Bulls make a solid comeback as Nifty snaps its 6-day losing streak.

*Review & Preview @4PM —— Tuesday, October 8th 2024*

NIFTY (+217, 25013)
Sensex (+585, 81635)
Bank Nifty (+542, 51021)

Bulls make a solid comeback as Nifty snaps its 6-day losing streak. The focus now is on:

1) RBI MPC outcome to be wired on Wednesday, 9th October 2024

2) The US FOMC Meeting Minutes to trickle on Wednesday, 9th October 2024.

# Sentimental Overview:

# After wavering in morning session, Nifty bulls regroup and manage a solid comeback to end the day well above the dotted lines.

# The Positive catalyst: There is a bright chance that the Federal Reserve succeeds in bringing inflation to heel without crashing the economy.

# Bets seen increasing that the RBI could take over the theme of slashing interest rates from the Federal Reserve.

# Buzzing stocks:

1) LTIMindtree rebound 1.89% higher after the firm launched its comprehensive digital transformation and ESG platform, called Smart Spaces 2.0.

2) PSP Projects gained up to 4.45% after the company announced that it has bagged an order worth Rs 270 crore from domestic entities.

3) SEBI has given the green light to NSDL’s highly anticipated IPO. This move paves the way for prominent investors, including the NSE, State Bank of India (SBI), and HDFC Bank, to divest their stakes in NSDL, as outlined in the Draft Red Herring Prospectus (DRHP).

# Technical Overview:

Nifty sticking to solid rebound gains clearly suggests ‘lack of bearish conviction’.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 25300 mark.

Nifty’s biggest support is placed at 24413 mark.

Nifty’s 200 DMA at 23171 mark.

Long story short: Nifty will be completely out of the woods only above 25300 mark.

# Outperforming Nifty Sectors:
Nifty MEDIA (+3.12%)
Nifty PSE (+2.23%)
Nifty AUTO (+1.84%)

# Underperforming Nifty Sectors:
Nifty METAL (-0.82%)

# Bulls of the day:
TRENT (+7.95%)
BEL (+5.29%)
ADANIENT (+4.94%)
ADANIPORTS (+4.86%)
M&M (+3.56%)

# Bears of the day:
SBILIFE (-3.24%)
TATASTEEL (-2.72%)
TITAN (-2.35%)
BAJAJFINSV (-2.30%)
JSWSTEEL (-1.66%)
(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.