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Pullback was seen in US equity indices in second half of October 2022. Earlier in the month, they fell below June 2022 low, yet failed to provide follow?through on the downside, resulting in recovery post two months of sharp correction.

October series highlights include a) Nifty defended 16,800 zone and staged a sharp recovery, rallying by over 3% (EOE). b) BankNifty was among the major outperformer, rallying by ~10%. Within the basket, PSU Bank by over 19%, outperforming key indices led by gains in Can Bank, BOB and SBI. Meanwhile, RBL Bank witnessed long build up; interestingly it is one of the few stocks which has not surpassed its April 2022 peak. c) Nifty IT index rallied by ~7% in October expiry, snapping 2?month losing streak.

Rollovers for Nifty/Bank?Nifty stood at 76% (~1.18cr shrs)/77% (~19lakh shrs) vs 76% (~1cr shrs)/82% (20lakh shrs) of the prior month. Market wide rolls were 92% vs 92% for the prior month.

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