“If the outcome of the US election is too close, either side could challenge the vote and, while there are several ways to resolve the issue, a final decision may take days to arrive. There is also uncertainty as to whether President Trump will accept. the outcome of the choice or not which one could also delay a final outcome. Either scenario is not considered good for the US economy or for overall market risk sentiment, “Kotak Securities said in a note.
Back in India, domestic stocks closed higher today as banks and financial stocks extended their gains for the second session in a row. The NSE Nifty 50 Index closed 1.24% higher at 11,813.5 and the S&P BSE Sensex closed 1.24% higher at 40,261.13.
The Nifty Banking Index added 3.17%, led by a 6.6% gain in ICICI Bank Ltd, which rallied for a second session after optimistic gains on Saturday.
The financial index gained 3.14%, with heavyweight HDFC Ltd rising 3.95% on Monday’s strong gains.
India’s largest lender, State Bank of India, closed 4.2% higher ahead of its earnings report scheduled for Wednesday.
“All eyes are on the US elections, and participants will be watching the global indices closely for clues. We are already witnessing volatile changes across the board and we do not expect any relief from that front. in the near future, “Ajit Mishra said. , VP – Research, Religare Broking Ltd.
Sneha Seth, derivatives analyst at Angel Broking, says: “The maximum open interest concentration for the current weekly series is placed at 12,000 call options and 11,500 put options. The volatility index plummeted 4%, which is a sign of strength Considering the recent development in the derivatives segment, we continue our optimistic stance on the market and soon expect the extension of the recent rally beyond the 12000 mark. Therefore, any intraday decline will be an opportunity for re-enter “.
Here’s what other analysts say:
Deepak Jasani, Director of Retail Research, HDFC Securities
“Nifty rose with a slightly positive forward decline rate, which restored the confidence of traders in the short-term direction. However, the result of the US presidential elections, which will be known before 04 of November evening IST, will also affect sentiment and short-term trend of In the upward moves 11837-11899 could offer resistance, while in the downside moves 11723-11749 it could offer support to the Nifty.
Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments
“It is not advisable to initiate or hold short positions in the market. Long positions would be triggered if we can stay above the 11800-11850 levels for a couple of days and that should drive the index to 12200-12300 levels over the course. this month. Until this happens, traders are advised to maintain a cautious stance and wait for the right time to initiate directional trading. “
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The short-term trend of Nifty has appeared, after forming a reversal-type pattern at the 11550 levels. Further upside can be expected in the next session and Nifty could test the next upside resistance of 11900-11950 in the next two sessions. Immediate support is at 11740 levels. “
Ruchit Jain, Senior Analyst – Technical and Derivatives, Angel Broking
“Nifty has returned to the 11,800 mark prior to the global mega event and therefore all eyes would now be on the outcome of the US elections and the reaction of global markets. Technically, it seems that we are prepared for the next leg up after the recent pause. A base of support has formed on Nifty now in the 11550-11600 range and until intact the short-term trend appears firm. Also, the Nifty Midcap Index is trading at a crucial juncture as it is near the upper end of the recent consolidation phase. A break above 17300-17400 in the Midcap100 index would unfold the next leg of directional upward movement and therefore traders should be on the lookout for it Regarding the Nifty levels, immediate support next session is around 11745 and 11670 while resistances are seen around 11930 and 11970. “
Shrikant Chouhan, Executive Vice President of Equity Technical Research, Kotak Securities
“The Indian market rallied after a massive surge in US equity futures and unusual strength in the European and Asian markets. The Nifty 50 Index was up 1.24% to close at 11813. Bank Nifty was up 3.17% for the second day in a row to end the day at 25682. The Nifty broke the trading range of the last three days at 11750 and hit the resistance. 20-day SMA, which is at 11825. On Wednesday, we could see that the Indian market is volatile, ahead of the exit poll on the prediction after the end of the vote in the US that would boost sentiment from the market. It is advisable to buy if Nifty returns to the 11750/11700 levels with a trailing stop loss at 11650. On the higher side, 11900/11950 would be the resistance zone, where it is necessary to record gains on long positions. “
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