Nifty has seen a three-day decline, impacted by FIIs selling and HDFC Bank's disappointing performance, resulting in an 11% drop. Hawkish comments from Federal Reserve Governor Christopher Waller have added to market concerns. Despite this, optimism prevails for a potential rebound, attributed to overbought technical conditions and anticipation of a positive earnings season. Notable companies, including Reliance Industries and Hindustan Unilever, report Q3 results today. Market attention also focuses on various other companies. Positive pre-market activity, despite challenges like rising oil prices and FIIs selling, contributes to ongoing market optimism. The preferred trade includes buying Nifty and Bank Nifty, with specific targets and stop levels provided. Bullish perspectives are highlighted for certain stocks, including Indian Bank, with recommended buying levels and targets. Overall, the market outlook suggests a potential turnaround, driven by short covering and bargain hunting, with a cautious yet optimistic approach.
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