Stock Market Outlook on 20 October: Nifty50 support, resistance, rupee movement and key results, here are 10 triggers to watch out for

Domestic equity markets continued their winning streak for the fourth straight day as the benchmarks ended Wednesday in the green. While the BSE Sensex closed at 59,107.19 and was up by over 146.59 points or 0.25 per cent from the Monday closing price, the Nifty50 index settled at 17512.25, up by 25 points or 0.14 points. In the 30-stock Sensex, 10 shares gained while remaining 20 were the losers. As for the 50-share Nifty50, 18 advanced and 32 declined. 

Nifty Bank closed with minor gains of 0.14 per cent or 54 per cent at 40373.20. Even the broader markets traded in the green with Nifty Mid Cap 100 and Nifty Small Cap 100 ending up 0.25 per cent and 0.23 per cent respectively.

Here are things to know before market opens on Thursday:

1) Rupee Vs Dollar: Investors must keep an eye on the movement of the rupee against the US Dollar. Today, at the interbank foreign exchange market, Rupee closed with a 61 paise fall hitting an all time low of 83. The Dollar Index is hovering just over 112.  

Also Read: Rupee Vs Dollar: Will rupee see further lows and where is it headed? Experts decode

A snapshot of Currency futures trading on Comex

 Source: Comex

2) US Markets: US Markets were trading mix at the time of filing of the story. DOW 30 was trading at 30,578.90, up by 55.13 points or 0.18 per cent. Meanwhile,  S&P 500 was trading at 3,711.83 points, down by 8.15 points or 0.22 per cent while Nasdaq Composite was down 29.90 points or 0.28 per cent and trading at 10,742.50. The Wednesday closing alosng with Dow Futures and SGX Nifty will likely set the momentum when markets reopen on Thursday. 

 Source: Comex

Also Read: Nifty50, Sensex top gainers and losers: Buy Nestle India for short term, positional term gains; Sell on rise recommended in NTPC

3) Q2FY23 Results: There could be stock specific action as many listed companies announced their quarterly reults today. Among major companies, Nestle India reported an 8 per cent rise in net profit for September quarter to Rs 668 cr. IndusInd Bank's consolidated net profit jumps 57 pc to Rs 1,805 crore in Q2. Havells India, KPIT, Inox Leisure and Nippon Life India Asset Management (NAM India) were other top companies that declared their quarterly results. Around 5 dozen companies will announce their Q2 results on Thursday, Top companies that will announce their results include Bajaj FInance, Axis Bank, Asian Paints, Canara Bank, Colgate Palmolive, Nelco and KEI.

4) India VIX: Volatility was up at 17.49, up by 0.20 per cent from the last closing at 17.45.

5) Thursday will be a weekly expirt day.

6) Securities in Ban For Trade on 20 October 2022: BHEL, Delta Corp, Indiabulls Housing Finance and India Cements

7) Bulk Deal Action: Over two-dozen companies witnessed bulk deal action today. There could be stock specific action when markets reopen on Thursday. Graviton Research Capital LLP bought 58,605 shares in Alkali Metals Limited at Rs 134.69 per share. The company sold 58,605 shares in Alkali Metals at Rs 134.95 per share. Zenab Aiyub Yacoobali bought 73,031 shares in Kshitij Polyline Limited at Rs 217.73. It sold 89,783 shares Rs 217.80 per share. Among other companies that had undergone bulk deals include Ishaan International and Liberty Shoes.

8) Anil Singhvi Strategy: The Managing Editor said that support on Nifty50 is seen at 17325-17425 while the resistance is seen at 17600-17700. As for Nifty Bank, support is seen at 40100-40200 while resistance is seen at 40650-40800.

9) FII / DII data: Foreign Institutional Invetors sold Indian equities worth Rs 453.91 cr while Domestic Institutional Investors Sold shares worth Rs 908.42 cr.  

10) Stocks to buy: Technical Analyst Nilesh Jain recommends a buy on Laurus Labs for a price target of Rs 550 and stop loss of Rs 515. The stock today ended at 527.40 and was up over 3 per cent on the NSE. Buying at current levels and on declines is recommended. The view id for 3-4 trading sessions, Jain said.  

Source:NSE

Nifty50, Sensex top gainers and losers: Buy Nestle India for short term, positional term gains; Sell on rise recommended in NTPC

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)