Global cues:
• The Dow slipped Tuesday, led by a slump industrial heavyweights
like Caterpillar and 3M following quarterly results and renewed
concerns about the impact of a surge in Covid-19 infections on the economy.
• Fears over the pace of the economic recovery were exacerbated by signs the strength of the consumer is beginning to wane at a time when hopes of pre-election stimulus suffered a blow.
• Microsoft up more 1% ahead of its quarterly results after the closing bell. Amazon.com Facebook) and Alphabet) are also expected to report later this week.
• Sales of new U.S. single-family homes unexpectedly fell in September after
four straight monthly increases, but the housing market remains supported by
record low mortgage rates and demand for more space as the COVID-19 pandemic
drags on.
• Indian Indian indices ended nearly a percent higher on Tuesday led by financials, pharma and FMCG stocks. For the day Nifty rose 121 points to settle at 11,889.
• Kotak Bank jumped 11 percent post its September quarter earnings lifting Nifty Bank index to around 3 percent.
• Broader markets were also in the green with Nifty Midcap and Nifty Smallcap indices up 1.3 percent and 0.3 percent, respectively. Kotak Bank, Nestle, Asian Paints, Shree Cement, and Bajaj Finance were the top gainers on the Nifty50 index.
• Festive season drives strong car sales but two-wheelers are lagging. The Navratri festive season has seen car sales
do better than last year – about 25-30 percent more -- though the same cannot
be said about two-wheelers.
• Ceat company has reported a net profit of Rs 182 crore in as against Rs 43.6 crore, YoY. Revenue increased 17 percent to Rs 1,978.5 crore from Rs 1,691.6 crore, YoY.
• MSCI has announced that it is going to consider changes in the foreign ownership limits in the MSCI global indices for Indian stocks. This will be a big positive for India as its weightage will go up. Nestle, Colgate, Britannia, Shree Cement, Asian Paints, IGL, L&T, Petronet LNG and few of the PSU stocks are some of the beneficiaries where the weightage will go up because of the sectoral caps.
• It is speculated that Tata Motors company has recorded 100 percent YoY growth in car bookings during Navratri. Tata Motors witnessed 90 percent YoY growth in PV retails during Navratri.
• Maximum Call OI of 44.03 lakh contracts was seen at 12,000 strike, which will act as crucial resistance in the October month.
• Maximum put OI OF 11,500, which holds 39.03 lakh contracts, and 11,700 strikes, which has accumulated 36.08 lakh contracts which will act as support for October month.
• Government has appointed merchant bankers for a period of three years for disinvestment of stake in IRCTC through an offer for sale.
• FII’s bought shares worth Rs 3,514.89 crore,net sold shares worth Rs 1,570.8 crore, while DII’S net offloaded shares worth Rs 979.16 crore in the Indian equity market on October 27.
• The nifty contribution chart for today was as follows:
Results on October 28:
Stock Picks
·
Larsen & Toubro Infotech- Stock
closed at price of 2908 on Tuesday. Stock formed a black marubozu on the daily
chart. Stock saw massive buying in the last one hour of trade. Expect the
buying momentum to continue at this price and expect the stock to move higher
from this level and test price range of 2949.
·
ITC- Stock closed at price of 167.05 on Tuesday. Stock
is trading below the first support of 167.34 on the daily chart. RSI and MACD
have a sell signal on the stock. Expect the stock to move lower from this level
and test price range of 165.
·
Amara Raja- Stock closed at price
of 786 on Tuesday. Stock formed a white marubozu on the daily chart. RSI and
MACD have a buy signal on the stock. Expect the stock to move higher from this
level and test price range of 800.
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