Business
Today is the first day of November 2018 F&O series one can expect some positive momentum in mid-cap stocks
Updated : Oct 26, 2018, 06:05 AM IST
If Nifty 50 index holds the support levels of 10030 then we could expect some bounce back, as we are trading at oversold levels. Today is the first day of November 2018 F&O series one can expect some positive momentum in mid-cap stocks.
YES Bank, ITC, ICICI Bank, UPL and Dr Reddy's would be in focus
We maintain a positive bias on Nifty IT index after a sharp correction in the October 2018 expiry. The IT index has taken a strong support near its 200-day average, placed at 13800 levels. Private sector bank would be in focus on the back of quarterly result announcement from YES Bank and ICICI Bank.
Nifty 50 indexes have ended 7.8% down from its last expiry at 10125 levels. On the downside, the index has multiple supports placed at 9950 – 10030 on various time frames, whereas the broader positive outlook will be only above 10400 levels which are the current week high.
Nifty 50 indexes opened lower on back of weak global cues and continued to trade negatively in a range of 10080 to 10150 levels ahead of the October 2018 F&O expiry with rollover movements in individual stocks and sectors. Baring Nifty IT Index that ended flat by 0.2%, others ended lower with the highest decline in Media, Pharma, PSU Banks and Realty sector that all lost 2% each.
Vikas Jain, senior research analyst, Reliance Securities