen corrections on last few sessions, but has managed to stay above strong support. Technically the upside trend remains intact, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 18350. The upside rally could be testing all the way up to 18500-18650 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again as long asthe Key support holds near 18050. A slide to 17900 is also a possibility if the price makes or break below the support level.

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Enrich Financial

Published on 28/10/2021 10:35:04 AM

NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18252.50 +56.50 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 lost 0.31%, while the BSE  Sensex 30 index fell 0.34%. The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 4.20% or 124.85 points to trade at 3094.65 at the close. UPL Ltd added 3.96% or 28.25 points to end at 741.50 and Divis Laboratories Ltd. was up 2.29% or 115.10 points to 5134.00 in late trade. Biggest losers included AXIS Bank Ltd, which lost 6.46% or 54.40 points to trade at 787.50 in late trade. Bajaj Finance Ltd declined 4.75% or 373.50 points to end at 7482.15 and Oil and Natural Gas Corporation Ltd shed 3.19% or 5.20 points to 157.90. The breadth, indicating the overall health of the market, 1705 rose and 1375 declined, while 130 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.15% to 75.049.

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Tradebulls Securities (P) Ltd

Published on 28/10/2021 10:34:23 AM

Nifty

Attempt to sustain above its 5 DEMA zone would be jeopardized incase the index slips below 18140. Derivative data suggests upside to remain capped within 18200-18500 itself while key pivotal support for the expiry zone remains around 18200-18000. Series of ‘Bearish Belt Holds’ with the declining strength displayed by the RSI compliments the ongoing weakness to continue further. With the result season progressing well expect volatility to remain on the higher side & profit booking led sector - stock rotation to remain high. It’s ideal to remain cautious & avoid fresh leverage longs from here on for a few weeks until volatility settles. Slippages below its 20DEMA zone of 17950 would result into a quick decline towards the lower end of the range placed around 17600-17500 which remains the only ‘Opportunity Buying Range’, until then participating with long short mix could help mitigate risk occurring due to heightening volatility. For the day weakness may unfold once below 18140 on Nifty while 40500 remains a strong support for BankNifty. On the flipside 41000-41200 remains the key pivotal resistance zone for Banknifty while Nifty looks unlikely to expire above 18310.

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HDFC Securities

Published on 28/10/2021 10:32:13 AM

Nifty Open Interest Put Call ratio fell to 0.86 levels from 0.98 levels - HDFC Securities

F&O HIGHLIGHTS

SHORT BUILD UP IS SEEN IN THE NIFTY AND BANK NIFTY FUTURES

REMAIN CAUTIOUS TILL NIFTY CLOSES ABOVE 18300 LEVELS

* Nifty fell more than one fifty points from the intraday high and finally ended the day with the losses of 57 points to close at 18211 levels.

* Short build up is seen in the Nifty Futures where Open Interest rose by 4% with Nifty falling by 0.31%.

* Short build up is seen in the Bank Nifty Futures too where Open Interest rose by 28% with Bank Nifty falling by 1%.

* Nifty Open Interest Put Call ratio fell to 0.86 levels from 0.98 levels. Amongst the Nifty options (28-Oct Expiry), Put writing is seen at 18000-18100 levels, Indicating Nifty is likely to find support in the vicinity of 18000 - 18100 levels. On the higher side, an immediate resistance is seen in the vicinity of 18300 - 18400 levels where we have seen Call writing.

* Short build up is seen by FIIS’ in the Index Futures segment where they net sold worth Rs 2552 Cr with their Open Interest going up by 19229 contracts.

To Sum It up, Short build up in the Nifty futures, Short build up in the Bank Nifty Futures, Call writing at 18300-18400 levels and FIIs selling in the Index Futures Indicates that Indicates that one should be cautious for the markets

Therefore, our advise is to remain cautious till Nifty closes above 18300 levels. On the lower side 18000-18100 levels will act as a strong support.

In the Bank Nifty, where we have seen short build up, our advice is to remain cautious till it closes above 41300 levels. On the lower side 40500-40700 level may act as support going forward

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Axis Securities

Published on 28/10/2021 10:31:13 AM

Banknifty

Banknifty opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Banknifty closed at 40874 with a loss of 364 points.

On the daily chart, the index has formed a sizable bearish candle forming lower High-Low compared to previous session indicating further weakness. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Banknifty crosses and sustains above 41000 level it would witness buying which would lead the index towards 41400-41600 levels. However if index breaks below 40750 level it would witness selling which would take the index towards 40700-40500. Banknifty is trading above 20 and 50 day SMA's indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI is in bullish mode and sustaining above its reference line indicating sustained strength.

The trend deciding level for the day is 40990. If BANK NIFTY trades above this level then we may witness a further rally up to 41230-41585-41830 levels. However, if BANK NIFTY trades below 40990 levels then we may see some profit booking initiating in the market, which may correct up to 40635-40395-40035 levels.

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Axis Securities

Published on 28/10/2021 10:29:35 AM

Nifty

Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 18211 with a loss of 57 points.

On the daily chart the index has formed a bearish candle with either side long shadows indicating extreme volatility at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 18250 level it would witness buying which would lead the index towards 18300-18400 levels. However if index breaks below 18150 level it would witness selling which would take the index towards 18100-18000. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.

The trend deciding level for the day is 18240. If NIFTY trades above this level then we may witness a further rally up to 18315-18415-18485 levels. However, if NIFTY trades below 18240 levels then we may see some profit booking initiating in the market, which may correct up to 18140-18065-17965 levels.

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