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MARKET OUTLOOK FOR THE WEEK: 31-10-2016

MARKET OUTLOOK FOR THE WEEK: 31-10-2016
October 31
04:39 2016

Nifty has support at 8550 and 8531 and has resistance at 8658; if Nifty moves up above this level then we can expect a level of 8791.  The roll-over figures from October series to November series are comparatively at a lower levels indicates uncertain market conditions.  If there is a major sell-off then Nifty may even move down below 8500, which can give a great opportunity to the long term investors.  Investors can accumulate auto, Metal and selected banking stocks for the medium term.  Many of the frontline companies and mid-cap companies are set to come out with quarterly earnings in the next week, which will give a major direction to the market.

Banking Nifty last week faced higher level selling; and it has support at 19269 and 18972.  The immediate resistances are at 19736 and 19924.  Investors can randomly pick the private sector banking stocks for short term gains.  Like banking sector metal sector is also expected to move up sharply in the near term, Nifty Metal Index has resistance at 2750.  Many of the metal prices are showing recovery in their prices internationally.

US jobless claim, initial jobless claims, manufacturing PMI and balance of trade are the key macro data’s which are expected next week and India’s Infrastructure out-put, Nikkei PMI, and Nikkei service PMI is also due.

Prominent mid-Cap and Companies like Kitex, Century Ply, ILFS Eng, Berger Paints, EI Hotel, Geojit BNP, ICRA, TTK Prestige, Wheels, Whirlpool, ALBK, Central Bank, Gati, Kajaria Cermics, PFIZER,  Radico, TCI, Titan, Ucal Fuel, Amaraja Bat, Dena Bank, PNB and 8K Mills will announce their quarterly earnings next week.

Prominent mid-Cap and Companies like Kitex, Century Ply, ILFS Eng, Berger Paints, EI Hotel, Geojit BNP, ICRA, TTK Prestige, Wheels, Whirlpool, ALBK, Central Bank, Gati, Kajaria Cermics, PFIZER,  Radico, TCI, Titan, Ucal Fuel, Amaraja Bat, Dena Bank, PNB and 8K Mills will announce their quarterly earnings next week.

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ALEX MATHEWS

ALEX MATHEWS

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