Trump vs. Harris: Clock’s Ticking.

*Morning Action @ 7 AM – Tuesday, November 5th 2024*

# *In early action, Gift Nifty seen treading water indicating an indecisive session ahead of ‘Election Day in the U.S’.

Looming too is a Federal Open Market Committee decision on Thursday.

 

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (-61, 24061)
# Dow Futures: (-11, 41783)
# Nasdaq 100 Futures (-9, 19954)

# Nikkei (+386, 38440)
# Hang Seng (-158, 20410)

# Dow Jones (-258, 41795)
# Nasdaq (-60, 18180)
# Bovespa (+2394, 130515).

MARKET TRENDS:
# Global: Negative
# FII: Negative (-4329.80 Cr)
# DII: Positive (+2936.10 Cr)
# Sentiment: Risky
# Market Breadth: Neutral
# Technicals: Consolidation
# F&O: 23000 – 25000 zone.

# INDIA VIX 16.68 (+4.91%)
# Nifty PCR (28th Nov) 1.29
# Bank Nifty PCR (27th Nov) 0.99

# Nifty Outlook: Any excessive intraday strength is likely to be capped as FIIs continue to be in selling spree.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 23995)
SUPPORT: 23701/23457
RESISTANCE: 24513/24911
RANGE: 23700-24150
BIAS: Neutral
21 DMA: 24640
50 DMA: 25077
200 DMA: 23457

Bank Nifty Technically:
BANK NIFTY (CMP 51215):
SUPPORT: 50193/49653
RESISTANCE: 51785/52355
RANGE: 50500-51600
BIAS: Negative
21 DMA: 51459
50 DMA: 51879
200 DMA: 49527

*WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:

# At the last day of the U.S. presidential campaign, the Dow closed lower by 0.6% to 41,794. The S&P 500 traded around the breakeven line for much of the session before settling down 0.3% at 5,712. The Nasdaq Composite lost 0.3% to close at 18,179.

# According to CME Group’s FedWatch Tool, following a softer-than-expected October jobs report, futures traders are pricing in a 98% probability the Federal Reserve will cut its benchmark interest rate by 25 basis points (bps) during its meeting this Thursday, November 7th

# Overnight, the yield on the 10-year U.S. Treasury note reversed course after rising for weeks and declined by nine basis points to 4.302% from Friday’s close at 4.397%, posting its biggest one-day decline in two months. (A basis point = 0.01%.)

# COMEX Gold consolidates near $2735 per ounce.

# WTI crude oil futures improve near $71.33 per barrel.

NEED TO KNOW:

# Well, investors across globe brace for a close race for the top seat in Washington.

The United States is heading into a historic presidential election, and poll indication show a tight vote intention between the Republican candidate Donald Trump and the Democratic candidate, Kamala Harris.

# Please note:

1) Voters go to the polls on November 5th to elect their next president.

2) US Election results most probably on Friday, November 8th. And if vote counting drags on then stock markets across globe could simply drop.

# Honestly speaking, the US presidential election proves too close to call.

 

# The Q2 earnings results to trickle in this Tuesday, November 05th: BERGER PAINT
DR REDDY’S LAB
GAIL
JK TYRE
MANAPPURAM
MAX HEALTH
MAZAGON DOCK
OIL
POLICY BAZAR
TITAN
WONDERLA.

# Our call of the day suggests wild swings and volatility quite likely and shall be the hallmark of today’s trading session.

# We say so because of intense FIIs selling in October month after FIIs have pulled out over Rs 1,14,445.90 crore from Indian equities.

# Swiggy’s much-anticipated initial public offering (IPO) is slated to open for public subscription from November 6 to November 8.

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

Nifty (23995): Sell between 24100-24150 zone. Stop at 24751. Targets 23850/23701. Aggressive targets at 23300-23500 zone.

Bank Nifty (51215): Sell at CMP. Stop at 52561. Targets 50700/50193. Aggressive targets at 49653-50000 zone.

# Our chart of the day is bullish on LUPIN, BANK OF BARODA and NATIONAL ALUMINUM on any intraday weakness with an interweek perspective while we remain bearish on GRASIM and ABFRL with an interweek perspective.

 

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