Nifty saw profit booking last week. 12,000 was clearly a very strong emotional resistance and it was resistance. IT sector stocks pulled down Nifty last week. Let us see what might affect markets next week.

HDFC Bank results to move markets

HDFC Bank reported a very strong 18% YoY growth with lower provisions and higher net interest income. With its big weightage in Nifty, the movement of either HDFC or HDFC Bank stocks will move the index as well. Is this the revival of Bank Nifty? Or are the reduced provisions for bad loans giving a misleading profit number?

Steel Sector’s renewed Strength

Steel sector has performed well in the last few days, with growing positivity. The sector is  expected to perform better for a bit more, before profit booking kicks in. Can watch the results of JSW Steel coming this week.

US Elections on November 3rd

The presidential elections on November 3rd is set to keep the markets on its toes. Keep watching the space. The US markets may consolidate before giving a big movement next week.

Major Results Coming up this Week

Hindustan Unilever, Asian Paints, Bajaj Auto, ACC, Nestle India, Britannia Industries, Yes Bank, Tech Mahindra, CSB Bank, HDFC Life Insurance Company, L&T Technology Services, Larsen & Toubro Infotech, Bajaj Finserv, Bajaj Finance, Colgate-Palmolive, JK Tyre, UltraTech Cement, Alembic Pharmaceuticals, Biocon, HDFC Asset Management Company, Bharti Infratel, L&T Finance Holdings, SBI Cards and Payment Services, ICICI Lombard General Insurance Company, IDBI Bank, Persistent Systems and Rossari Biotech are just some of the important results coming up next week.

More than just individual stock movement, you can watch the results to understand how different industries are performing during the pandemic.

FMCG to show movement Next Week

HUL, Britannia, Nestle results are coming this week. Can check the charts and prepare for important levels beforehand.

Equitas Small Finance Bank IPO

Equitas Small Finance Bank will open its initial public offering for subscription for three days on October 20, with a price band at Rs 32-33 per share. Lot size: Bids can be made for a minimum of 450 equity shares and in multiples of 450 equity shares thereafter.

What are the Technicals Saying?

Nifty has formed a very bearish red candle on its 1 week chart. 12,000 continues to be the dream level for Nifty this week. Again, 11,800 is an important level to watch above. 11,600-11.650 is an important level to watch below.

Hope you will all get to take good trades this week. Keep tuning into The Stock Market Show every night to get updates on Nifty’s movements and trading ideas. Also read tomorrow’s morning article to get any important updates regarding the markets.