All is well as long as the strength does not peter outs to be a dead cat…

Review & Preview @4PM —— Friday, October 18th 2024

NIFTY (+104, 24854)
Sensex (+218, 81225)
Bank Nifty (+805, 52094)

# Nifty witnesses a roller-coaster session, with bears in command in morning session and then bulls take the charge…

At the end, all is well as long as the strength does not peter outs to be a dead cat…

# Buzzing stocks:

1) Hindustan Zinc reported consolidated Q2 revenue from operations at Rs 8,004 crore, up 20.9% YoY from Rs 6,619 crore in the year ago period. Profit before tax climbed 187% to Rs 6,619 crore in the second quarter, from Rs 2,305 crore in the year-ago period. Profit after tax for the company came in at Rs 2,351 crore, up 39.3% from Rs 1,688 crore in the year ago period.

2) Zomato fell 4.2% to Rs 259 even as the company announced its fund raising plan on Thursday, October 18

3) Mazagon Dock Shipbuilders zoomed 7.3% higher to Rs 4,549 per after the company announced that the board of directors will meet on October 22 to consider stock-split and declaration of interim dividend for the financial year 2024-25.

# Sentimental Overview:

# The pessimism at Dalal Street is still driven by:

1) Intense FIIs selling (This October month, FIIs have pulled out over Rs 74,700 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 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 239000 mark..

Nifty’s 200 DMA at 23310 mark.

# Outperforming Nifty Sectors:
Nifty Private Bank (+1.86%)
Nifty Metal (+1.55%)
Nifty Media (+1.37%)

# Underperforming Nifty Sectors:
Nifty IT (-3.83%)
Nifty FMCG (-3.58%)
Nifty Oil & Gas (-0.29%)

# Bulls of the day:
AXIS BANK (+5.75%)
WIPRO (+3.59%)
EICHER MOTORS (+2.98%)
ICICI BANK (+2.90%)
SHRIRAMFIN (+2.80%)

# Bears of the day:
INFY (-4.22%)
BRITANNIA (-1.98%)
ASIAN PAINTS (-1.87%)
NESTLEIND (-1.21%)
TECH MAHINDRA (-0.82%)
(Source NSSEINDIA.com)

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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.