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Metal Index gains in early trading, climbs 1%

Bikani Foods IPO opens tomorrow.

Indices open flat; Pharma, Metal gain; IT, Auto lag- Indices slide ;;

But Sun Pharma shines.

Focus shift to rate hikes once again .

Indian stocks opened flat on Wednesday with all eyes on Fed’s decision on rate hikes. Sun Pharm, Hindalco and Dr Reddy’s lead the stock charts, while Bharti Airtel and Eicher Motors drag the market. IT, Auto, and PSU Bank indices drag the market.

An unexpectedly strong report on the US job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. Investors are concerned that the central bank’s stance runs the risk that it could bring on a recession.

Indecisiveness among bulls and bears about the future market trends

On the technical front, Nifty formed a Doji pattern on the daily charts, indicating indecisiveness among bulls and bears about the future market trends. Hence, a temporary breather from here on can be expected however such price structure should not be construed as negative. Instead, dips should be used as buying opportunity as it seems unlikely that Index might breach the support level of 17500. Overall positive structure in Index remains with an expectation that it would head towards 18600. Positive outlook in the Index is based on the observation that recent Nifty has provided a breakout from past three week’s consolidation (17500-16900) along with broader participation and relative outperformance against global peers. Elevated support base for the market is at 17500 as it happens to be the 50 days EMA. The momentum indicator RSI (relative strength index) is also moving near 60 levels, which further reaffirms that positive momentum of the index for the short to medium term is likely to remain. During the day index is likely to open on a subdued note due to negative global cues however trend is likely to remain positive and buy on dip strategy towards 18050-18000 would be the ideal approach going forward for an upside target of 18275-18300

Sun Pharmaceuticals shine in today’s session, gains more than 2%: Sun Pharmaceutical Industries Ltd on Tuesday reported a 10.51% increase in consolidated net profit at â‚¹2,262.22 crore for the second quarter ended September 30, 2022. The company had posted a consolidated net profit of â‚¹2,047.01 crore in the same period last fiscal, Sun Pharma said in a regulatory filing.

Bikaji Foods IPO: GMP steady ahead of subscription opening tomorrow

Since Bikaji Foods IPO is completely an OFS, the company will not receive any proceeds from the issue

FMCG firm Bikaji Foods International’s three-day initial public offering (IPO) will open for public subscription tomorrow i.e., November 3, 2022 and conclude on Monday, November 7, 2022. The price band has been fixed in the range of â‚¹285 to â‚¹300 per share for its â‚¹881 crore-initial share sale.