Stock Market Prediction Next Week ( 30 Oct – 3 Nov 2023): Indian stock market indexes closed lower for the second consecutive week. The domestic markets were hit due to weak global cues. The spike in US Treasury yield at record high levels, Middle East tension, and continuous FII selling pressure dented the Indian market sentiments.
Next week will be a busy week for the traders, as the focus will remain on Q2 earnings, economic data, global cues, and Fed, BoJ, and BoE interest rate decisions. The elevated US Treasury yields, crude oil prices, and the Isreal and Hamas war are also likely to influence the domestic markets. The other key factors that are likely to impact the Indian stock market prediction next week are given below.
Stock Market Prediction Next Week (30 Oct – 3 Nov 2023)
Stock Market Prediction for Nifty & Bank Nifty next week
After 3 consecutive sessions of weakness, the Nifty (spot level) finally witnessed a decent pullback and closed above the 19000 zone. The broader markets also showed signs of improvement with active participation witnessed from the midcap counters.
The Nifty index would need to close above the 19200 zone to establish some conviction and overall improve the bias to anticipate further up-move. On a weekly basis, Nifty could trade in a range of 18600 – 19500
On Friday, the Bank Nifty index (spot level) recovered from the previous day’s low of 42100 levels. The index gained 500 points witnessed a significant bounce and closed near the 42800 zone improving the sentiment to some extent.
The Bank Nifty needs to breach above the 43400 zone for further confirmation of trend reversal and expect an upward move in the coming days. On a weekly basis, Bank Nifty could trade in a range of 41400- 44200 levels.
You can also follow our daily Nifty and Bank Nifty futures, trends, trading strategies, and market updates on our Website or Telegram Channel – https://t.me/nifty50stocks1
Q2 Earnings
The second-quarter earnings season is in full swing now. India’s heavyweight Reliance Industries reported its quarterly earnings on Friday after the market hours. Reliance’s second-quarter numbers were largely in line with expectations with 29.7% growth in net profit and a marginal increase in revenue. The company reports its revenue from operations rose 1.1% to Rs 2.34 lakh crore. On Monday, markets will react to the RIL’s Q2 earnings.
In the coming week, there are 12 Nifty 50 index stocks including LT, Tata Steel, Bharti Airtel, Sun Pharma, etc will report their second-quarter earnings. The schedule for the 12 Nifty 50 stocks Q2 earnings are given below:
| Q2FY24 Result dates for Nifty50 Stocks | |
| 30 October 2023 | UPL |
| 31 October 2023 | Bharti Airtel |
| 31 October 2023 | L&T |
| 31 October 2023 | Tata Consumer |
| 1 November 2023 | Britannia |
| 1 November 2023 | Hero Motorco |
| 1 November 2023 | Sun Pharma |
| 1 November 2023 | Tata Steel |
| 2 November 2023 | Adani Enterprise |
| 2 November 2023 | Tata Motors |
| 2 November 2023 | Titan |
| 4 November 2023 | SBI |
Domestic Economic Data
The macroeconomic data will also remain focused in the coming week. Last month’s economic data showed that the country’s business activity picked up at a greater pace. In the coming week, the S&P Global Manufacturing PMI and Services PMI data will be released and the data are expected to remain quite positive. GST revenue collection data is also expected next week and is likely to remain at the highest levels.
The other key macroeconomic data set to be released in the coming week are given below
| Economic Data Next Week | |
| 31st Oct 2023 | Govt. Budget Value |
| 31st Oct 2023 | Infrastructure Output Sept |
| 1st Nov 2023 | S&P Global Manufacturing PMI Oct |
| 3rd Nov 2023 | S&P Global Services PMI Oct |
| 3rd Nov 2023 | Bank Loan and Deposit Growth |
Auto Sales Numbers
Auto stocks will be in the limelight next week, as auto companies will start announcing their auto sales numbers from 1 November 2023. The festive season has started and auto sales are likely to increase in the Oct-Dec quarter.
During this festive season, India’s leading car manufacturer Maruti Suzuki saw a remarkable 20% surge in sales as compared to the previous year, according to a report published in moneycontrol.com.
However, that’s not all, sales are likely to increase more during Diwali. Trades having a position in auto stocks should remain cautious, as profit booking can be seen at a higher level in the auto space.
Global Stock Market Prediction Next Week
The global stock market indexes mostly closed lower during the week. The US stock market indexes ended lower due to mixed corporate earnings, a spike in Treasury yield at record high levels, and Middle East conflicts.
The European stock markets ended lower as sentiments hit after a series of disappointing quarterly earnings, weak economic data, and global uncertainty.
China and Hong Kong markets gained due to stimulus measures from Beijing and as China’s industrial profit extended for a second consecutive month.
In the coming week, global investors will focus mainly on the Fed interest rate decision followed by BoJ and BoE monetary policy. The quarterly earnings, PMI data from several countries, Japan, and the US monthly unemployment rate will also remain the focus next week.
Traders will also be closely monitoring any developments in the Middle East conflicts. The US Treasury yield is still at elevated levels, it is likely to move in either direction after the Fed meeting outcome on 1st November, traders should closely track the movement of yields.
Global Macroeconomic Data
| Important Global Macro Data Next Week | ||
| 30 October 2023 | Economic Sentiments | EA |
| 31 October 2023 | Unemployment Rate Sept | Japan |
| 31 October 2023 | Industrial Production Sept | Japan |
| 31 October 2023 | Retail Sales Sept | Japan |
| 31 October 2023 | NBS Manufg & Non Manufg PMI | China |
| 31 October 2023 | BoJ Interest Rate Decision | Japan |
| 31 October 2023 | Consumer Confidence Oct | Japan |
| 31 October 2023 | Housing Starts Sept | Japan |
| 31 October 2023 | GDP Growth Rate Q3 | EA |
| 31 October 2023 | Inflation & Core Inflation Oct | EA |
| 31 October 2023 | House Price Index | US |
| 31 October 2023 | CB Consumer Confidence | US |
| 1 November 2023 | Caixin Manufacturing PMI | China |
| 1 November 2023 | S&P Global/ CIPS Manufacturing PMI Oct | GB |
| 1 November 2023 | ADP Employment Change Oct | US |
| 1 November 2023 | ISM/ S&P Global Manufacturing PMI | US |
| 1 November 2023 | JOLT’s job Opening Sept | US |
| 1 November 2023 | Fed Interest Rate Decision | US |
| 2 November 2023 | BoE Interest Rate Decision | GB |
| 2 November 2023 | HCOB Manufacturing PMI | EA |
| 2 November 2023 | Initial Jobless Claims | US |
| 3 November 2023 | Ciaxin Services PMI Oct | China |
| 3 November 2023 | Unemployment Rate Sept | EA |
| 3 November 2023 | S&P Global/CIPS Services PMI Oct | GB |
| 3 November 2023 | Non-Farm Payroll Oct | US |
| 3 November 2023 | Unemployment Rate Oct | US |
| 3 November 2023 | ISM/ S&P Global Services PMI | US |
| 3 November 2023 | Current account Prel Q3 | China |
Crude Oil Prices
The crude oil prices declined almost 3% after a highly volatile week. The volatility in the crude prices was mainly as traders reacted to the various news headlines related to the Middle East conflicts.
On a weekly basis, the US-based WTI crude was down 3.6% while London-based Brent crude declined 2%. Traders should keep track of the crude oil prices in the coming week, as long as crude is trading below $95 per barrel, the domestic markets will not react negatively.
FII & DIIs flow
Foreign Institutional Investors (FIIs) were the net sellers in the Indian equity cash markets last week. They offloaded shares worth Rs 13187.01 crore during the week. Domestic Institutional Investors (DIIs) were the net buyers last week. They bought shares worth Rs 11553.34 crore, which is less than what FIIs have sold during the week.
FIIs selling will continue in the Indian equity cash markets next week, as US Treasury yields are at an elevated level. Traders should keep a close eye on FII and DII activity in the coming week.
Conclusion
On Friday, the Indian stock markets saw a relief rally after six consecutive declines. The overall market trend is still negative despite the rally on Friday. Traders need to remain cautious next week, as domestic markets are likely to remain volatile ahead of the crucial event scheduled next week. Investors can also follow our Daily Morning Report at 7:30 a.m. to know the market direction.
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You may also like to read, Nifty Prediction and Analysis of Bank Nifty Futures for Monday, October 30
Global Stock Market Trends: Recap of the Week (23-27 Oct 2023)
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