Experts of the stock market are expecting if Nifty 50 index holds the support levels of 10030 then we could expect some bounce back, as we are trading at oversold levels. Today is the first day of November 2018 F&O series one can expect some positive momentum in mid-cap stocks.
Stocks that are likely to be in limelight today are: ITC, YES Bank, ICICI Bank, UPL and Dr Reddy’s.
Sectors likely to impact market today:
We maintain a positive bias on Nifty IT index after a sharp correction in the October 2018 expiry. The IT index has taken a strong support near its 200-day average, placed at 13800 levels. Private sector bank would be in focus on the back of quarterly result announcement from YES Bank and ICICI Bank.
Nifty 50 indexes have ended 7.8% down from its last expiry at 10125 levels. On the downside, the index has multiple supports placed at 9950 – 10030 on various time frames, whereas the broader positive outlook will be only above 10400 levels which are the current week high.