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A weak day for India markets as Sensex slipped below 33700 while Nifty closed below its crucial support at 10,138 on the expiry day, weighed down by weak global cues.
Nifty Fut rollovers on a provisional basis stood at 75 percent for November series which is higher than 3-month avg of 68 percent and October series rollover of 62 percent.
Most Asian stocks declined as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs.
The finally tally – Sensex closed 343 points down at 33,690. The index has plunged 7 percent or 2537 points so far in the month of October. The Nifty50 closed 99 points down at 10,124.All the sectoral indices on the National Stock Exchange closed in the red.
On the technical front, the selling pressure is likely to aggravate once the index breaks the key support zone of 10000-9952.
A breach of the support zone shall allow the index to tumble further till 9700 in the short term.
On the other hand, the bears are expected to keep the index below the crucial hurdle zone of 10250-10290.
Big News:
On the earnings front, as many as 80 companies will be reporting their results for the quarter ended September which include names like Bharat Electronics, Dr Reddy’s Laboratories, Edelweiss Financial Services, ICICI Bank, ITC, Nestle India, PI Industries, and UPL among others.
ITC: PAT is likely to grow by 13% on YoY basis to Rs 2990 crore
ICICI Bank: PAT likely to fall by 75% on a YoY basis to Rs 497 crore
Dr Reddy’s Laboratories: PAT likely to grow by 12% YoY to Rs 319 crore
(All the estimates are from Motilal Oswal)
Technical View:
Nifty formed a Doji kind of pattern on daily charts
India VIX gained 2.27 percent at 19.31 levels.
The Nifty ended the October series with a massive loss of 7.77 percent over its September expiry.
After October 2008, this is the biggest fall in the Nifty in an expiry month in terms of total losing points.
Rollovers in Nifty stood at 75.83 percent, which is above its quarterly average of 68.21 percent.
Data suggests that the fall was supported by fresh short positions and the same got carried forward to November series.
Max Call OI: 11000, 10500
Max Put OI: 10000, 10200
Technical Recommendations:
We spoke to ICICIDirect and here’s what they have to recommend:
State Bank of India: Buy| LTP: 249| Target: Rs 298| Stop Loss: Rs 237| Return 19.6%| Time 6 months
Tata Steel: Buy| LTP: Rs 546| Target: Rs 625| Stop Loss: Rs 520| Return 14%| Time Frame 6 months
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