Markets are likely to see a soft opening following overseas bourses, after the US non-farm payroll data for September. From here on, markets would be looking towards the corporate earnings season for direction.
US stocks edged lower on Friday ahead of the earnings season. Dow added 34 points while Nasdaq ended down 13 points.
In Asia, Nikkei edged up 39 points while hang Seng, Straits Times and Taiwan Weighted traded in red. At 700 hrs IST the SGX Nifty was down 11 points at 5,768.
Back home, according to the monthly Fibonacci chart, the bias is likely to remain positive as long as the Sensex remains above 18,750-odd levels; if the index breaches 18,750-levels consistently, the index could slip to 18,200-odd levels, technical analysts say.
On the upside, the index can rally to 19,400-19,600 levels. Next week, the Sensex is likely to seek support at 18,800-18,700, while it could face resistance at 19,100-19,200.
STOCKS TO WATCH
Among individual stocks, Adani Power will be in focus as promoter group firm Adani Agro has decided to sell part of its stake in Adani Power through the stock exchanges mechanism today.
DB Realty will be in the limelight as the property developer is seeking to revive its fortunes in Mumbai real estate by launching new projects and rebranding existing ones.
Bajaj Electricals is trimming its low-margin engineering and projects business that has been creating pressure on the company’s balance sheet due to cost overrun in older projects. This can bring the stock in focus.
Also watch out for Reliance. RIL has mopped up $1.5 billion through an overseas bond sale progamme over the weekend.
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