“WTI November is expected to test the support of $86-$85, in today's session if the inventory data shows a buildup in reserves. The favorable economic data from US could set dollar index and yields higher leading to sell off in risk assets. The Q3 rally of 26.5% in crude oil prices could see some profit booking from the money managers as the interest rates scenario remains uncertain. We advise traders to short the rallies,” said Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas.

“USDINR CMP- 83.2350 (spot) Indian Rupee declined on weak domestic markets and further selling by FIIs. We expect Rupee to trade with a negative bias amid risk aversion in global markets and a hawkish tone of most Federal Reserve officials. US Dollar index may bounce back again if US treasury yields continue to rise. However, softening of crude oil prices may cushion the downside. Any intervention by the RBI may also support Rupee at lower levels. Traders may take cues from Services PMI, ADP non-farm employment and factory orders from US. Market participants may remain cautious ahead of RBI’s monetary policy meeting later this week. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.70,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

The Nifty PSU Bank index tanked 2.82% during the intra-day trade on Wednesday. Punjab & Sind Bank and PNB were the top losers with their respective losses of 4.38% and 3.85%.

“It is important to set financial goals and make investments for the realisation of those financial goals. Since financial goals vary across persons, investment strategy also has to be different. Asset allocation is the key to successful financial planning.”

– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Adani Enterprises, Nestle India, Eicher Motors, Hindustan Unilever, HDFC Bank, Britannia Industries and Asian Paints were the top gainers on the NSE.

Axis Bank, Ultratech Cement, State Bank of India, IndusInd Bank and Larsen & Toubro were the top losers on the NSE during the intra-day trade on Wednesday.

The stock price of Adani Enterprises soared over 3.50% to Rs 2502.75 during the intra-day trade on Wednesday. The surge came following the news that International Holding Company (IHC) raised its stake in Adani Enterprises to above 5%.

Suzlon, Indian Overseas Bank, JP Power, Bank of Maharashtra and Yes Bank were the most active stocks on the NSE during the intra-day trade on Wednesday.

“COMEX Gold prices declined for the seventh straight day on Tuesday, as the precious metal came under immense pressure from surging yields and elevated dollar index. The yield on the US 10-year notes surpassed 4.8%, as strong economic data underscored the resilience of the US economy to high borrowing costs, improving the conviction that Fed might be forced to keep rates elevated. Robust JOLTs job openings data, smallest contraction in September factory activity and hawkish comments from Fed officials continue to strengthen the expectation that interest rates will remain elevated for a longer period. Today the focus will be on US ISM Services PMI and ADP Non-farm employment change for more cues on the economy. As long as the US data keeps coming better, yields might continue the upside, weighing down on bullions,” said Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.

Sectoral Indices traded in red during the intra-day trade on Wednesday. Auto, Financial Services, Pharma, Private Bank, and Realty stocks tanked over 1% each.

“As bears tighten grip, elevating the chances of an 18,600 move, we are rooting for the prospects of a recovery move, if Nifty manages to get back above 19,460 after early weakness. Alternatively, inability to scale 19,540 on the bounce could extend down move, but not exceeding 19,340,” Anand James, Chief Market Strategist at Geojit Financial Services.

The Nifty 50 shed over 140 points, or 0.72%, to 19,387.25 during the early trade on Wednesday. NTPC and Axis Bank were the top losers with their respective losses of 3.23% and 1.99%.

“Global cues are negative for markets in the near-term. The sustained rise in the US bond yields, which has triggered continuous FII selling, is showing no signs of abating. The dollar index is now clearly above 107 and the US 10-year bond yield is at 4.83%. This means FIIs will continue to sell and the bulls will be on the back foot. On the positive side, valuations in some segments are becoming attractive and this may push DIIs and retail investors to buy stocks in such segments. An inevitable consequence of this complex situation is heightened volatility. Investors should watch out for stocks which look strong even in a weak market. A significant trend in the market is that fundamentally strong stocks like large cap private sector banks have turned weak on FII selling. For long-term investors, this is an opportunity,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The NSE Nifty 50 opened at 19,446.30, down 0.42%, while the BSE Sensex opened at 65,330.65, down 181.45 points. 

“Bank Nifty is hovering near 44350-44400 zone maintaining above the crucial support of 44200 levels with overall trend precariously placed and a decisive breach below 44200 shall turn the bias overall weak. At the same time, a decisive breach above the 44800 zone of the important 50EMA level is necessary to improve the

bias and expect for further rise in the coming days. BankNifty would have the daily range of 44200-44800 levels.”

-Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.

“Benchmark indices could retreat in early Wednesday trades after a sell-off in the overnight US market trades have triggered a steep fall across the Asian markets. Fresh concerns over interest rate hike have emerged after the JOLTS report in the US showed a bigger-than-expected number of job openings last month. Markets may continue to exhibit intra-day volatility ahead of the monetary policy announcement on Friday. The real culprit over the current pessimism is FII selling, as they sold Rs 26,692 crore in the month of September. Nifty’s technical picture suggests bears will be in the driver's seat with aggressive targets at the 19221 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

“As per the daily technical chart, we observed that the pair is trading above its moving average trend-line support level of 83.15 and RSI is fetching above 50 levels. Looking at the technical set-up, MACD is showing negative divergence but the pair crossed its resistance level of 83.22 levels again. As per the daily technical chart the pair is having support at 83.22-83.05 while resistance is placed at 83.55-83.70. The pair is having crucial resistance at 83.45 and if it sustains above this level it could witness further strength in the upcoming sessions,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“On the daily charts we can observe that the Nifty is unable to sustain at higher levels. The key hourly moving averages placed in the zone 19590– 19640 is acting as a stiff resistance and until the Nifty does not manage to close above this resistance zone we can expect the weakness to continue. On the downside it can slip towards 19440 – 19320 where support parameters in the form of 78.6% fibonacci retracement level and 20 week moving average are placed. We have been anticipating a pullback however the attempts have been fragile and thus we shall await for a decisive price confirmation. In terms of levels, 19500 – 19440 is the crucial support zone while 19590 – 19640 shall act as an immediate hurdle zone.”

– Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Adani Enterprises, Bajaj Finserv, Maruti Suzuki India, Raymond, Updater Services and Rail Vikas Nigam are among the top stocks to watch during Wednesday's trading session.

The NSE has added Indiabulls Housing Finance to its F&O ban list for October 4, 2023.

Wall Street ended lower on Tuesday. The tech-heavy Nasdaq Composite tanked 248.31 points, or 1.87%, to 13,059.47. The Dow Jones Industrial Average plunged 430.97 points, or 1.29%, to 33,002.38, while the S&P 500 fell 58.94 points, or 1.37%, to 4,229.45.