A significant break above 19,850 in Nifty would favor the bulls, while a drop below 19,550 might trigger further selling. Expectations point towards a volatile market ahead in the coming weeks, said an analyst. 
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A significant break above 19,850 in Nifty would favor the bulls, while a drop below 19,550 might trigger further selling. Expectations point towards a volatile market ahead in the coming weeks, said an analyst. Indian benchmark indices are likely to open marginally higher on Monday, bucking the negative global cues. Asian stocks dropped in the early trade, while US stocks settled lower in the weekend trade. Amid the war crisis in the Middle East, traders will be keenly looking at the Q2 earnings of India Inc. Here's what you should know before the opening bell: Nifty outlook Om Mehra, Technical Analyst, SAMCO Securities said that the Nifty formed a bullish candle with a prominent upper shadow on the weekly chart. In daily intervals, it traded below the 20-day EMA but found support from the 50-day DMA. The Relative Strength Index (RSI) at 51, suggests a balance of optimism and pessimism. "A significant break above 19,850 would favor the bulls, while a drop below 19,550 might trigger further selling. Expectations point towards a volatile market ahead in the coming weeks, with caution advised, when putting bets on stocks in coming weeks as the quarterly earnings season has already begun," he said. Nifty Bank outlook Jatin Gedia, Technical Research Analyst at Sharekhan said that Nifty Bank witnessed a deeper correction however, this dip is likely to be bought into. "On the downside, 44,000-43,800 is the crucial support zone and until that is not breached on the downside, we shall expect a recovery till 45,050-45,350 in the bank Nifty from a short-term perspective," he said. GIFT Nifty signals a positive start Nifty futures on the NSE International Exchange traded 27.50 points, or 0.14 per cent, higher at 19,728, hinting at a positive start for the domestic market on Monday. Asian shares fall at open Asian shares open on a cautious footing on Monday in the wake of Wall Street's slide and oil's volatility, against a backdrop of escalating violence in the Middle East, and ahead of top-tier Chinese economic data later in the week. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.37 per cent. Japan's Nikkei tumbled 1.55 per cent; Australia's ASX 200 shed 0.26 per cent; New Zealand's DJ tanked 0.69 per cent; China's Shanghai fell 0.16 per cent; Hong Kong's Hang Seng gained 0.42 per cent; South Korea's Kospi retreated 0.66 per cent. Oil prices retreat in early trade Oil prices fell on Monday, partly reversing Friday's rally as investors wait to see if the Israel-Hamas conflict draws in other countries, which could drive up prices and deal a fresh blow to the global economy. Brent futures slid 34 cents, or 0.4 per cent, to $90.55 per barrel and US West Texas Intermediate (WTI) crude dropped 41 cents, or 0.5 per cent, to $87.28 a barrel by 0048 GMT. Dollar buoyed by safe-haven bids The dollar was on the front foot on Monday in cautious trade as tensions in the Middle East escalated, while investors awaited a speech by Federal Reserve Chair Jerome Powell later this week for further clues on the US central bank's rate outlook. The single currency Euro was 0.11 per cent higher at $1.0522, while Sterling gained 0.06 per cent to $1.21515. The yen was last steady at 149.53 per dollar. US stocks fall with data Wall Street's main indexes closed lower on Thursday after a US Treasury auction sent bond yields higher while investors were already digesting data that showed consumer prices rose more than anticipated in September. The Dow Jones Industrial Average fell 173.73 points, or 0.51 per cent, to 33,631.14, the S&P 500 lost 27.34 points, or 0.62 per cent, to 4,349.61 and the Nasdaq Composite dropped 85.46 points, or 0.63 per cent, to 13,574.22. Q2 results today Jio Financial Services, Federal Bank, Bank of Maharashtra, ICICI Securities, Jai Balaji Industries, CEAT, Cyient DLM, Tinplate Company of India, Choice International, Orient Hotels, Nelco amd Bombay Super Hybrid Seeds are among the companies which announced their earnings for the quarter ended on September 2023. Stocks in F&O ban As many as 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday, October 16. New entrant including Steel Authority of India (SAIL) will join the retentions like Bharat Heavy Electricals (BHEL), Delta Corp, Sun TV Network, L&T Finance Holdings, Indiabulls Housing Finance, Punjab National Bank, Manappuram Finance Balrampur Chini Mills, Hindustan Copper and India Cements. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under bad in the F&O segment. FPIs buy shares worth Rs 317 crore Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of Rs 317.01 crore on Friday, after a relentless selling. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 102.88 crore. Overseas investors have pulled out Rs 9,784 crore from Indian equity markets in the first two weeks of October. Rupee falls 6 paise against US dollar The rupee fell 6 paise to settle at 83.30 against the US dollar on Friday due to surging crude oil prices overseas and a weak trend in the domestic equities. Forex traders said that positive macroeconomic data failed to rev up the local currency, which has been under pressure due to the elevated level of the dollar and sustained withdrawal of foreign funds. Note: With inputs from PTI, Reuters and other agencies
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