Amidst Wild Swings and Volatility, Nifty Bulls Find Positive Foothold.

Review & Preview @4PM —— Tuesday, October 29th 2024

NIFTY (+128, 24467)
Sensex (+364, 80369)
Bank Nifty (+1061, 52321)

Amidst wild swings and volatility, Nifty Bulls find positive foothold.

Bank Nifty (+2%) especially PSU Banks (+3.57%) show signs of life ahead of Diwali. Festive cheer amidst five-key positive catalysts:

• Short covering ahead of October expiry.
• Bargain Hunting and Value buying theme prevailed amidst recent drubbing.
• Middle East Tensions Ease.
• Oil prices tumble below $67.50 a barrel.
• PSU Banks post decent Q2; SBI zoomed 5% higher. Also, ICICI Bank and Bandhan Bank’s Q2 boosts sentiments.

# Sentimental Overview:

# Volatility is likely to be hallmark of this week’s trading as all eyes will be on:

1) October F&O expiry this Thursday, October 31st

2) US NFP to trickle on Friday, November 1st

3) The race for White House tightens as voters go to the polls on November 5th to elect their next president.

4) Intense FIIs selling (This October month, FIIs have pulled out over Rs 103,470 crore from Indian equities).

# Buzzing stocks:

1) Maruti Suzuki tumbles 4% after Q2 Profit Miss Estimate: Revenue up 0.4% at Rs 37,203 crore versus Rs 37,062 crore. Net profit down 17% at Rs 3,069 crore versus Rs 3,717 crore. Ebitda down 7.7% at Rs 4,417 crore versus Rs 4,784 crore Margin at 11.9% versus 12.9% .

2) Canara Bank Flares up 2.863% after Q2 Profit Jumps. Net profit up 11% at Rs 4,015 crore versus Rs 3,606 crore. Net interest income up 5% at Rs 9,315 crore versus Rs 8,903 crore. Gross NPA at 3.73% versus 4.14% (QoQ) Net NPA at 0.99% versus 1.24% (QoQ)

3) Adani Enterprises inches up 1.55% after Q2 Highlights (Consolidated, YoY) Revenue up 15.7% at Rs 22,608 crore versus Rs 19,546 crore. Ebitda up 46% at Rs 3,694 crore versus Rs 2,533 crore. Margin at 16.3% versus 12.9% Net profit up 383% at Rs 1,989 crore versus Rs 333 crore.

# Technical Overview:

Well, despite a positive close, Nifty price action still suggests that the benchmark is not out of woods yet.

That said, if today’s short covering price action at Dalal Street is any indication then the short-term technical outlook for Nifty shall remain in favor of bulls.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 24637 mark.

Nifty’s biggest support to watch are placed at 24143 mark.

Nifty’s 200 DMA at 23409 mark.

# Outperforming Nifty Sectors:
Nifty PSU Banks +3.57%
BANK Nifty (+2%)
Nifty PSE (+1.63%)
Nifty Reality (+1.36%)

# Underperforming Nifty Sectors:
NIFTY PHARMA (-1.17%)
NIFTY AUTO (-1.65%)
NIFTY IT (-0.37%)

# Bulls of the day:
SBIN (+5.05%)
BEL (+4.89%)
EICHERMOT (+3.38%)
HDFCLIFE (+3.32%)
SBILIFE (+3.18%)

# Bears of the day:
MARUTI (-4.16%)
TATAMOTORS (-3.92%)
HEROMOTOCORP (-2.88%)
DRREDDY (-2.52%)
SUNPHARMA (-2.04%)
(Source NSSEINDIA.com)

 

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