 "Market today: Afcons Infra IPO close, Q2 earnings, global cues, oil prices")
Share market today: Indian shares are poised to open higher amid strong global cues. At around 7:03 AM, GIFT Nifty futures were up 39 points at 24,387.
Wall Street on Monday edged higher with the Dow Jones closing up 0.66 per cent followed by the S&P 500 up 0.27 per cent and the Nasdaq Composite up 0.26 per cent.
Tracking the US markets, the Asian markets traded higher as well. At the last count, Japan's Nikkei was up 0.22 per cent.
In the previous session, back home, the BSE Sensex added 602.75 points or 0.76 per cent to settle at 80,005.04. Similarly, the NSE Nifty 50 ended higher by 158.35 points or 0.65 per cent at 24,380.80.
Meanwhile, investors will closely watch the Q2 results of Adani Enterprises, Adani Ports, Cipla, Marico, Maruti Suzuki, and other companies, which will be released today.
They will also react to the second quarter results released on Monday after market hours by Sun Pharma, Ambuja Cements, JSW Infra, Adani Power and others.
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In other developments, in a monthly economic review, the finance ministry has highlighted moderation in urban demand, softening consumer sentiments and limited footfall as areas that need to be watched. In its review, released on Monday, the ministry also noted the early signs of artificial intelligence (AI) displacing workers, as described in anecdotal reports.
In the primary market, Afcons Infrastructure's initial public offer (IPO) will close for subscription today. Additionally, shares of Danish Power, OBSC Perfection, and United Heat Transfer will list on NSE SME.
As per reports, Swiggy's IPO will open for subscription on November 6 and will close on November 8, 2024.
Global cues
This week will be busiest week on Wall Street in terms of third quarter earnings with around 169 S&P 500 companies scheduled to report through the week.
Investors are also closely watching the developments around the elections which are slated on November 5. Millions of Americans have already cast their vote, and data shows a close race between Republican Donald Trump and his Democratic rival Kamala Harris.
Vice President Kamala Harris was leading Trump nationally by a marginal 46 per cent to 43 per cent, a recent Reuters/Ipsos poll showed.
On the economic front, US house price index data for August will be released today.
Nearer to home, while Japan's market is still digesting the results of Sunday's general elections, Chinese markets will analyse People's Bank of China's move to inject liquidity into the financial system.
On the data front, Japan's jobless rate in September fell to 2.4 per cent from 2.5 per cent in August, as per a report released early today.
Crude oil check
After slipping 6 per cent on Monday, the Brent crude oil futures recovered slightly by 0.63 per cent to $71.87 per bbl.
Middle East update
Tensions are easing in West Asia as reports suggest Israeli Prime Minister Benjamin Netanyahu said on Monday he hopes to reach peace deals with more Arab countries once the war against Iranian proxies Hamas and Hezbollah is complete.
Here's how analysts view today's (October 29) trading session
Ravi Nathani, independent analyst
The Nifty 50 Index is currently oversold on the charts, with technical indicators such as RSI, MACD, and Stochastics all positioned in oversold zones. This suggests that a technical bounce could be expected in the near term. Resistance levels are anticipated at 23,400, 24,525, 24,636, and 24,750, while support is expected at 24,075 and 23,965.
Given the index’s current positioning, the best trading strategy would be to accumulate on dips, taking advantage of the oversold conditions to position for a bounce. It’s crucial to note that dips should not be seen as opportunities for fresh shorts but rather as chances to buy into the anticipated rebound.
Jatin Gedia – technical research analyst, Sharekhan by BNP Paribas
On the daily charts, we can observe that the Nifty has found buying interest from the support zone of 24,000 – 24,090 where the daily lower Bollinger band is placed. The hourly momentum indicator has triggered a positive crossover and there is a high probability that the counter trend pullback rally which started today can continue over the next few trading sessions till 24,900 – 24,930 where the key daily moving averages are placed.
Nifty Bank opened gap up and witnessed positive price action during the day. We expect the Bank Nifty to consolidate within 52,800 – 50,500 from short term perspective.
Rupak De, senior technical analyst, LKP Securities
The Nifty remained volatile during the day before closing with a meaningful gain after several days. On the downside, it sustained above the previous day's low, indicating strength in buying. Moving forward, this strength may persist as long as it stays above 24,000. Only a decisive drop below 24,000 might trigger panic in the market. On the higher end, resistance is seen at 24,500, and a decisive move above this level could spark a rally in the Nifty.
FII, DII update: How much did FIIs, and DIIs buy or sell on October 28?
As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 3,228.08 crore.
Conversely, the DII's were net buyers of equities worth Rs 1,400.85 crore.