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Market Update 26.10. 2020

Updated: Nov 9, 2020

- NIFTY -


With the US Presidential elections being less than 10 days away, we can expect a rough ride in the global and domestic markets. Volatility is bound to rise in the run up to the elections. Nifty was range bound for the last week and has formed an inside bar candlestick pattern on the weekly charts. Any break of the previous week high or low can provide a good trading opportunity. Bank Nifty hasn’t managed to close above 25000 levels and remains an important resistance. Kotak Bank and Axis Bank are to announce their quarterly results on Monday and Wednesday respectively. The results can influence the trend of the Bank Nifty. We continue to advise that one must trade cautiously during these times. Every penny saved is a penny earned. Options data for Oct series indicate highest Call Open Interest at the strike of 12500 and highest Put Open Interest at the strike of 10500. Thus Options data suggest a trading range with Resistance at 12500 and Support at 10500.


- S&P 500 FUTURES -





As of Friday, Biden is leading in polls. The US bond market is steepening on expectations that Biden would unleash massive stimulus, and the Congress would approve additional fiscal stimulus before the Nov. 3 elections. 


- DOW JONES FUTURES -


- U.S. DOLLAR INDEX -