As discussed in the previous report dated 20th October 2025, market behaviour remained on expected lines during the week as the uptrend continued, taking Nifty to our projected level of 26,097 and making a weekly high of 26,104. However, it failed to sustain and slipped to a weekly low of 25,718.

1. FIIs’ net long position stands at 24.80%.
2. VIX is at 11.59 (-1.19%).
3. PCR is at 0.65.
4 FIIs bought 1,336 lots in index futures, bought Rs.621 cr in the cash segment, and sold Rs.703.10 cr in stock futures.
5. Open interest data:

PHANTOMFX: ACQUIRES UK-BASED VFX STUDIO “MILK” FOR USD 1.63 MNAcquires 100% stake in Milk Visual Effects Ltd, UK for USD 1.63 Mn.Strengthens global presence in Europe and North America VFX markets.Enhances capabilities in film, TV post-production, and high-end VFX.Supports long-term expansion strategy with wider international footprint. AIRFLOA RAIL TECH: WINS ₹8.54 CR ORDER FROM MODERN […]

Fund House and Brokerage Highlights
Brokerages maintained a largely neutral to positive stance on HUL, with Jefferies and Goldman Sachs reiterating Buy and targets of Rs 3,050 and Rs 2,850 respectively, citing medium-term growth potential and steady margins despite GST disruptions. Macquarie and MS maintained Neutral/Equal Weight with targets of Rs 3,000 and Rs 2,335, highlighting margin support from the upcoming ice cream demerger. CLSA remained cautious with an Underperform rating and Rs 1,966 target, citing muted near-term growth.

Citi on HUL
• Target Price: ₹3000 (↑ from ₹2900)
• Recommendation: Buy
• View: Strategic vision underpins medium-term growth outlook. Quarterly performance was hit by temporary trade destocking ahead of GST rate cuts. Management estimates a 200 bps growth impact.

*Business Standard*
Indian leather exports to fall 10-12% in FY26 amid high US tariff: Crisil
RBI flags geopolitical risks to cross-border payments, warns of impact
New launch pipeline, rental portfolio to boost Oberoi Realty’s FY26 growth
Hyundai India names Sunil Moolchandani as new national sales head

NIFTY OUTLOOK: 25,891.40  FII: -1,165.94 cr  DII: 3,893.73 cr
As discussed yesterday, market behaviour remained on the expected lines during the day. Strong buying momentum initially lifted Nifty to an intraday high of 26,104.2, but it failed to sustain at higher levels and slipped towards the day’s low of 25,862.45.

1. FIIs net long: 18.65%
2. VIX: 11.29
3. PCR: 0.97
Note:
The biggest development came on the US–India trade deal front. As per reports by Mint, both nations are close to finalizing a long-pending trade agreement under which the US may cut tariffs on Indian imports from the current 50% to around 15–16%.

As discussed yesterday, the market behavior remained broadly on expected lines. The positive momentum in Nifty extended the rally up to 25,935 during the day.
However, a bearish star candlestick appeared on the daily chart, indicating a potential pause in the uptrend and indecision about the next directional move.

FEDERAL BANK: Clarifies no decision yet on preferential issue for 9.99% stake
Federal Bank said no decision has been finalized regarding a reported preferential issue of up to 9.99% stake.
The Board will meet on October 24, 2025, to evaluate various fund-raising options.