Looks like, the good news shall stay as good news all-thru the trading session.

*Morning Action @ 7 AM – Monday, October 7th 2024*

# This Monday morning, Gift Nifty is aiming to start the day on a higher footing as Nifty bulls will aim to take over the positive baton from a strong finish at Wall Street in Friday’s trade.

# *Looks like, the good news shall stay as good news all-thru the trading session.*

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (+77, 25262)
# Dow Futures: (-56, 42297)
# Nasdaq 100 Futures (-21, 20014)

# Nikkei (+831, 39467)
# Hang Seng (+211, 22948)

# Dow Jones (+341, 42353)
# Nasdaq (+219, 18138)
# Bovespa (+120, 131792).

MARKET TRENDS:
# Global: Positive
# FII: Negative (-9896.95 Cr)
# DII: Positive (+8905.08 Cr)
# Sentiment: Neutral/positive
# Market Breadth: positive
# Technicals: Oversold conditions
# F&O: 24700 – 26000 zone.

# INDIA VIX 14.12 (+7.21%)
# Nifty PCR (31st Oct) 1.10
# Bank Nifty PCR (30th Oct) 0.88

# Nifty Outlook: Nifty bulls will aim to regroup.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 25015)
SUPPORT: 24900/24413
RESISTANCE: 25601/25901
RANGE: 24950-25600
BIAS: Neutral/positive
21 DMA: 25485
50 DMA: 25034
200 DMA: 23136

Bank Nifty Technically:
BANK NIFTY (CMP 51462):
SUPPORT: 51101/50369
RESISTANCE: 52601/53353
RANGE: 51000-52100
BIAS: Neutral
21 DMA: 52508
50 DMA: 51557
200 DMA: 49148

*WHAT EXACTLY HAPPENED AT WALL STREET IN FRIDAY’S TRADE:*

# Dow Jones scaled fresh record highs in Friday’s trade after strong ‘September Jobs Report’ confirms that the US economy is unlikely to fall off a cliff or get into recession.

# The U.S. added 254,000 new jobs in September, easily outpacing economists’ estimate for the addition of 150,000 positions. Meanwhile, the unemployment rate fell to 4.1% from 4.2%.

# According to CME Group’s FedWatch Tool, futures traders are now pricing in a 99% chance the Fed will cut rates by a quarter-percentage point at its November meeting.

# WTI crude oil futures have spiked towards $74 per barrel, the highest level in five weeks, amid worries about potential supply disruptions in the Middle East

# COMEX Gold steady at $2649 per ounce.

NEED TO KNOW:

In the week gone by, panic-selling gripped Dalal Street as Nifty was seen collapsing.

The negative takeaway was that Nifty’s dramatic selloff brought the benchmark near to the psychological 25000 mark.

# Our call of the day however suggests ‘Nifty Bulls’ will aim to regroup as bulls will aim to take over the positive baton from a strong close at Wall Street in Friday’s trade.

# Dow Jones scaled fresh record highs in Friday’s trade after strong ‘September Jobs Report’ confirms that the US economy is unlikely to fall off a cliff or get into recession.

# Traders now brace for a couple of critical macroeconomic reports:

1) The FOMC Meeting Minutes to trickle on Wednesday, 9th October 2024.

2) The US September CPI on Thursday, 10th October 2024.

3) Focus on RBI MPC outcome, Wednesday, 9th October 2024.

# TCS officially sets afire the ceremonial starter’s pistol on Thursday, 10th October.

# NIFTY (CMP 25015):

Biggest support on Nifty is placed only at 24801 mark.

# Bullish Nifty trader will keep a close eye on the continued turmoil in the Middle East.

# Keep an eye on Crude oil futures which are now at $74.4 per barrel, the highest level in five weeks, amid worries about potential supply disruptions in the Middle East

 

# Now, here is the preferred trade on Nifty and Bank Nifty:

Nifty (25015): Buy at CMP. Stop at 24633. Zone. Targets 25450/25600. Aggressive targets at 25900-26000 zone.

Bank Nifty (51462): Buy between 51000-51250 zone. Stop at 50113. Targets 51900/52600. Aggressive targets at 53000-53353 zone.

# Our chart of the day is bearish on INDUS TOWER, IRCT while we are positive on LUPIN and MINDA COROPORATION.

# The 1 Stock to Buy Right Now:

Buy MINDIA COROPORATION (CMP 596): Establishing long positions at CMP and on any corrective declines between 500-520 zone should be the preferred trading strategy, targeting 652/701 zone and then aggressive targets seen at 750 zone. Stop below 473. Holding Period: 9-12 Months.

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