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Oil Stocks Outlook for the week – 19 to 23.10.2015 (RIL seen up on buoyant Jul-Sep GRM, PAT)

Index heavyweight Reliance Industries' robust Jul-Sep earnings are set to further lift the mood in the equity markets on Monday, but action in the latter part of the week will be stock-specific, taking direction from earnings of other key companies. Post market hours yesterday, Reliance Industries reported robust earnings—a net profit of 65.6 bln rupees, beating analysts' estimate of 58.39 bln rupees.

The company reported gross refining margin of $10.6 a barrel, up from $10.4 a quarter ago. Besides Reliance Industries, the Jul-Sep earnings of other Nifty constituents such as HCL Technologies, UltraTech Cement, ACC, Hero MotoCorp, Bajaj Auto, Cairn India, HDFC Bank, Wipro, Idea Cellular, and Asian Paints will be in focus next week.

Earnings are important, vital. If earnings are not good, then I think we will see disappointment post that. Some market participants advise caution, even if indices gain. Traders should continue with positive yet cautious approach and prefer only quality stocks even for the day trade. The global markets will also be watched for cues. Technical analysts see the National Stock Exchange's Nifty gaining next week and could test 8300 points after breaking the crucial support level of 8200 points.

The 50-stock index is seen finding support at 8100 points. Yesterday, the Nifty ended at a near two-month of 8238.15 points, up 0.7%, and the S&P BSE Sensex gained 0.8% to end at 27214.60 points. Gains in the broad market were led by banks, with the Bank Nifty ending as the top gainer among sectoral indices, up 1.3% at 17912.85 points.

Next week, the index is seen extending gains and could test 18200 points. Among other sectors, cement companies are also likely to be in focus next week, with ACC and UltraTech Cement reporting their Jul-Sep earnings.
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