Sensex and Nifty back at pre-COVID level this month

Indian share markets ended the month of October with over 2 per cent gain whilst investors reacted negatively to the second wave of the COVID-19 cases in Europe.

In Monday’s trade, Reliance Industries Ltd share are going to be focused . the corporate announced its July-September quarter earnings after market hours on Friday.

The Supreme Court is predicted to pass its verdict on the much-awaited moratorium case which might be in favour of the banking sector. The Indian Government is trying to revive the pandemic-stricken economy but lacks the firepower, their future goal of strategic disinvestment to fund the deficit has gone.

The buyback season is predicted to supply support to markets especially the PSUs which might find buyers at lower levels,” said Nirali Shah, Senior Research Analyst, Samco Securities.

Heightened volatility: consistent with Joseph Thomas, Head of Research – Emkay Wealth Management, the raging pandemic within the US, and therefore the second wave in Europe, and its likely impact on the economy and economic activity, as a number of the countries are getting into a more rigorous lockdown.

The probable outcome of the US elections and its consequences for the economy and therefore the markets, and therefore the continuing build-up of aggressive postures between India and China, are all factors that are at the guts of the high level of volatility within the equity markets.

The lower support of 11600-11550 goes to be crucial for the bulls to carry on their defence.Immediate resistance to be watched for subsequent week is at 11750-11800 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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