Produced by: Prashanti Moktan
Designed by: Mohsin Shaikh
Jio Financial Services, Federal Bank, Bank of Maharashtra, ICICI Securities, Ceat, Cyient DLM, Yatra Online and Oriental Hotels are among companies that will release their quarterly earnings for July-September 2023 today (October 16)
The Multi Commodity Exchange of India (MCX) will go live with its new commodity derivatives platform (CDP) today (October 16). Pending Option Devolvement Intimations for CRUDEOIL OPTION 17OCT2023 contract will not be carried forward to this new platform. “Members may please note that Option Devolvement Intimation can be provided on the expiry date of the Options contract effective from October 16,” stated MCX
“During the week ending Oct 13, the Indian stock market exhibited a recovery trend from its recent lows… Looking ahead, the market is anticipated to remain within a range in the coming period due to the absence of clear trends. Traders are advised to exercise caution, adopting a strategy of buying at dips and selling at rises, with an emphasis on setting small targets,” said Shrey Jain, Founder and CEO SAS Online
“The bulls were able to protect the level of 19,600 on Friday, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favour the market. On the higher end, resistance is visible at 19,850; above 19,850, the index might move towards 20,000," said Rupak De, Senior Technical analyst at LKP Securities
"In the Bank Nifty index, the ongoing battle between the bulls and bears continued. Resistance is established at the 44,700 mark, while the support lies at 44,000. The overall market sentiment remains bullish as long as the critical support at 44,000 holds, and a breach below this level, confirmed by a closing basis, may lead to renewed selling pressure. On the upside, a substantial resistance level is placed at 45,000, and a breakout beyond this point is likely to trigger significant short-covering," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
“From a technical perspective, Comex spot gold has strong support at $1,865 and resistance at $1,894. The MCX Gold December future has resistance at Rs. 58,550 and support at Rs. 57,880,” said Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities
“USDINR spot closed 2 paise higher at 83.26, due to demand from importers. We suspect RBI remains a major seller of the pair and because of that USDINR has not been able to breach 83.29 levels on spot. Over the near term we expect a range of 83.00 and 83.60 on spot,” said Anindya Banerjee, VP - Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd
“We anticipate bullish momentum will continue in the crude oil price after a sharp reversal in price. NYEMX WTI crude oil has immediate resistance at $87.80 and support at $84.70. The MCX crude oil October future is expected to trade in the range of 7,060 to 7,325 with a positive bias,” said Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities
Public sector OMCs including BPCL, IOCL and HPCL revise their petrol price and diesel price daily in line with international benchmark prices and forex rates. Petrol and diesel prices remained stable today