Monthly expiry SPECIAL 

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What happened yesterday?             

Indian Market

Indian indices ended their two-day gains on Wednesday, dragged by bank stocks. At close, the BSE Sensex slid 426.85, or 0.5%, to 79,942.18, while the NSE Nifty 50 fell 126.00 points, or also 0.5%, to 24,340.85.

• Cipla CIPLA topped the laggards on Wednesday, with shares jumping 4%, followed by Shiriram Finance SHRIRAMFIN and SBI Life Insurance SBILIFE.

• Conversely, Adani Enterprises ADANIENT, Tata Consumer Products TATACONSUM and Hero MotoCorp HEROMOTOCO were the top gainers.

• In corporate news, Insolation Energy INA has secured an order worth 5 billion Indian rupees from the Rajasthan Renewable Energy Corporation, according to a BSE filing on Wednesday.

• Meanwhile, Shree Ajit Pulp And Paper SAPPL has resumed operations at its Unit-II with effect from Tuesday, Oct. 29, according to a BSE filing on Wednesday.

FII net sold for  -4,613.65   crores

DII net bought for  +4,518.28   crores

US Market

US benchmark equity indexes closed lower Wednesday as traders parsed the latest corporate earnings and economic data, including a report showing slower-than-projected economic growth in the third quarter.

The Nasdaq Composite fell 0.6% to 18,607.9, retreating from Tuesday's record close. The S&P 500 dropped 0.3% to 5,813.7, while the Dow Jones Industrial Average lost 0.2% to 42,141.5. Technology saw the steepest decline among sectors, while communication services led the gainers.

• In company news, Super Micro Computer SMCI shares plunged nearly 33%, the biggest drop on the S&P 500 and the Nasdaq. The artificial intelligence server maker said Ernst & Young resigned as its auditor, months after the accounting firm highlighted concerns regarding internal controls over financial reporting.

• Qorvo QRVO shares tanked 27%, the second-worst performer on the S&P 500. Late Tuesday, the company reported that its fiscal second-quarter results fell year over year, while it issued a downbeat third-quarter outlook.

• Garmin GRMN was the top gainer on the S&P 500, up 23%, after the company delivered a third-quarter beat and raised its full-year outlook Wednesday.

• Alphabet's GOOG class A and C shares rose just under 3% each, among the best performers on the Nasdaq. Late Tuesday, the Google parent logged stronger-than-expected third-quarter results, driven by strength in its advertising and cloud operations.

• The US two-year yield increased 5.5 basis points to 4.17% Wednesday, while the 10-year rate gained 2.4 basis points to 4.3%.

• In economic news, US real gross domestic product grew at an annual rate of 2.8% in the September quarter, according to an advance estimate by the Bureau of Economic Analysis. The consensus was for a 2.9% gain in a survey compiled by Bloomberg.

• "Real GDP growth remains strong, and this summer's fears of an imminent recession now seem grossly exaggerated," Desjardins said in a report, adding that economic growth is likely to slow, especially in the ongoing quarter.

• Employment growth in the US private sector rose more than expected in October, while wage growth cooled, Automatic Data Processing ADP reported.

• Pending home sales in the US climbed more than projected last month amid gains across all regions, the National Association of Realtors said.

• West Texas Intermediate crude oil rose 2.6% to $68.98 a barrel Wednesday.

• Gold increased 0.6% to $2,797 per troy ounce, while silver fell 1.6% to $33.88 per ounce.

What to expect today?   

• Asian market trading mixed where Japan in  -0.52% and Hong Kong +0.61%
  US Futures trading  at -0.05%

• GIFT NIFTY trading  at -0.39%, down by -96.0 points

• All the factors indicating a flat to gap down opening in the market.

NIFTY Technicals

In NIFTY high amount of call OI at 25,000 continuing 24,500 and put OI at 24,000, PCR at 0.79. NIFTY FUT indicating SHORT BUILD UP. And in case of BANKNIFTY, PCR stays at 1.08 and FUT with SHORT BUILD UP.

NIFTY found resistance at the previous day high which we mentioned yesterday. Market can show initial volatility due to the pennant formation. Things to be noted today:

• 24,274 and 24,154 can act as support

• Trendline till 24,154

• EL's at 24,080 to 24,160, it can be swept for a sharp reversal.

INDIA VIX rose to 15.5100

 All the best for the day.