Daily Report 21-Oct-22

Indian market opened gap-down on weak global cues as bond yield continue to rise, weekly option expiry limited the downside. Indices closed flat with Banknifty down by 0.68%.

Wall Street corporate earnings continue to cheer market, but surging bond prices turned sentiment negative. Wall Street ended flat and gave up early gains.

AXISBANK, BAJFINANCE & ITC result beat market expectation. Long term story becomes strong but could see some profit booking at higher level.

Key earnings today: RELIANCE, HINDUNILVR, BAJAJFINSV, HDFCLIFE, JSWSTEEL, IDBI, HINDZINC & DLF.

VIX @ 17.23: watch out for any reversal once VIX goes below 17.

Approach on Indices: SGX Nifty indicate flat opening, Nifty above 17591 & Banknifty above 40659 would resume uptrend, we can assume, it is correction rally / technical bounce in down-trend.

Market View: Corporate earnings remains key reason for rally and we see this as positive sign. IT participation could help indices to break-out from range. RELIANCE, KOTKABANK & ICICIBANK will react to result on 24-Oct-22 (Mahurat trading day)

SGX Nifty @ 17550.50 up 30.50 points at 8:10 AM.

Click on the attachment to read the full report:

21-Oct-2022-Daily-Report.pdf