The Nifty50 managed to eke out a 1.3 per cent gain last week to close at 17,315. The sell-off in US equities following strong jobs data is expected to put pressure on the markets on Monday. Technical analysts say strong support for the Nifty50 is placed around 17,200. “Traders should avoid taking aggressive long positions and rather be very stock-specific and have a cautious approach. The options data hints at a broad range of 17,000-17,500 for the coming week; a breakout beyond this range can then lead to a trended move in the direction of the breakout,” said Ruchit Jain, lead research, 5paisa.com.
The domestic broking industry managed to successfully transition to the new running account settlement system. Under this, the funds lying with brokers have to be returned to the client’s bank on the first Friday of each quarter. On October 7, the exercise was to be done for the first time. The estimated outgo from brokers to their clients was pegged at Rs 25,000 crore. Kamlesh Shah, president of broker’s lobby Association of National Exchanges Members of India, said the smooth implementation was because of advance preparation by all stakeholders. “We will conduct a more detailed analysis to see if the systems can be improved further.”
Poor Nifty debut week for Adani Ent Shares of Adani Enterprises are down nearly 6 per cent since September 30, the day it got added to the Nifty50 index. There was weakness, even as funds tracking the Nifty index had to buy shares worth over Rs 3,000 crore of the company. Market observers said many traders mounted aggressive long positions ahead of the index inclusion and the weakness was on the back of unwinding of these bets. “Many traders had taken pre-emptive bets in both cash and derivatives. The fall in the stock was as these traders closed their positions. We have seen the index inclusion trade now play out months in advance,” said an analyst. Shares of Adani Enterprises had jumped 58 per cent during the September 2022 quarter, even as the Nifty rose 8.3 per cent.
Contributed by Khusbhoo Tiwari & Samie Modak 
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