Pre-market Setup for Monday: Things to know before opening bell

The stock market is facing several key factors to consider for Monday, October 30, 2023

The Sensex and Nifty closed 1% higher on October 27 but ended the week 2.5% lower due to relentless selling.

Experts suggest that the Nifty may encounter immediate resistance at 19,200-19,300 and has support at 18,800.

Bearish sentiment is expected to persist, and any potential uptrend might be met with selling pressure.

Nifty Analysis:

The Nifty, which closed at 19,047, is likely to consolidate below 19,500 with significant support at 18,800.

Selling pressure could intensify if the index falls below 18,800, potentially sliding to 18,600-18,500.

On the upside, immediate resistance levels are at 19,200-19,300, followed by 19,500.

The index closed below the critical breakdown level of 19,250, indicating a bearish trend. As long as it stays below 19,250, the market may continue to incline toward selling during any upward movements.

Nifty Bank:

On October 27, the Bank Nifty rebounded by 1.2%, closing at 42,782 and forming a bullish candlestick.

The Bank Nifty's pullback may continue until 43,400, with key support at 42,730-42,600.

Options Data:

Call options data shows maximum Call open interest (OI) at the 19,200 strike, followed by the 19,500 and 20,000 strikes.

Meaningful Call writing was observed at the 19,200 strike, followed by the 19,600 and 19,500 strikes.

Maximum Call unwinding occurred at the 19,000 strike.

Put options data indicates maximum Put open interest at the 19,000 strike, followed by the 18,800 and 18,000 strikes.

Meaningful Put writing was observed at the 19,000 strike.

Put unwinding was noted at the 19,700, 19,400, and 19,500 strikes.

Stocks with High Delivery Percentage:

Vedanta, Escorts Kubota, Bajaj Auto, Aurobindo Pharma, and Syngene International saw the highest delivery among F&O stocks.

Stock Market Activity:

A long build-up was seen in 83 stocks, including Persistent Systems, Delta Corp, IndiaMART InterMESH, MCX India, and Torrent Pharma.

Five stocks witnessed long unwinding.

A short build-up was noted in 25 stocks, including Mahanagar Gas, Navin Fluorine International, and Indian Hotels.

Short-covering was observed in 74 stocks, including Dixon Technologies, Abbott India, Can Fin Homes, M&M Financial Services, and Infosys.

Results on October 30:

Companies such as UPL, DLF, TVS Motor, Adani Green Energy, Marico, and others will report quarterly earnings on October 30.

Stocks in the News:

Reliance Industries recorded 29.7% YoY growth in consolidated profit at Rs 19,878 crore in the September quarter.

Union Bank Of India reported a 90% YoY growth in net profit at Rs 3,511 crore for the September quarter.

SBI Card registered a 15% YoY growth in profit at Rs 603 crore in the September quarter.

Bharat Petroleum Corporation recorded a standalone profit of Rs 8,501.2 crore for the September quarter.

M&M Financial Services reported a profit of Rs 235 crore for the September quarter, falling 47.5% YoY due to an increase in impairment on financial instruments.

Fund Flow:

Foreign institutional investors (FIIs) sold shares worth Rs 1,500.13 crore, while domestic institutional investors (DIIs) bought shares worth Rs 313.69 crore on October 27.

Stocks under F&O Ban on NSE:

No stocks have been added to the F&O ban list for October 30 on NSE.

Please note that the information provided is based on the article's content and does not constitute financial advice. It's essential to perform your own research and consult with certified experts before making any investment decisions.