The benchmark indices slide on the first day of the November series. Last week Sensex, Nifty as well as Bank Nifty have lost around 3 percent. The Q2 result, global cues, and NBFC liquidity crisis were the main reason to drag the market down. In spite of the sharp fall in crude price the market could not take support, neither there was a significant appreciation in rupee against dollar. Brent crude fell around 3.5 percent, any further fall in crude can definitely be positive for the market.
Stock Market Outlook from 29th October to 2nd November 2018
There are more than 600 companies will announce their quarterly result in the coming week and the market will definitely react to the result particularly the large-cap stocks and PSU bank stocks. The forthcoming week will also be a busy week for the traders as Auto Sales figure would be announced. Geopolitical tension and issues in Italy and Trade War would be focused in next week. Macro data like PMI and Inda's Infrastructure data would be released next week and investor should track the data. Other than this on the global front, Japan's IIP and PMI data would be released, Japan's Monetary Policy meeting, US job data would be released.
On Monday, 29th Oct, the market will also react on ICICI's Bank's result which was released after the market hour last Friday. Though the asset quality of the ICICI bank has improved, and also a marginal improvement in NII are seen in the last quarter but the profit falls sharply by 56 percent. Investors may react negatively due to the profit fall in the opening session.
Technical Levels for Nifty and Bank Nifty levels from 29th October to 2nd November 2018
Nifty Weekly Technical Outlook
Primary Trend: Corrective OHLC-(10405/10405/10030.1/10054.10)
Range Bound Trend: All up moves initiates profit booking (Sale) @ 10160 whereas all down moves Initiate Short Covering (Buy) @ 9925
If Nifty moves above 10090 then you should Buy with 1st Target of 10230 during the day or any point during the week by Trailing the Stop Loss from 9920-10010-10065-10150-10240-10295 FOR the Target of 10300-10375-10465
If Nifty moves below 9995 then you should Sell with 1st Target of 9860 during the day or at any point during the week by Trailing the Stop Loss from 10160-10075-10025-9950-9850-9790 FOR the Target of 9785-9712.50-9625
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| Stock Market Outlook: Bank Nifty Levels| 29th Oct to 2nd Nov 2018. |
Bank Nifty Weekly Technical Outlook
Primary Trend: Corrective OHLC-(25475-25495/24444/24502.45)
Range Bound Trend: All up moves initiates profit booking (Sale) @ 24800, whereas all down moves initiate Short Covering (Buy) @ 24150
If Bank Nifty moves above 24590 then you should Buy with 1st Target of 25990 during the day or any point during the week by Trailing the Stop Loss from 24125-24390-24540-24775-25025-25190 FOR the Target of 25800-25995-26240
If Bank Nifty moves below 24340 then you should Sell with 1st Target of 23940 during the day or at any point during the week by Trailing the Stop Loss from 24795-24550-24400-24175-23900-23750 FOR the Target of 23750-25540-23290
Though the Nifty is holding 10,000 above the psychological mark, global cues and Q2 results can spoil the mood of the market on Monday. Traders are advised to be cautious in the Stock Market and refer the Nifty and Bank Nifty levels mentioned above for the next week from 29th Oct to 2nd Nov 2018.
Conclusion:
Though the Nifty is holding 10,000 above the psychological mark, global cues and Q2 results can spoil the mood of the market on Monday. Traders are advised to be cautious in the Stock Market and refer the Nifty and Bank Nifty levels mentioned above for the next week from 29th Oct to 2nd Nov 2018.
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Finogyan Team
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