Trends on SGX Nifty indicate a positive opening for the index in India with a 37 points gain. The Nifty futures were trading at 17,784 on the Singaporean Exchange
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "The Nifty is expected to open flat to positive at 17,700 , up by 30 points. Nifty has support at 17,600 and 17,450 levels and resistance at 17,950 and 18,050 levels. Traders are suggested to avoid long positions till the time Nifty trades above 18,350."
Indian markets could open flat to mildly higher following largely positive Asian markets today, and positive US markets on Friday, said Deepak Jasani, Head-Retail Research, HDFC Securities.
Mohit Nigam, Head-PMS, Hem Securities, said, "The benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty. Asian markets were trading mixed in early Monday trade with Nikkei trading at +2 percent, Taiwan and Korean Indices trading with +0.5 percent gain while Hang Seng trading down (-)1 percentand Chine Index trading with (-)0.5 percent loss.
"On the technical front, Nifty 50 is currently trading at a very good support zone near 17,500 -17,700 and we believe markets may show some good recovery from these levels. the 18,000 level is an immediate hurdle on upside for Nifty 50," Nigam added.
Stocks to watch out for
Some stock specific actions can be witnessed in stocks such as Reliance Industries (JioPhone Next will go on sale starting Diwali, November 4 at a price of Rs 6,499), Adani Enterprises (acquired a significant minority stake in Flipkart-owned Cleartrip Pvt.), Dr Reddys Lab (launched Ephedrine Sulfate Injection USP, 50 mg/mL). Earnings to watch today include Tata Motors, IRCTC, Graphite India, AB Capital etc. We believe investors should trade carefully in the coming 2-3 days as International markets may have some uncertainty or challenges before the coming FOMC meeting, said Nigam.
Asia-Pacific shares mixed in early trade
Shares in Asia-Pacific were mixed in Monday trade as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.
Japanese stocks led gains regionally as the Nikkei 225 jumped 2.17 percent in morning trade. South Korea’s Kospi advanced 0.37 percent while the S&P/ASX 200 in Australia gained 0.6 percent.
Wall Street closed mildly higher on Friday
Wall Street capped a choppy day of trading Friday with modest gains for stocks, 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. The Russell 2000 index of small companies slipped 0.79 points, or less than 0.1 percent, to 2,297.19.
Crude futures drop
Brent crude futures dropped 20 cents, or 0.2%, to $83.52 a barrel by 0039 GMT, after gaining 6 cents on Friday.
China factory activity expands
China’s factory activity expanded at its fastest pace in four months in October, buoyed by stronger demand, but power shortages and rising costs weighed on production, a business survey showed on Monday.
The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 50.6 in October -- its highest level since June. Economists in a Reuters poll had expected the index to remain unchanged from September at 50.0. The 50-mark separates growth from contraction on a monthly basis.
FPI turn net sellers in October
After two months of buying, foreign portfolio investors (FPIs) have turned net sellers in October by pulling out Rs 12,278 crore from Indian markets. As per depositories data, FPIs took out Rs 13,550 crore from equities but invested Rs 1,272 crore in the debt segment during October 1-29.
The total net outflow stood at Rs 12,278 crore during the period under review. FPIs were net buyers in August and September.
Bank rules on current account borrowers
Banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system, said Reserve Bank of India (RBI) on October 29 in a release.
The central bank barred banks from opening current account for customers who have availed credit from other banks and all transactions to be routed through the CC/OD account.
Additionally, 10 percent of the borrower's exposure and debits to the CC/OD can should only be for credit to the CC/OD account with a bank which has 10 percent or more exposure.
Results today
HDFC, Tata Motors, IRCTC, Aditya Birla Capital, Allcargo Logistics, Bajaj Consumer Care, Bayer Cropscience, Carborundum Universal, Chambal Fertilisers, Devyani International, Dollar Industries, Graphite India, Gravita India, IG Petrochemicals, Indian Railway Finance Corporation, Lux Industries, Nilkamal, Parag Milk Foods, The Phoenix Mills, Privi Speciality Chemicals, Punjab & Sind Bank, Relaxo Footwears, Shipping Corporation of India, SPARC, VIP Clothing, Whirlpool of India, and Windlas Biotech.
Stocks under F&O ban on NSE
One stock - Punjab National Bank (PNB) - is under the F&O ban for November 1. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
