Bears mash the benchmark Nifty for 5th day in a row and 4th straight week.

*Review & Preview @4PM —— Friday, October 25th 2024*

NIFTY (-219, 24181)
Sensex (-663, 79402)
Bank Nifty (-744, 50757)

# Nifty initially rumbled with upswing and then downswing and finally ended the day with a thud.

# Bears mash the benchmark Nifty for 5th day in a row and 4th straight week.

# Nifty is already down 6.65% this October month and has tumbled around 8% after scaling a high 26277.30

# Sentimental Overview:

# Bears still everywhere at Dalal Street unable to calm down after recent drubbing and bloodbath, which is primarily fueled by:

1) Corporate India’s Q2 earnings disappointment.

2) Intense FIIs selling (This October month, FIIs have pulled out over Rs 97,205 crore from Indian equities).

# The fear index, India VIX, which gauges the volatility in the Indian stock markets, spiked 6.51% higher at 14.51 points.

# Agreed, the Corporate Earnings outlook remains buoyant in the long term but that said valuations are still at higher levels at the moment.

Hence, disappointment in the outlook for the bottom-line in many of the momentum stocks are significantly impacting stock market performance negatively.

# Buzzing stocks:

1) Steelmaker JSW Steel fell 2% on reporting a steep fall of 85.43% in its consolidated net profit at Rs 404 crore in the July-September quarter of the current fiscal, affected by lower income.

2) IndusInd Bank, Bandhan Bank, IDFC First Bank, CSB Bank, RBL Bank and Ujjivan Small Finance Bank were among 19 stocks from the BSE Financial Services index to hit their respective 52-week low on the BSE in Friday’s intra-day trade amid a sharp fall in equities.

3) Shares of private bank DCB Bank surged 5% to hit an intraday high of Rs 121 per share after the lender reported a strong set of quarterly results (Q2FY25) on Thursday, October 24, 2024

4) Godrej Consumer Products shares jumped 2.76% at Rs 1,290 per share after the company reported its quarterly earnings for the second quarter of the financial year 2024-25 (Q2FY25). The company reported a 13.5% year-on-year increase in net profit, reaching Rs 491.31 crore for the second quarter ended September 30, 2024.

# Technical Overview:

The unwinding of long positions at Dalal Street is not showing any signs of fatigue.

If today’s price action at Dalal Street is any indication then the short-term technical outlook for Nifty remains in favor of bears.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 24500 mark.

Nifty’s biggest support is now placed at 22900 mark.

Nifty’s 200 DMA at 23380 mark.

# Outperforming Nifty Sectors:
Nifty FMCG (+0.93%)

# Underperforming Nifty Sectors:
Nifty Oil & GAS (-2.45%)
Nifty METAL (-2.35%)
Nifty PSE Index (-2.3%)
Nifty PSU Banks (-2.18%)
Nifty AUTO (-2.11%)

# Bulls of the day:
ITC (+2.24%)
AXISBANK (+1.85%)
BEL (+1.55%)
BRITANNIA (+1.24%)
HINDUNILVR (+1.01%)

# Bears of the day:
INDUSINDBNK (-18.99%)
ADANIENT (-4.90%)
BPCL (-4.82%)
SHRIRAMFIN (-3.92%)
COALINDIA (-3.62%)
(Source: NSEINDIA.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.