Analysts say domestic sentiments remain buoyant as economic recovery is faster than expected and is well reflected in improving macro-data points. Image: Reuters

Nifty futures surged over 100 points or 0.57 per cent in early trade on the first day of the week, suggesting a positive start for BSE Sensex and Nifty. In the absence of any major domestic trigger, Indian stock markets would continue to take cues from global markets. Analysts say domestic sentiments remain buoyant as economic recovery is faster than expected and is well reflected in improving macro-data points. “Nifty has formed a robust higher high and higher low formation which is broadly positive. The important point is the index successfully cleared the resistance of 17800 and is comfortably trading above the same. For the index, 17775-17700 could be the important support levels. On the flip side, 18000 and 18200 could act as a major resistance level. Contra traders can take a long bet near 17700 with a strict 16650 support stop loss, while partial profit booking is advisable between 18100 to 18200 level,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Stocks to watch

HDFC Bank: HDFC Bank said it is aiming to double its rural reach in the coming two years while it looks to “extend its leadership in MSME banking.” The bank is targeting expansion of its services to 2 lakh villages in the coming 18-24 months from the current 1 lakh villages. It is planning the expansion through a combination of branch network, business correspondents, business facilitators, CSC partners, virtual relationship management, and digital outreach platforms, it said in a statement.

Reliance Infrastructure: Reliance Infrastructure’s (RInfra) board of directors has approved raising Rs 737 crore as foreign currency convertible bond (FCCB) on private placement basis. The bonds will have a coupon rate of 4.5% and will mature in 2031.

BPCL: Kerala Industrial Infrastructure Development Corporation (KINFRA) and Bharat Petroleum Corporation Limited (BPCL) on Friday signed a Memorandum of Understanding for co-operation in the petrochemical park project to be set up by KINFRA.

PVR, Inox Leisure: Theatres and auditoriums will be reopened in Maharashtra from October 22. PVR, Inox Leisure, other stocks will remain on investors’ radar.

Dish TV India: Dish TV India has postponed Annual General Meeting (AGM) convened for Monday, following the Government providing a general extension of two months to hold shareholders’ meeting.

Zee Entertainment Enterprises Ltd: Invesco Developing Markets Fund, a foreign portfolio investor in ZEEL, has reiterated that the media company should hold an extraordinary general meeting (EGM) to evict certain directors.