After a green open, Nifty erase all the gains and ends deep in red.

Review & Preview @4PM —— Monday, October 7th 2024

NIFTY (-219, 24796)
Sensex (-638, 81050)
Bank Nifty (-983, 50479)

After a green open, Nifty erase all the gains and ends deep in red.

The sentiments have gone from bad to worse in the last 6-tradings sessions, and that brings us to the nervous thoughts whether the sky is really falling on Dalal Street.

# Sentimental Overview:

Strictly speaking, sentiments have gone from bad to worse in the last 6-tradings sessions, and that brings us to the nervous thoughts whether the sky is falling on Dalal Street.

All anxious eyes on crude oil futures which have climbed to $76 per barrel, a six-week high following last week’s 9.1% gain, as tensions in the Middle East escalate.

Investors are focused on whether Israel will respond to last week’s Iranian missile attack.

Fears of broader conflict in the region persist, especially as Israel continues military actions in Gaza and Lebanon.

These factors, combined with the inherent uncertainty of the upcoming presidential election may seem like all the reason needed for investors to take their money— and run.

# Buzzing stocks:

Shares of Tata group companies traded weak at the bourses on Monday, falling around 6%. The drop comes amid an overall weakness in Indian equities due to foreign institutional investors’ (FIIs’) selling.

Tejas Networks (down 6 per cent at Rs 1,120.95), Tata Power (down 6 per cent at Rs 441), Tata Communications (down 5 per cent at Rs 1,980.60), Tata Teleservices Maharashtra (down 6 per cent at Rs 76.66) and Tata Chemicals (down 5 per cent at Rs 1,073.75) slipped in the range of 5 per cent to 6 per cent.

# Technical Overview:

Well, Nifty is just witnessing one of the worst panic at Dalal Street as the sentiments are extremely sensitive and vulnerable to any news flow from the Middle East.

Nifty has fallen sharply from its new record high at 26277.35 mark.

Amidst the drubbing, Nifty’s price action and the short-term technical outlook for remains in favor of bears provided Nifty moves above its biggest hurdles at 25500 mark.

Nifty’s 200 DMA at 23238 mark.

Long story short: We are not of the woods.

# Outperforming Nifty Sectors:
NIFTY IT (+0.58%)

# Underperforming Nifty Sectors:
Nifty MEDIA (+3.62%)
NIFTY PSE (-3.14%)
Nifty PSU BANKS (-3.05%)
Nifty METALS (-2.28%)

# Bulls of the day:
TRENT (+1.86%)
M&M (+1.48%)
BHARTIARTL (+1.32%)
ITC (+1.28%)
BAJFINANCE (+0.67%)

# Bears of the day:
ADANIPORTS (-4.29%)
BEL (-3.54%)
ADANIENT (-3.20%)
COALINDIA (-3.18%)
NTPC (-3.10%) (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.