PGSA Wealth

*Nifty View* - Intraday (Spot)

CMP - 18150

Nifty is trending lower in the first half of trade today.

Huge OI build up see above 18300 which has also acted as opening range resistance. This OI build up is followed by 18200 CE writing.

Total OI on the above 2 strikes for Nifty are nearly 2.6 cr now.

Highest PE writing is seen at 18k mark which is likely to act as a very strong support on positional basis as well.

If 18200 is not taken out with a strong bar, it is likely to act as resistance for the rest of the day.

Banking shares are trying hard on supporting the broader index. Bank Nifty is likely to cross the day high in next 100 mins of trade.

Start your investment journey with one of India's Most Trusted Stock brokers EDELWEISS Broking. Open your Free Demat account today!
✅ Zero A/c Opening Charges
✅ Lifetime Free AMC
✅ Dedicated RM
✅ Free Webinars
✅ Free Market Analysis Tool
✅ Free Research Recommendations

Growth in India's services sector quickened in October, optimism highest since early 2015

Activity in India's services industry gathered pace in the month of October despite high inflationary pressures, underpinned by robust domestic demand, leading to the second fastest hiring pace in over three years, as per a private survey. The S&P Global India Services PMI rose to 55.1 in October, up from September's six-month low of 54.3. The headline figure was above the neutral 50.0 threshold for the fifteenth straight month and outpaced its long-run average.

CURRENCY MARKET UPDATE -

# Rupee weakened slightly on dollar demand from importers, though volumes were thin.
# Euro dropped as Spain manufacturing sector shrinks more than expected
# GBP dropped as investors return their focus to the stagnating economy and the Bank of England.
# JPY remained supported as BOJ Governor Kuroda hinted at a possible adjustment in the yield curve control policy.

CURRENCY MARKET UPDATE -

# Rupee advanced as hopes that the U.S. Federal Reserve could slow down the pace of its rate hikes buoyed risk appetite and hurt the dollar.
# Euro steadied as investors digested a batch of macroeconomic data and its potential impact on the European Central Bank's guidance.
# GBP remained under pressure as UK manufacturing shrinks at fastest rate since mid – 2020
# JPY rose as the central bank must maintain ultra-loose monetary policy to support an economy

US Dollar performance vs World YoY:

Russia: +13%
Brazil: +6%

Switzerland: -8.8%
Indonesia: -9.7%
India: -9.8%
Canada: -9.8%
China: -13%
Euro: -13.8%
Australia: -14.7%
Euro: -15.1%
South Africa: -19%
South Korea: -21%
Japan: -29%
Pakistan: -29%
Turkey: -93%

Russian central bank holds key rate at 7.5%, noting high inflation expectations.

Beguiling beauty? Nykaa going Zomato way as shares hit all-time low Most analysts believe this is just a knee-jerk reaction and in the long term Nykaa is a story that may deliver exceptional returns

CURRENCY MARKET UPDATE -

# USDINR dropped on expectations that the U.S. Federal Reserve could pivot to a less hawkish monetary stance after next week's meeting.
# Euro remained supported amid increasing bets that the Federal Reserve will have to slow the pace of rate hikes to avoid overtightening.
# GBP rallied as investors welcomed the appointment of Rishi Sunak as prime minister.
# JPY rose as the dollar retreated sharply on growing expectations that the US Federal Reserve would soon slow the pace of its rate increases.