Stock Market Prediction Next Week (31 Oct to 4 Nov 2022)
Stock Market Prediction Next Week (31Oct to 4 Nov 2022): The domestic stock market indexes made a decent gain for the truncated week, which ended on 28 October. The market sentiments were positive due to strong corporate earnings, FIIs inflow, positive global cues, and in absence of any negative news.
The coming week will be a crucial one, markets will remain volatile as several economic data are expected during the week. The market will focus mainly on the Fed interest rate decision, RBI unscheduled meeting, Bank of England interest rate decision, and corporate earnings. The other key factors likely to influence the Stock Market Prediction for the next week are given below.
Stock Market Prediction Next Week (31Oct- 4 Nov 2022)
Nifty & Bank Nifty weekly prediction
Last week Nifty was hovering near 17750-17800 levels and witnessed a tough resistance near the 17750 levels, unable to breach those levels. At the same time, 17650 is maintained a strong support zone as of now for Nifty. Volatility is expected in the coming week as several crucial events are lined up, Nifty needs to breach the above levels and closed above 17800 for further up move. For the coming week, Nifty may trade in the range of 18200- 17400 levels
The Bank Nifty has resistance near 41500 levels last week and witnessed some slide on Friday. The daily trend of Bank Nifty has turned down after 9 days slightly weakening the bias and with the overall bias maintained cautiously positive. As the global sentiments turned positive on Friday, Bank Nifty may open higher on Monday and would trade in a range of 42200- 39800 levels during the week.
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Quarterly Earnings
We are in the middle of the second quarter of the corporate earning season. There is a total of 24 Nifty 50 companies that have so far announced the September end quarterly results. On Saturday, NTPC reported a 7% fall in consolidated profits on a YoY basis in Q2FY23, it missed the street estimates. Markets will react to the stock on Monday.
So far markets reacted positively to the Q2 earnings announced by the corporates. In the coming week, there are thirteen Nifty 50 companies that will announce their Q2FY23 earnings, the list is given below.
| Q2FY23 Result dates for Nifty50 Stocks | |
| 31 Oct 2022 | Bharti Airtel |
| 31 Oct 2022 | LT |
| 31 Oct 2022 | Tata Steel |
| 1 Nov 2022 | Adani Ports |
| 1 Nov 2022 | Sun Pharma |
| 1 Nov 2022 | TechM |
| 1 Nov 2022 | UPL |
| 3 Nov 2022 | Adani Ent |
| 3 Nov 2022 | HDFC |
| 3 Nov 2022 | HeroMotoco |
| 4 Nov 2022 | Britannia |
| 4 Nov 2022 | Cipla |
| 4 Nov 2022 | Titan |
Domestic Economic Data
In the coming week, the GST data, PMI numbers, and Export/Import data will be in focus. The GST collection was above 1.40 lakh crore for the last seven months in a row and would remain robust for the month of October. The schedule for the domestic economic data for next week is given below
| Economic Data Next Week | |
| 31 October 2022 | Govt Budget Value Sep |
| 31 October 2022 | Infrastructure Output Sep |
| 01 November 2022 | S&P Global Manufacturing PMI |
| 01 November 2022 | Balance Of trade Exp/Imp |
| 03 November 2022 | S&P Global Service PMI |
| 03 November 2022 | RBI Unscheduled Meeting |
RBI Unscheduled Meeting
The Reserve Bank of India (RBI) has announced the Monetary Policy Committee (MPC) will hold an additional meeting on November 3, the next day of the US Federal Reserve’s monetary policy meeting. This is other than MPC’s scheduled meeting for the last time this calendar year on December 5 – 7, 2022.
Auto Sales
October month set to remain the best month for Auto companies making record sales during the peak festive season. This would be the best festive season in a decade, especially for passenger vehicles and two-wheelers. For a long period, the auto companies missed this opportunity, but this year Navratri and Diwali both festivals in the same month had given a boost in auto sales. Auto stocks are already in focus, investors should buy quality auto stocks on dips.
Global Stock Market Prediction Next Week
The global stock markets were mostly closed higher last week mainly on the hope that Fed will slow down its interest rate hikes. The global markets are likely to remain volatile next week as the Federal Reserve policy meeting outcome is scheduled for 2nd November. Traders should closely monitor the event including the Fed’s press conference after the meeting.
The other key factors that may impact global markets are BoE interest rate decisions, quarterly earnings, PMI data, and the US employment rate. Below is the schedule of key macroeconomic data that are likely to impact the stock market prediction next week.
| Important Global Macro Data Next Week | ||
| 31 October 2022 | NBS PMI Data Oct | China |
| 31 October 2022 | Consumer Confidence, Housing Strats | Japan |
| 31 October 2022 | BoE Consumer Credit Sept | GB |
| 31 October 2022 | GDP Growth rate Q3 | EA |
| 31 October 2022 | Inflation rate flash Oct | EA |
| 01 November 2022 | Jibun Bank Manufacturing PMI final Oct | Japan |
| 01 November 2022 | Caixin Manufacturing PMI Oct | China |
| 01 November 2022 | S&P Global/CIPS Manufacturing PMI OCT | GB |
| 01 November 2022 | S&P Global Manufacturing PMI Oct | US |
| 01 November 2022 | Boj Monetary policy minutes | Japan |
| 02 November 2022 | S&P Global Manufacturing PMI Oct | EA |
| 02 November 2022 | Fed’s interest rate decision | US |
| 03 November 2022 | Caixin Services PMI | China |
| 03 November 2022 | S&P Global/CIPS Services PMI OCT | GB |
| 03 November 2022 | Unemployment Rate Sept | EA |
| 03 November 2022 | BoE Interest rate decision | GB |
| 03 November 2022 | S& P Global Service PMI Oct, | US |
| 03 November 2022 | Export and Import data | US |
| 4 November 2022 | Jibun bank Services PMI Oct | Japan |
| 4 November 2022 | Unemployment rate Oct | US |
Indian Rupee Movements against the US dollar
On Friday, the Indian rupee closed at 82.63 after touching a day’s high of 82.72 against the US dollar. Earlier in October month rupee had touched an all-time high of 83.18 against the US dollar. The US Federal Reserve meeting on 2nd November would be crucial for the movement of the Indian rupee. Traders should closely monitor the rupee movement, especially after the US central bank interest rate decision.
Crude Oil Prices
The crude oil prices closed lower on Friday amid China’s low demand concern. China’s fresh lockdown in several cities due to Covid-19 infection fears the concerns of reducing crude oil demand from the world’s largest oil importers.
On a weekly basis, the oil prices in futures closed higher, the WTI crude gained about 3% while Brent crude was up around 2%. This is due to a supply crunch which is unlikely to be avoided ahead of a looming European ban on Russian crude imports and deeper OPEC output cut. Further correction in crude oil prices will be positive for domestic markets.
FII & DIIs flow
Foreign Institutional Investors (FIIs) were net buyers in the last week. They bought Rs 3986.25 crore worth of shares in the Indian equity markets on a weekly basis. FIIs started buying in the last two days of the week. If the buying spree continues next week, we may see more up-move in the domestic markets.
On other hand, Domestic Institutional Investors (DIIs) remained as net sellers on a weekly basis. They sold Rs 1240.47 crore worth of shares during the week, but last two days they turned net sellers. Traders should closely monitor the institutional activity in the next week.
Conclusion:
Indian stock market sentiments are likely to remain positive on Monday, as US markets closed strong on Friday. The SGX Nifty also indicates a gap-up opening for Monday. During the week the domestic market will remain volatile as some crucial events on both the domestic and global front are lined up. Overall sentiments are positive, investors can buy good quality stocks on dips.
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You may also like to read, Nifty and Bank Nifty Prediction for Monday 31 Oct 2022
Global Stock Market Indexes-Weekly Updates (24-28 Oct)
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