Market Ahead Podcast, Oct 12: Top factors that could guide markets today


On Tuesday, stock specific action will continue to dominate proceedings as the earnings season starts to gain momentum.

Some of the prominent companies announcing results today include:

  • Delta Corporation

  • HFCL

  • Krsnaa Diagnostics

  • Saregama

  • Tata Metaliks

Other key data that can impact the on Tuesday, are the September CPI Inflation numbers and the Industrial Output for August. Globally, high oil prices continue to remain a concern for the world-over. Yesterday, the BSE Sensex touched a fresh life-time high at 60,476, but came off highs to settle at 60,136, up 77 points. The NSE Nifty, meanwhile, broke above the 18,000-mark for the first time ever and registered a high at 18,042. The NSE index, however, could not hold above the 18,000-mark, but still ended 51 points higher at 17,946. Technically, the Nifty is trading near the higher-end of the trading band, which indicates some resistance around the 18,000-mark. On the downside, the index may re-test its near term support around at 17,680-odd levels.

Reliance Industries was one of the major index movers on Monday, after the company announced couple of significant acquisitions in the green energy space over the weekend.

And if you hold the stock in your portfolio, there is reason to cheer. Most analysts see the scrip at higher levels going ahead. Besides the renewable energy push, the ongoing recovery in global refining cycle, sustained momentum in subscriber additions post imminent launch of JioPhone Next, potential hike in telecom tariffs and anticipated strong rebound in retail business are some of the catalysts that can take the stock higher going ahead, analysts said.

According to the technical charts, the stock has potential to hit the Rs 3,000-mark.

Meanwhile, airline and PSU stocks were also in limelight on Monday following the mega divestment of Air India over the weekend. Among the listed plays, technical charts indicate more upside for IndiGo in the weeks ahead, provided crude oil does not play spoilsport.

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