Global cues:
• The ongoing debate over whether the White House, the Republicans and the Democrats can finally reach an agreement on another coronavirus aid package will remain a key driver for markets in the coming week.
• With almost 170 companies set to report investors will plough through the busiest week of earnings season so far.
• With just over a week left to go to the Nov. 3 U.S. presidential election market participants will be closely monitoring the durability of the Biden trade.
• The euro zone is to release third quarter growth figures on Friday with a strong bounce back expected in the wake of widespread lockdowns.
Indian markets:
• The Indian market ended the day in red on Friday but posted sixth straight weekly gains.
• Except IT, all sectors ended in the red, with Nifty Metal posting the most amount of losses, down 2.06 percent.
• HCL Technologies, Reliance Industries, Tech Mahindra, Sun Pharma and IndusInd Bank were the Nifty50 top gainers while Zee Entertainment, Hindalco, Axis Bank, SBI and GAIL remained the index top losers.
• Goldman Sachs India has bought an additional 0.92 percent stake or 4,81,433 equity shares in Rossari Biotech at Rs 692.17 apiece.
• The share price of PNB Housing Finance hit upper circuit for the second consecutive session, rising 5 percent on Friday after the NBFC reported stable earnings in the June quarter.
• JK Mindspace Business Parks REIT IPO will open for subscription on July 27 and will close on July 29. Mindspace REIT is the second REIT IPO after Embassy Office Parks REIT. The latter company was the country's first REIT to launch Rs 4,750 crore IPO in March 2019.
• Biotechnology major Biocon shares fell 2.5 percent after it reported a 26.30 percent decline in its consolidated net profit at Rs 167.8 crore Q1 mainly on account of higher R&D spend and lower profitability in the Research Services segment.
• Private sector lender Yes Bank has reported profit at Rs 129.4 crore for September ended quarter 2020, against loss of Rs 600 crore in year-ago period.
• Reserve Bank of India (RBI) Governor Shaktikanta Das has tested positive for COVID-19, he informed on Twitter on October 25. Interesting to see how markets will react to this news, expecially Bank Nifty.
• The nifty contribution chart for today was as follows:
Option strategy for tomorrow:
• For the upcoming week market may trade between 11500 to 12200. After seeing a consolidation for few weeks now its time for market to make a up move or down move.
• For the upcoming week strategy will be Short strangle with selling 11,500 weekly put option and 12,200 Call option.
• Maximum Call open interest of 45.84 lakh contracts was seen at 12,500 strike, which will act as crucial resistance in the October series.
• Maximum Put open interest of 29.85 lakh contracts was seen at 11,500 strike, which will act as crucial support in the October series.
Stock picks of the day:
• Edelweiss Financial Services Ltd-Stock closed at price of 57.5 on Friday. Stock formed a white marubozuon the daily chart. Stock also moved above 5 day moving average range. Expect the stock to move up from this level and test price range of 59.
• Oberoi Realty-Stock closed at price of 455 on Friday. Stock formed a black marubozuon the daily chart on Friday. RSI and MACD have a buy signal on the stock. Expect the stock to move higher from this level and test price range of 463.
• DCB Bank-Stock closed at price of 80.40 on Friday. STOCHRSI has a overbought signal and MACD has sell signal on the daily chart. Expect selling pressure to continue at this price and expect the stock to trade near price range of 78
Results on October 23
Kotak Mahindra Bank, SBI Life Insurance Company, Mahindra & Mahindra Financial Services, Angel Broking, Finolex Industries, Genus Paper & Boards, GHCL, Hindustan Media Ventures, Alicon Castalloy, Lasa Supergenerics, Lakshmi Machine Works, Max Ventures and Industries, Swaraj Engines, Torrent Pharmaceuticals and Zim Laboratories
.
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
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