Nifty on backfoot as early morning rebound attempt fails miserably.

Review & Preview @4PM —— Monday, October 21st 2024

NIFTY (-73, 24781)
Sensex (-73, 81151)
Bank Nifty (-132, 51963)

# Nifty on backfoot as early morning rebound attempt fails miserably.

Even positive Wall Street cues and HDFC Bank gaining 2.6% post Q2 earnings do not come to Nifty bulls’ rescue.

# Buzzing stocks:

1) Oberoi Realty shares soared up to 3.70% to hit an intraday high of Rs 2002.60 per share. The rise in Oberoi Realty share price came after the company posted a strong set of September quarter results (Q2FY25).

Also helping sentiments were reports that Oberoi Realty has sold luxury homes worth Rs 1,348 crore in its newly launched 75-acre residential project at Thane in Mumbai Metropolitan Region.

2) UltraTech Cement shares slipped over 2% to register an intraday low of Rs 10,770.35 per share after the company reported weak Q2FY25 results amidst a 36% fall in its consolidated net profit, which stood at Rs 820 crore for the quarter ended September 2024, compared to Rs 1,281 crore a year ago.

3) RBL Bank came under significant selling pressure, falling 14% to hit a 16-month low of ₹174.91. The decline was driven by the bank’s disappointing September quarter performance, which highlighted challenges in the unsecured credit segment.

# Sentimental Overview:

# The pessimism at Dalal Street is still driven by:

1) Intense FIIs selling (This October month, FIIs have pulled out over Rs 80,200 crore from Indian equities).

2) Uninspiring corporate India’s Q2 earnings.

3) Traders also brace for Maharashtra Assembly polls which will be held in a single phase on November 20. Jharkhand polls will be held in two phases on November 13 and 20th.

Counting of votes for the two states will take place on November 23.

# Technical Overview:

Technically speaking, Nifty on any weak close on the daily charts below 24567 mark could ‘reawaken the bears’.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 25071 mark.

Below Nifty’s biggest support at 24567 mark, the downside risk is at 24313 and then at 23900 mark..

Nifty’s 200 DMA at 23325 mark.

# Outperforming Nifty Sectors:
Nifty Auto (+0.42%)
Nifty Financial Services (+0.07%)

# Underperforming Nifty Sectors:
Nifty Media (-2.83%)
Nifty Metals (-1.51%)
Nifty IT (-1.29%)

# Bulls of the day:
BAJAJ AUTO (+4.34%)
HDFBANK (+2.57%)
ASIANPAINTS (+1.70%)
M&M (+1.17%)
EICHERMOT (-0.68%)

# Bears of the day:
TATACOMM (-7.08%)
KOTAKBANK (-4.73%)
BAJAJ FINSV (-3.37%)
BPCL (-3.36%)
INDUSINDBNK (-3.03%)
(Source NSSEINDIA.com)

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Returns mentioned herein are in no way a guarantee or promise of future returns. Stock market investments are subject to market risks.