Markets for the week traded cautioys with Nifty declining by 2.5% mainly on back of aggressive selling by FIIs. The FIIs have been sellers worth Rs 46,000 crore in cash and future segment for the month of October. With Nifty violating 18,034 on closing basis and montly setup turning into bearish gravestone doji, Nifty has activated major downtrend and we can easily expect Nifty to slide towards 16,250 in the coming days. Adding to it, formation of bearish engulfing pattern in Bank Nifty is likely to add to woes of broader market and we can expect knee jerk reaction when Nifty breaks 17,000 levels. Resistance for the week is seen at 18,034 and cautious is advised. Results today: HDFC, Tata Motors, IRCTC.
U.S indices ended with modest gains nudging the major indexes to more all-time highs. The Dow added 89.08 points to 35,819.56, while the Nasdaq gained 50.27 points to 15,498.39. Asian markets opened mixed on Monday trade as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.
Stocks in news
Reliance Industries: Jio and Google launched JioPhone Next. It will be available in stores from Diwali with an entry price of only Rs 1,999 and the rest paid via easy EMI over 18/24 months
Dr Reddys- Duvvada received 8 observations, CO says resolvable
Maruti- Production to be impacted in Nov on chip shortage, seen at 85% of normal production
Tata Steel: NCLT approved composite scheme of amalgamation of Bamnipal Steel & Tata Steel BSL into and with the company.
Airline Stocks in focus: Directorate General of Civil Aviation (DGCA) has extended ban on scheduled commercial international passenger flights until November 30.
Tata Consumer Products: The company has decided to transition its Tata Cha business- a tea cafe format Quick Service Restaurant (QSR) chain to Qmin-Shops operated by a subsidiary of Indian Hotels Company Limited.
Dhampur Sugar Mills: Sugar crushing for the season 2021-22 at one of company unit situated at Dhampur, Distt. Bijnor, U.P. has started on October 29, 2021.
JMC Projects: The company board has approved raising of funds upto Rs 150 crore by issue of NCDs of the company on private placement basis.
Must Read: Monthly Mutual Fund Recommendation
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