U.S. stock higher in pre-market trading for,Oct 19.The Nasdaq Futures is trading at 11,852.20 with a loss of -0.39% percent or -46.41 point.The Dow Futures is trading at 28,606.30 up with +0.39% percent or +112.11 point. The S&P 500 Futures is trading at 3,483.81 up with +0.01%percent or +0.47 point.

In other parts of world, Japan’s Nikkei 225 is trading at at 23,671.13 up with + percent or  +260.50 point. Hong Kong’s Hang Seng is trading at 24,559.03 up with +percent or +172.24 point. China’s Shanghai  Composite is trading at 3,312.67 with a loss of – percent or ?23.69 point. India’s BSE Sensex is trading at 40,325.69 up with +percent or +342.71 point at 12:15 PM.The FTSE 100 closed at 5,951.99 up with + percent or  +32.41 point. France’s CAC  40 closed at 4,987.35 with + percent or +51.50 point.Germany’s DAX closed at 13,002.70 up with +percent or   +93.71 point.

Monday’s Factors and Events

concerns remain over the current surge in Covid-19 cases across the U.S. A CNBC analysis of Johns Hopkins University data showed Covid-19 cases were growing by 5% or more in 38 states as of Friday, with the daily case average nationwide rising by more than 16% week on week to nearly 55,000.

There are no major economic data releases Monday, but investors will be monitoring Federal Reserve Chairman Jerome Powell’s speech at 8 a.m. ET.

Auctions will be held Monday for $54 billion of 13-week Treasury bills and $51 billion of 26-week bills.

Friday Activity

For the day The Nasdaq Composite is trading at 11,671.56 with a loss of – percent or –42.31 point.the Dow is trading at 28,606.31 up with +percent or +112.11 point. The S&P 500 is trading at 3,483.81 with  + percent or  +0.47 point.

Other leading market index closes included the small-cap Russell 2000 Index closed at 1,633.81 up with -0.31% percent or -5.08 point; the S&P 600 Small-Cap Index closed at 923.71 with a loss of – percent or ?5.86 point; the S&P 400 Mid-Cap Index closed at 1,997.34 with a loss of – percent or ?5.48 point; the S&P 100 Index closed at 1,610.76 with a loss of – percent or 0.00 point; the Russell 3000 Index closed at 2,051.06 with a loss of – percent or –0.93 point; the Russell 1000 Index closed at 1,947.02 with a loss of –or –0.57 point.

The value of October and November contracts traded so far is Rs 691.09 crore and Rs 125.81 crore, respectively.

Trading strategy

Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices fell on Monday afternoon in Asia after reports that China’s third-quarter economic growth did not rise as much as expected, raising concerns that surging coronavirus cases globally are impacting the demand for fuel. The world’s second-largest economy in the third quarter expanded by 4.9 percent from a year earlier, missing expectations, data showed.

Markets will look for cues from the Joint Ministerial Monitoring Committee (JMMC) meeting of the OPEC+ group later tonight.

Technically, NYMEX WTI Crude is holding well above 50-DMA which is placed at $40.65 levels indicating sideways to upside movement in coming sessions. Resistance is at $41.55-$42.80 levels and Support holds at $40.30-$39.51 levels.

Domestic oil prices were trading with small losses tracking weak overseas prices. Technically, MCX Crude Oil October holds a resistance near its 100-Day Moving Average which is placed at Rs 3,003 levels, above which it could see an upside bounce up to Rs 3,068-3,090 levels. Downside support is at Rs 2,940-2,910 levels.