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Kedia Commodities

Published on 23/10/2020 4:55:15 PM

Maharashtra CM Uddhav Thackeray announces Rs 10,000 crore aid to flood-hit people

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LKP Securities

Published on 23/10/2020 1:31:18 PM

Midday Review

Markets continue to trade in positive terrain

Indian stock markets continued to trade in positive terrain in afternoon session with Sensex and Nifty trading above 40,600 and 11,900 levels respectively. Buying in frontline stocks such as Tata Steel, Maruti Suzuki and Power Grid were aiding sentiment, while selling in Ultratech Cement, Hindustan Unilever and Axis Bank kept the gains in the markets in check. Besides, broader indices were also trading in green, supporting their larger peers. Sentiments remained positive as Niti Aayog Vice Chairman Rajiv Kumar expressed confidence that money and resources will be in place for a viable and effective vaccination system to fight COVID-19, even as he said it is quite premature to talk about the cost for getting the vaccination. Meanwhile, the Reserve Bank of India in its latest data has showed that bank credit grew by 5.66 per cent to Rs 103.44 lakh crore, while deposits increased by 10.55 per cent to Rs 143.02 lakh crore in the fortnight ended October 9. In the fortnight ended October 11, 2019, bank credit had stood at Rs 97.89 lakh crore and deposits at Rs 129.38 lakh crore.

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GEPL Capital

Published on 23/10/2020 12:08:05 PM

Key Highlights:

* Nifty October Futures ended 28.80 points down @ 11898.65 with a premium of 2.20 points.

* Nifty futures open interest decreased by 3.79 lakh shares with October series total open interest stands at 1.04 crore shares.

* Nifty 12500 call has highest OI, whereas 10500 put holds the highest OI and Banknifty 25000 call has highest OI and 23000 put has highest OI.

* Nifty 12500 call saw addition of 9.66 lakh shares in OI, whereas 10500 put saw addition of 6.58 lakh shares In OI.

* India VIX ended 1.22% down @ 22.64 against the previous close of 22.92

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GEPL Capital

Published on 23/10/2020 12:07:47 PM

BANKNIFTY SPOT: 24484.15 (-0.61%)

DYNAMIC PARAMETER: Index maintained Doji candle pattern

TRADING ZONE:

Resistance: 24823 (3 Day High) / 25000 (Key Resistance)

Support: 24250 (Day Low) / 24099 (2 Day Low)

VIEW: Bullish till above 23411 (200 Day SMA)

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GEPL Capital

Published on 23/10/2020 12:07:31 PM

Key Highlights:

The Nifty forms Doji candle pattern, however it closes just shade short of 11900 mark….

NIFTY SPOT: 11896.45 (-0.35%)

DYNAMIC PARAMETER: Nifty formed an Inside Day bar.

TRADING ZONE:

Resistance: 12025 (Swing High) / 12090 (Key Resistance)

Support: 11820 (Intraday Support) / 11750 (Key Support)

BROADER MARKET: OUTPERFORMED MIDCAP 17171 (0.62%), SMALLCAP 5957 (1.01%)

AdvanceDecline: 1016/ 812

VIEW: Bullish above 12025 (Swing High)

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Swastika Investmart Ltd

Published on 23/10/2020 12:00:39 PM

Banknifty (Spot):

Banknifty is outperforming but it is also acting volatile ahead of the psychological mark of 25000. On the downside, 24100-23950 is a strong demand zone; below this, we can expect a move towards 23500 level. On the upside, 24700 will act as an immediate hurdle; above this, we can expect a move towards the 25000-25200 zone.

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Swastika Investmart Ltd

Published on 23/10/2020 12:00:16 PM

Technical Outlook:

Nifty (Spot):

Nifty is behaving choppy ahead of the supply zone of 12000-12100 but there is buying at every dip in the market. 11790 is an immediate support level; if Nifty trades below this then we can expect a move towards the 11620-11580 demand zone. 11820-11980 is a well-defined trading band for time being and any decisive move from this band can provide a further direction.

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Angel Broking Pvt Ltd

Published on 23/10/2020 11:57:00 AM

Nifty Bank Outlook - (24484)

We had a sluggish start yesterday owing to global cues. In the initial couple of hours, banking index recovered well and tried giving some good move. But this feeble attempt got sold into and for the major part of the day, we witnessed range bound action with slightly negative bias. In fact,at the stroke of the penultimate hour, markets had a sharp dip but it was more of an expiry related move and hence, the weakness didn’t last long. At the end, due to modest recovery, the BANKNIFTY ended with a nominal half a percent cut.

Since last couple of days the volatility has risen a bit. Yesterday’s behaviour was more of a choppy one rather than calling it as volatile. We reiterate that till the time banking index holds 24200-24000, there is no reason to worry for. In fact, in between dips are likely to be bought. On the higher side, 24750-25000 are the levels to watch out for. The major rally is likely to unfold only after surpassing the sturdy wall of 25000-25200. Till then the consolidation within 700-800 points is likely to continue with a positive bias.

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Angel Broking Pvt Ltd

Published on 23/10/2020 11:54:33 AM

Sensex (40558) / Nifty (11896)

The global cues were marginally negative in morning and in line with that, Nifty started the session below 11900. The index oscillated within a narrow range throughout the session and ended the weekly expiry day tad below 11900 mark.

Our markets had already seen high volatility a day prior to the weekly expiry session. However, the expiry day turned out to be a dull session for the index as the Nifty consolidated throughout the day. But the midcap stocks witnessed some good momentum in the last hour of the day and if we observe the chart of the Nifty Midcap50 index, it seems to be poised for a breakout from the recent consolidation phase. The breakout zone of the mentioned index is placed at 4780-4800 and a move beyond that should then lead to a trended upmove in the midcap space. On looking at the charts, it seems to be a high probability of the index breaking in upward direction, but traders are advised to wait for a confirmation to place aggressive bets in the midcaps. As far as Nifty levels are concerned, 12000-12025 continues to be immediate resistance zone and the next leg of upmove would be seen only on a move beyond the same. So traders are advised to keep a tab on the both the indices as a breakout in both the indices simultaneously should lead to a good upmove in the broader markets. On the flipside, 11775 has become a sacrosanct and if the index breaks that, then it could result into profit booking in the market.

Since we are still in a consolidation phase, traders are advised to keep a tab on the above mentioned levels and trade aggressively only on a breakout from the above mentioned range. Till then, we continue with our advise for traders to look for stock specific opportunities

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HDFC Securities

Published on 23/10/2020 11:42:27 AM

Markets could open flat following rangebound and mixed Asian markets and mildly positive US markets on Thursday - HDFC Securities

Indian markets could open flat following rangebound and mixed Asian markets today and mildly positive US markets on Thursday.

U.S. stock indexes finished higher Thursday as talks in Washington on a new fresh coronavirus fiscal relief package dragged on, but House Speaker Nancy Pelosi said Democrats and the Trump administration were on the verge of an agreement. Concern about another wave of European and American coronavirus cases and uncertainty about the outcome of the Nov. 3 U.S. elections with the final presidential debate due Thursday night were also weighing on investors.

Covid-19 infections in Germany have risen to a record while Spain's health minister said that the spread is 'out of control' in certain parts of the country. Hospitalisations related to the virus have reached a two-month high in the U.S

Most commodities face a supply deficit on the back of a drop in capital expenditures, and together with a weakening dollar and prospects for further stimulus measures, that creates a bullish outlook for the market next year, according to analysts at Goldman Sachs. The bank maintained its “neutral near-term” and “medium-term overweight” recommendations for commodities. It also forecast a 12-month return of 28% for S&P GSCI, a commodities market benchmark index.

In U.S. economic news, first-time applications for weekly jobless benefits fell to a March low of 787,000 last week (vs 860,000 forecast). Total existing-home sales rose 9.4% from August to a seasonally-adjusted, annual rate of 6.54 million

Asian stocks were set for cautious gains on Friday after positive U.S. economic data and signs of progress in stimulus talks in Washington lifted Wall Street benchmarks.

Indian equity benchmark indices ended their four-day winning streak on October 22. After opening the Nifty kept making lower top lower bottom till about 1440 Hrs and later it rose in the final minutes of trade. At close Nifty ended 0.35% lower at 11,896.

Nifty once again recovered from the lows but ended in the negative. Recovery from the low suggests that some more upmove is in the offing though the rise may not be smooth.

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