Nifty: GNFC, Glenmark, Asian Paints, and NTPC are top picks for the October

In this article, we are going to look at the Nifty October series outlook. We are going to take a look at it as per the reports of the Nifty September series. In September, the domestic market witnessed volatility. And it has concerns over the high-interest rates. On this, the global economic slowdown and the foreign capital outflow have weighed on the sentiment. In the last month, the Nifty 50 ended on a gain of 2% while the Sensex rose to 1.5%. It has been claimed that the BSE Smallcap index rose almost about a percent. And the BSE Midcap index has jumped to 3.7% in the last month. Read the entire article to know everything.

Nifty

In the last month, the domestic brokerage firm Religare Broking claimed that the Nifty has closed at 19,525. It has been closed after the volume weighted average price which is totally based on this selling activity which has been already witnessed for the entire day. Religare has also highlighted that at approx 95% of chemical, media, textile, and banking sectors are the top rollovers that have been witnessed in the last month. And Religare has also highlighted that 90% of oil, metals, telecom, and gas sectors are at very low rollovers in September.

Religare Broking claimed that the volatility Index was at approximately 12.5% levels which implies the 690 odd points going to be swing in the Nifty in the next 30 days. If we look at the Nifty October the future contract has opened the interest which has been started at approx 97 lakh which is compared to 100 lakh in the last month. And Banknifty October futures look like it has open interest of approx 22 lakh which is compared to 23.6 lakh in the last month. The future of Nifty shows that it is going to be rolled out at approximately 6% which is almost compared to 78% which is much lower.

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As per the outlooks, it indicates that the open interest for the new contract is completely lower at approximately 3 lakh as of September. We give some suggestions for buying the stocks in October, Glenmark, NTPC, GNFC, and Asian paints. There is a big chance for these stocks so you should definitely look at these stocks. For this month the average price is for approx 19,800 and it is also said that the index might be on the sell on a rising mode. In this month, the Nifty has great support at 19,300 to 19,350 levels. For more information stay tuned to techballad.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging