Nagaraj Shetti, Technical Research Analyst, HDFC Securities:
The market struggled to sustain the gains made on Tuesday and signal dicey outlook ahead. Any sustainable move above 11600 levels could bring bulls back into action towards 11900 levels. A decisive move below 11600 could mean a sharp downside breakout in the market. Important lower support is placed around 11650-11600 levels and immediate resistance is now placed at 11850.
October 28, 2020 / 04:26 PM IST
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:
Weakness in US stock futures dragged the Nifty 50 index below the crucial support levels of 11700. Although the Nifty 50 index closed above the level of 11700, during the day, it went below the same. Nifty has overruled the possibility of the triangle consolidation by breaking the low of 11700. It would now follow the Zigzag corrective pattern, in which it could hit the level of 11600 or 11550 levels.
On a daily basis, Nifty also closed below the support of 20 days SMA, which is an indication of further weakness. The 50 days SMA is also placed at 11540 levels. While on the upside side, 11800 and 11830 would act as a major hurdles for the market.
October 28, 2020 / 04:19 PM IST
Ajit Mishra, VP - Research, Religare Broking:
Markets traded under pressure and lost over a percent. After the flat start, the benchmark gradually inched lower amid muted global sentiments due to the rising cases in US and Europe. Consequently, it ended 1.3% lower at 11,730 levels. The broader markets ended of a feeble note in range of 0.8-0.9%. Barring Telecom and Capital goods all the sectoral indices ended in the red wherein Banks, Metals and Realty were the top losers.
Rising Covid-19 cases globally specifically in Europe and US are worrying investors as strict lockdown could be imposed and economy recovery which is still at nascent stage could once again get hit. Further, no stimulus announcement as well as elections in US too are keeping investors on edge. The scheduled derivative expiry of October month contracts will further add to the volatility. We reiterate our cautious view on markets and suggest continuing with stock specific trading approach.
October 28, 2020 / 03:51 PM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
We broke the levels of 11700 and briefly visited 11684 which is around the lower end of the range but we bounced back to close above 11700. These are crucial times for trading as a break of 11650 could trigger a fresh wave of shorts which could take the markets down to 11400-11450.
October 28, 2020 / 03:35 PM IST
Market Close: Benchmark indices shed more than 1 percent on October 28 on the back of selling seen in across the sectors.
At close, the Sensex was down 599.64 points or 1.48% at 39922.46, and the Nifty was down 159.80 points or 1.34% at 11729.60. About 979 shares have advanced, 1606 shares declined, and 153 shares are unchanged.
IndusInd Bank, HDFC, ICICI Bank, Tech Mahindra and Adani Ports were among major losers on the Nifty, while gainers were Bharti Airtel,
UPL, M&M, Eicher Motors and Hero MotoCorp.
All the sectoral indices ended in the red. BSE Midcap and Smallcap indices shed 0.7-0.9 percent.
October 28, 2020 / 03:26 PM IST
Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services:
The toxic brew of no US fiscal stimulus and rapidly rising coronavirus cases are dwindling the market sentiments especially ahead of the US election event risk. The spot is not breaking the psychological level 74, the odds of spot going beyond 74 remains high as market volatility has started to rise.
The looming uncertainty over the US Presidential outcome will keep USDINR afloat but until it is below the 74 mark, we may expect it to trade in between 73.40–74. Only a consistent trading above 74, will push prices towards 74.20 zone.
October 28, 2020 / 03:23 PM IST
Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities:
Rupee ended lower on broad sell off in capital markets globally, giving some strength to US Dollar Index. Weak stock strong dollar along with month-end oil importers demand supported USDINR. 74.20-74.40 can be on cards in coming sessions.
APL Apollo Tubes approves stock split: Company board approved the sub-division of equity shares of the company from the existing 1 equity share of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each.
October 28, 2020 / 03:08 PM IST
Delta Corp rises 11%:
Delta Corp share price rose 11 percent on October 28 on reports of the Goa government allowing casinos to reopen in the state from November 1.