business

Live: Will Nifty extend rebound after clocking biggest weekly loss since Feb? Street verdict on RIL

The market had a gap up opening and rebounded sharply on October 27, the first day of November series. However, experts still feel the bears are expected to be in the driver’s seat. Any uptrend is likely to be sold into and at the best the market may consolidate below 19,500 with major support at 18,800, the low of last week, experts said, adding in case of breaking the said low, the selling pressure may get extended up to 18,600-18,500 levels, while on the higher side, 19,200-19,300 will be immediate resistance, followed by 19,500. The BSE Sensex climbed 635 points or 1.01 percent to 63,783, while the Nifty50 jumped 190 points or 1 percent to shut shop above 19,000. The broader markets also rebounded sharply with the Nifty Midcap 100 and Smallcap 100 indices rising 1.5 percent and 2 percent respectively, while the India VIX fell sharply by 7.03 percent to 10.91 levels, making comfort for bulls. Can the uptrend continue given the bearish sentiment in the market? This morning global cues are not too supportive as Asian markets are largely in the red even as US futures are edging higher after clocking weekly losses. The GIFT Nifty signals a positive open for Indian equities. US FOMC will be announcing its interest rate decision this week and back home the primary market will be buzzing with activity as around 7 IPOs will hit the market. Among the stocks to watch out for today, RIL will be in focus after it beat estimates in the second quarter. Also in the spotlight will be SBI Card, BPCL, M&M Financial & TVS Motor among others. Meanwhile, Cello World’s, Rs 1,900 cr IPO kicks off for subscription today. Catch Nandita Khemka in conversation with Rajesh Palviya, Senior Vice President Research (Head Technical & Derivatives ) at Axis Securities and Feroze Azeez, Deputy CEO, Anand Rathi Wealth.

first published: Oct 30, 2023 08:39 am