Domestic benchmark indices are likely to open in green on Friday, in-line with other Asian markets. US stocks settled lower overnight but US futures were trading higher. Back home, six Nifty50 companies including Reliance Industries will announce their Q2 earnings later today. Here's what you should know before the Opening Bell: Nifty outlook VLA Ambala, Co-founder at Stock Market Today expects Nifty to face resistance at 18,950, 19,000 and 19,045. These levels may serve as opportunities for those considering short positions, she said.
"On the other hand, support levels for intraday trading can be identified at 18,710, 18,650, and 18,480 levels. However, it is strongly recommended to adopt a 'sell on rise' strategy in the current downtrend," she added. Nifty Bank outlook Jatin Gedia of Sharekhan said that Nifty Bank is headed towards the psychological support of 42,000 level. The fall has been very sharp and is appearing oversold which increases the probability of a pullback. "The pullback can be expected till 42,500-42,600 however it is unlikely to result in a trend reversal. Overall, the trend is negative and we expect it to target levels of 40,850 from a short term perspective," he said. GIFT Nifty signals a positive start Nifty futures on the NSE International Exchange traded 63 points, or 0.33 per cent, higher at 18,975.50, hinting at a positive start for the domestic market on Friday. Asia shares rise at open Asian stocks rose at open on Friday after a sharp beatdown in the global equities and bucking the pessimistic signals from the US stocks after the treasury yield surge. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.81 per cent. Japan's Nikkei jumped 1.07 per cent; Australia's ASX 200 gained 0.43 per cent; New Zealand's DJ tumbled 0.89 per cent; China's Shanghai added 0.12 per cent; Hong Kong's Hang Seng rallied 1.22 per cent; South Korea's Kospi jumped 0.58 per cent. Oil prices edge higher Oil prices rose on Friday, regaining ground after tumbling more than $2 a barrel in the previous session as concerns of a wider Middle East conflict eased while the United States, the world's biggest oil consumer, showed signs of weakening demand. Brent crude futures climbed 45 cents, or 0.5 per cent, to $88.38 a barrel by 0019 GMT while US West Texas Intermediate was at $83.63 a barrel, up 42 cents, or 0.5 per cent. Dollar eyes weekly gain The dollar was headed for a weekly gain on Friday, aided by solid US growth figures that bolstered the case for higher-for-longer interest rates, while the yen hovered on the weaker side of 150 per dollar ahead of a key policy meeting next week. The US dollar index steadied at 106.57. Sterling edged 0.07 per cent higher to $1.21355, the euro slipped 0.02 per cent to $1.0560. The yen last stood at 150.38 per dollar. Wall Street stocks settle lower US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected. The Dow Jones Industrial Average fell 251.63 points, or 0.76 per cent, to 32,784.3, the S&P 500 lost 49.54 points, or 1.18 per cent, to 4,137.23 and the Nasdaq Composite dropped 225.62 points, or 1.76 per cent, to 12,595.61. Q2 results today Reliance Industries, Maruti Suzuki, Bajaj Finserv, SBI Life Insurance Company, Cipla, Dr Reddy's Laboratories, Bajaj Holdings & Investments, SBI Cards and Payment Services, Bharat Petroleum Corporation, Indian Overseas Bank, Union Bank of INdia, SRF, Indian Hotels Company, Schaeffler India, Oberoi Realty and Mahindra & Mahindra Financial Services are among the companies which announced their earnings for the quarter ended on September 2023. Stocks in F&O ban list Since it is the first day of the November Series, no stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, October 27. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment. FPIs sell shares worth Rs 7,703 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 7,702.53 crore on Thursday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 6,558.45 crore. Rupee falls 8 paise against dollar The rupee continued its downward trend for the third consecutive session to close 8 paise lower at 83.25 against the US dollar on Thursday, dragged down by massive selling in equity markets and strengthening American currency overseas. Withdrawal of foreign funds and elevated crude oil prices touching USD 90 a barrel also weighed on the domestic currency, forex traders said. Note: With inputs from PTI, Reuters and other agencies
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