Maximum put OI of 30.51 lakh contracts was seen at 11,000 strike price, which will act as crucial support in October series.
Mazhar Mohammad said for time being, upsides shall continue to remain capped around 11,420 levels unless a decisive breakout is registered above the said level
According to the pivot charts, the key support level for Nifty is placed at 11,208.63, followed by 11,112.27
According to the O’Neil methodology, there were two follow-up entry points after the tight area formation. After both instances, the stock gave good returns
With GDP outlook being revised to 6.1 percent for the FY20, down from the previous 6.9 percent, the slowdown is expected to continue in the coming months. Slowdown is the time when most investments turn red
As many as 96 companies will declare their September quarter corporate earnings this week
On a weekly basis, the Indian rupee fell 14 paise, as it ended at 71.02 on October 11 against the October 4 closing of 70.88.
In the S&P BSE 500 index, as many as 8 stocks fell 10-20 percent which include names like Delta Corp, Rail Vikas, Berger Paints, Bharti Airtel, Gruh Finance, Bandhan Bank, and Adani Green Energy.
Mazhar Mohammad advised traders to remain focused on stock specific opportunites and feels better trading opportunity in index can arise on a strong close above 11,400 levels.
A regulatory filing shows Rakesh Jhunjhunwala and his wife together held 5,77,51,220 shares at the end of September, 7.82 percent lower than 6,26,51,220 shares they held at the end of June.
Motilal Oswal has cut its FY20 Nifty EPS estimate by 3.8 percent to Rs 539 from Rs 560.
Experts feel Diwali 2019 to Diwali 2020 period could be an exciting phase for the markets, expecting the market to return 15-25 percent.
According to the pivot charts, the key support level for Nifty is placed at 11,195.37, followed by 11,159.53. If the index starts moving up, key resistance levels to watch out for are 11,280.17 and 11,329.13.
Traders are advised to hold long positions with a stop below 11,090 levels, says Mazhar Mohammad.
Banking (ICICI Bank, Axis Bank and SBI) , building materials, pharmaceuticals and consumer companies are likely to deliver decent results in the September quarter, say experts.
Along with the numbers, investors will focus on management commentaries, demand outlook for the second half of the FY20 and BSVI transition.
Jio customers will be charged an interconnect usage charge (IUC) rate of 6 paise per minute for calls made to other mobile operators effective October 9.
Auto, corporate banks, telecom, and metals are likely to post profit contraction or losses. There is likely to be a sharp slowdown in IT, say experts.
Maximum put open interest of 27.08 lakh contracts was seen at 11,000 strike price, which will act as crucial support in October series.
If the Nifty manages to decisively clear 11,400 levels, the rally may get extended up to 11,554, says Mazhar Mohammad.
The government has been active since the second half of August and continued to announce several measures to boost the slowing economy and get the demand back on track.
"For Q2FY20, we forecast our coverage universe’s revenue and profit to decline by 3 percent and 6 percent, respectively," said brokerage Edelweiss Securities.
Along with the numbers, brokerages say, outlook and visibility for double-digit growth in FY20, commentary on BFS and trajectory of margins amid rising sub-contractor expenses are the key points to watch out for.
Key support level for Nifty is placed at 11,081.47, followed by 11,036.53. If it starts moving up, key resistance levels are 11,202.57 and 11,278.73
The equity market may trade with a negative bias in the short-term, but the broader market will maintain its positive bias in the long-term, Vinod Nair of Geojit Financial Services says.