As reflected by the fear gauge index India VIX, volatility has been cooling off for the last nine weeks and supporting the bulls to hold at higher zones. The momentum indicator has reached the falling trendline on the daily timeframe.

The Sensex closed 1.2% higher at 62272.68 points after hitting an intraday record high of 62412.33 points. The Nifty50 ended at a record high of 18,484.10 but is a little over 100 points away from its intraday lifetime high of 18,604 touched in October 2021.

The daily momentum indicator RSI remains in a positive crossover. India's VIX was down by 4.01% from 14.04 to 13.48 levels. Volatility has been cooling off for the last eight weeks and supported the bulls at higher zones.

"In the recent past, we have seen that despite markets about to scale new highs, it has been more of a stock-specific market and within sector, there has been rotation in stocks that are contributing to the rally. We dont see a major change in the scenario. Also, during consolidation or slight correction periods, large-cap defensive space is a better strategy to adopt."

The uptrend status of Nifty as per long-term charts like weekly is still intact and present consolidation or minor weakness in the market could be considered as a ‘buy on dips opportunity. As long as the support of 18,100-18,000 levels is protected, one may expect consolidation movement to continue. A decisive move above 18,400 levels is likely to open a new all- time high of 18,600+ levels in the near term.

In the absence of any major event, the performance of the global indices, especially the US markets, will dictate the market trend. Besides, the upcoming expiry of November month derivatives contracts would keep the participants busy. Meanwhile, we suggest continuing with a stock-specific trading approach and focusing on sectors that are showing resilience in the recent dip.

Nifty needs to trade above 18,250 to signal a revival in sentiment. Overall, we expect the market to gain momentum on the upside once a break above 18,250 is seen. It is too premature to call out a top in Nifty. We wait for a signal to put us again on the long side of the market.

Upbeat US retail sales data for October and hawkish comments from the Fed officials over the rate hike trajectory dented the market sentiments. Back home, domestic inflation moderated mildly but remained above the RBIs tolerance level.

“Nifty has to hold above 18,250 zones for an up move towards 18,444, then 18600 zones, whereas supports are placed at 18,188 and 18,000 zones," said Chandan Taparia of Motilal Oswal. Analysts said the positive chart pattern, like higher tops and bottoms continued on the daily chart, and Nifty is currently in line with the formation of a new higher bottom formation.

While negating its higher high formation of the last four sessions, headline equity index Nifty formed a small negative candle on the daily time frame with a long upper shadow today on the weekly expiry day. “Now, it has to hold above 18,282 zones, for an up move towards 18,500 then 18,600 zones whereas supports are placed at 18,282 and 18,188 zones,” said Chandan Taparia of Motilal Oswal.

Option data suggests a broader trading range in between 18,000 and 18,800 zones while an immediate trading range in between 18,200 and 18,600 zones

The recovery in demand, coupled with apparent peaked out inflation, is pushing silver higher. Along with this, limited room for the Fed to push the interest rates higher is another factor.

Participants are maintaining a cautious stance around the record high, reflected in the market move. However, selective buying in the index majors on a rotational basis is helping the index to hold gains and gradually inch higher as well. We thus maintain our view to continue to follow the up trend until Nifty holds 17,800 and look for buying opportunities on dips.

The near-term uptrend status remains intact and the market is now showing minor consolidation at the hurdle of 18,350 levels. The choppy movement/minor weakness could continue for the next 1-2 sessions before showing another round of sharp upside bounce from the higher lows. Immediate support is placed at 18250.

The company provides manufacturing and life-cycle support for players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology and other segments.

The Rustomjee Group company's IPO includes a fresh issue worth Rs 560 crore and an offer for sale (OFS) of up to Rs 75 crore by the promoters - Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta.

On the derivatives front, the highest call OI was at 18,500 strike price, followed by 18,600 strike price, while on the put side, highest OI remained at 18,000 followed by 18,200 strike price.

The majority of the brokerage firms remain positive about the company citing its strong order book and growth prospects. However, a few remain concerned about the company citing high competition and high customer concentration.

Archean Chemical Industries is India's largest exporter of bromine and industrial salt in the fiscal year 2020-21. The company is the leading speciality marine chemical manufacturer in India.

Five Star Business Finance is available at the upper price of the band at 3.7x P/BV and returns on net worth of 13.86%, and ROA is 7.5%. Five Star Business Finance is fairly priced, said Anand Rathi with a 'Subscribe for long term' rating.

“My view is simple that the broader index is going to trade within a range of 4-5% either on the upside or on the downside for next six months. As of now, the market can fall 10% from here or can move up more than 10%. I think it is a range-bound market and whatever levels come in, should be within those levels.”

Option data suggested a broader trading range between 17,800 and 18,500 zones while an immediate trading range between 17,900 and 18300 zones

The quota for the retail bidders was subscribed 1.6 times, whereas the allocation for the HNI investors fetched 64% bids. The portion for the institutional investors was booked only 4% as of the given time

Brokerage firms remain mixed over the issue. Some have suggested subscribing to the issue but a majority of them find the valuations expensive. They have also flagged the complete OFS nature of the issue as a concern.

“My tenure wont change the way business is run at Dabur; focus will be on newer categories. The business has not really grown in the last 10 years but we are going to be at least doing double digit growth from next year onwards. Dabur will continue innovating, launching new products and focussing on growing our distribution but not owning it.”

The quota for employees was booked at 85%, and retail bidders were subscribed 5%, whereas the allocation for HNI investors fetched only 1% bids. The portion for institutional investors was yet to see any action.

Chart readers said positive patterns like higher tops and bottoms continued on the daily time frame chart, and Wednesday's swing high of 18,296 could be considered as a new higher top of the sequence.

Chartists said a sustainable move above the high of Doji at 18,255 levels is likely to nullify the negative impact of the pattern. The momentum indicator RSI was in a positive crossover. Nifty supports are seen at the 18,100 level, while resistance is around the 18,350 mark.

"The biggest downside risk can come from earnings. If they disappoint, then we may see a derating of the markets."

Now, Nifty has to hold above 18,000 zones, for an up move towards 18,350, then 18,500 zones whereas supports are placed at 17,950 and 17,888 zones,” said Chandan Taparia of Motilal Oswal Financial Services.The index maintained its position above its 200-DMA, and the momentum indicator RSI is in a bullish crossover..

The prices of silver jumped about 14 per cent during the period under review as the spot prices of the white metal topped Rs 59,000 mark on Wednesday in the Indian market

Indicators such as MACD and RSI were slightly skewed on the negative side. Analysts say that the physiologically-important level of 18,000 is now becoming a make-or-break zone for the index.Options data suggests a broader trading range between 17,600 to 18,600 zones, while an immediate trading range in between 17,900 to 18,300 zones.

Despite the challenging environment, the company has leveraged its large-scale hospitals with world-class infrastructure, high-end medical equipment and technology to record decent operational and financial performance, said Reliance Securities.

​The index sustained above the hurdle of 18,096 levels on Tuesday, which is the previous top of the mid part of Sept 2022. Analysts said this is a positive indication, and one may expect further swing highs in Nifty.

Fusion has optimized the cost of funds, liquidity requirements and capital management over the years, in challenging market conditions, led by prudent liability management, the ability to secure sufficient and diversified borrowings on competitive terms and improved credit ratings, said Reliance Securities in its IPO note.

Nifty50 is expected to remain above the 18,000 mark and Sensex above the 60,000 level at the end of November, according to a survey conducted by ETMarkets with 15 brokerages. On Monday, Nifty50 and Sensex ended above the 18,000 level and 60,000 mark respectively, for the first time since September 14. Nifty50 has risen 5.5% in October after having lost nearly 4% in September.

Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 448137.74 Crore) operating in NBFC sector

Eicher Motors Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 105292.76 Crore) operating in Auto sector.

DLF Ltd. key Products/Revenue Segments include Property Development, Rental Income, Other Operating Revenue and Royalty Income for the year ending 31-Mar-2022.

Aditya Birla Fashion and Retail Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 33212.51 Crore) operating in Retail sector.

Nifty has been trading near the 78.6% retracement of the entire September decline. The key Fibonacci level is near 17800. The hourly chart shows that the index is in process of forming a distribution near this key hurdle. The hourly momentum indicator has developed a negative divergence, which is a sign of exhaustion, said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

“Structurally, the index is likely to trade sideways to bearish bias in the short term. As long as the Nifty stays below 17800 on a closing basis it is likely to test 17500 in the short term,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

During the day, the Nifty remained above the previous consolidation high, suggesting a rise in optimism. Over the short term, the trend is expected to remain strong. On the higher end, resistance is visible at 17,950. On the lower end, support is placed at 17,550/17,400.

The relentless flows from these investors alongside domestic institutions has been nothing less than a saviour for the Indian market.​“Retail investors have always been considered as conservative in a volatile and uncertain environment,” said Vivek Goel, co-founder and joint MD at Tailwind Financial Services.

A host of analysts believe that the trend is likely to continue and midcap and smallcap stocks will continue to shine brighter than the list-A companies in the upcoming year, that is, Samvat 2079.They believe that largecaps of tomorrow will rally better than the outperformers of the yesteryears as the growth potential in bluechip or the large companies remain capped. However, from the safety point of view, they still have an edge.

Vinod Nair, Head of Research, Geojit Financial Services, who is negative on metals, oil, reality and infra, said, "Investors need to keep an eye on hyperinflation, global recession, hawkish monetary policy leading to a rise in interest rates and war crisis."

“Now, Nifty has to be above 17,500 zones for an up move towards 17,777 and 17,850 zones whereas supports are placed at 17,442 and 17,350 zones,” Chandan Taparia of Motilal Oswal.