The global clues look muted. For today’s market, we may see a downward movement. The buyers are buying on the high, and sellers are pushing from their side too. In Nifty, 127660 and 126000 are the crucial support levels.
The IndusInd bank has been performing well, and it is wise to trade in the banking stocks as they have gained and maintained the range for the last 2-3 weeks. If the market is bullish, then IndusInd will try to touch 800 marks as it did several times in trading sessions.
Grasim may push further 835, but that is only possible with the bullish market. Amar raja battery is trading near 840 levels, and we can target 850 and 870. It may reverse to the support level of 818 and 810.
Another critical news to watch out for is for Future groups where they are battling with Amazon in the Dehli court.
Cummins India is another stock that might shine out as it breaches the resistance of 470. However, if we have a stubborn market then, it could take the support of 415. And if that follows for days, we may see the selling pressure.
Cadillac Healthcare is trading to the resistance level of 475 and support of 418.
Rakesh Zhunzunwala bought a 1.1% stake in Indiabulls close to 5 million shares.
MGI posted lower figures and may do not perform well today. Clariant chemicals Sales from sustaining services declined by 6 %.
Page industries have posted somewhat the same results compared to previous quarters.
In derivatives segments, 13000 Nifty, is written heavily yesterday. As the premium decay was high due to weekly expiry, the interest was high.
Coal India’s large-cap results have arrived. The dividend has been declared not having substantial profits. On longer terms, it showed a price decrease. The revival process is still under process, and probably it will not happen soon. Coal has a dept of 9k crore debt, and the chart shows that it has formed a fresh low of 110 on October 15th. March low was strong support, and it has even broken that. However, the chart also depicts a double bottom.
Vedanta has outperformed in the last session as we saw close to 2 percent through Dow Jones has fallen a bit. There could be correction across the global market. If Vedanta shows stability while global cues are dragging, then it might be worth considering Vendanta for the longer term.
In summary, I feel like the market might turn soon, maybe next week we’ve been getting a lot of bad news lately due to the rising number of covid 19. Probably, it will not be fruitful to track any rally considering we have Holiday on Monday & 1 Hr Trading tomorrow on Muhurat Trading.
With a fresh angle of Stimulus Proposals to Boost the economy, it looks more of sell on a news situation. It is advisable to stay close to Nifty Pharma, and Nifty IT stocks as we are going to see more volatility due to the news about vaccines, and Joe Biden’s government policies could help to rally these two sectors.