Despite recording a loss of 2.41 per cent in the last week, Nifty registered gains of 3.51 per cent for the month of October, aided by Bank Nifty, which rallied about 11.5 per cent and recorded its best monthly gains after April 2020.

The zone of 11,550-11,530 is likely to act as crucial support for the index as it is the confluence of the 38.2 per cent retracement level of its prior upward move (10,790.20-12,025.45) and it coincides with the 50-day EMA level.

In October 2020, Sensex recovered by 2.37 per cent whereas, the index had declined by 2.14 per cent in September 2020. Taking advantage of the strong upward trend, many penny stocks recorded positive returns in the month of October.

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The shares of Astec LifeSciences were trading in the green on Friday after surging as high as 7 per cent to Rs 1,167.20 per share after the company reported a robust set of numbers in the September 2020 quarter.

The upward sloping trendline was formed by connecting swing lows from March 25, 2020. Further, the stock has formed a sizeable bullish candle, which suggests that the bulls are taking control near the short-term support.

On Friday, amidst volatility in domestic markets, Sensex closed down by 135.78 points or 0.34 per cent to settle at 39614.07 levels while Nifty closed at 11642.40 levels down by 28.40 points or 0.24 per cent.

Since October 28, 2020, the general sentiments in the domestic markets have been bearish. Sensex declined by around 772.25 points or by 1.91 per cent in the last two trading sessions.

In recent management commentary, the company added that they plan to spend as much as Rs 1,500 crore over the next couple of months. The aim is to expand its production capacity.