Bulls refuse to give up as Nifty recovers smartly from intraday panic attack.

*Review & Preview @4PM —— Tuesday, November 5th 2024*

NIFTY (+218, 24213)
Sensex (+694, 79477)
Bank Nifty (+992, 52207)

# Bulls refuse to give up as Nifty recovers smartly from its last 4-days of drubbing.

# The Real Good News: Sensex jumps over 1,100 points from day’s low and Nifty also surges 375 points from intraday panic lows. Nifty Metals (+2.8%) and Bank Nifty (+1.73%) shine.

# Investors across globe brace for a close race for the top seat in Washington.

# Sentimental Overview:

Amidst wild swings and morning panic attack at Dalal Street, it panned out to be a pleasant day for Nifty bulls as Nifty ended firmly in the green.

The big question: Will the said rebound pick up steam or will it be dead cat bounce?

Caution should continue to be the buzzword as the trading theme is filled with known-unknowns and unknown-unknowns.

Please note,

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

2) US Election results probably on Friday, November 8th.

But if vote counting drags on than stock markets across globe could simply drop.

# Buzzing stocks:

1) NMDC flared up around 4% after Iron ore futures climbed to their highest levels in more than two weeks, underpinned by growing optimism over further stimulus from top consumer China, although fundamentals of the key steelmaking ingredient remained weak.

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

# Technical Overview:

Well, sentiments could turn-around to super bullish mode only above 24750. Until Nifty 24750 is a hurdle, any excessive strength could be an opportunity to lighten long positions.

Nifty stabilizes and stages major rebound as street awaits Fed Chair Powell’s testimony for fresh cues on the US policy outlook.

Nifty’s biggest support is seen at its 200 DMA 23468 mark.

# Outperforming Nifty Sectors:
NIFTY METAL (+2.84%)
BANK Nifty (+1.94%)
NIFTY AUTO (+1.13%)

# Underperforming Nifty Sectors:
Nifty FMCG (-0.34%)
Nifty MEDIA (-0.23%)

# Bulls of the day:
JSWSTEEL (+4.57%)
TATASTEEL (+3.74%)
HINDALCO (+3.51%)
BAJAJ AUTO (+3.35%)
AXISBANK (+2.71%)

# Bears of the day:
TRENT (-1.71%)
ADANIPORTS (-1.50%)
ASIANPAINTS (-0.87%)
ITC (-0.75%)
INFY (-0.60%)
(Source NSSEINDIA.com)

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