Caution shall prevail on any intraday strength as the Federal Reserve meeting is now on tap. Commanding attention will be Powell’s post-statement presser.

*Morning Action @ 7 AM – Thursday, November 7th 2024*

# In early action, Gift Nifty is seen treading water indicating an up-and-down session for benchmark Nifty.

We suspect, caution is also likely to prevail on any intraday strength as the Federal Reserve meeting is now on tap. Commanding attention will be Powell’s post-statement presser.

 

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (-127, 24446)
# Dow Futures: (+39, 43769)
# Nasdaq 100 Futures (-4, 20777)

# Nikkei (-350, 39135)
# Hang Seng (-152, 20386)

# Dow Jones (+1508, 43730)
# Nasdaq (+544, 18983)
# Bovespa (-339, 130322).

MARKET TRENDS:
# Global: Positive
# FII: Negative (-4445.59 Cr)
# DII: Positive (+4889.33 Cr)
# Sentiment: Risky
# Market Breadth: Neutral
# Technicals: Consolidation
# F&O: 23000 – 25000 zone.

# INDIA VIX 14.86 (-7.82%)
# Nifty PCR (28th Nov) 1.26
# Bank Nifty PCR (27th Nov) 1.09

# Nifty Outlook: Volatility is likely to be the hallmark.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 24484)
SUPPORT: 24261/24100
RESISTANCE: 24813/25329
RANGE: 24350-24650
BIAS: Positive
21 DMA: 24587
50 DMA: 25050
200 DMA: 23482

Bank Nifty Technically:
BANK NIFTY (CMP 52317):
SUPPORT: 51789/50889
RESISTANCE: 52951/54467
RANGE: 52000-53000
BIAS: Positive
21 DMA: 51603
50 DMA: 51920
200 DMA: 49579

*WHAT EXACTLY HAPPENED AT WALL STREET IN OVERNIGHT TRADE:*

# It’s a Trump victory party at Wall Street.

# Wall Street rallies hard in Wednesday’s trade as Dow Jones jumps 1,500 points on Trump’s victory.

# Interestingly, the Dow, Nasdaq, and S&P 500, all set new record highs.

# Fed meeting now on tap!

# Commanding attention will also be the Federal Open Market Committee (FOMC) decision to be wired on Thursday, November 7th.

# Market participants are highly confident the Fed will deliver another quarter-point cut to the short-term Federal funds rate. According to CME Group’s FedWatch Tool, futures traders assigned a 98% probability to the FOMC cutting rates by 25 basis points (bps), or 0.25%.

Commanding attention will be Powell’s post-statement presser.

# COMEX Gold tumbles towards $2665 per ounce.

# WTI crude oil futures stays firm near $71.67 per barrel.

 

NEED TO KNOW:

# In overnight trade, optimism was on the air at Wall Street as key benchmarks scaled new record highs.

# It’s a Trump victory party at Wall Street as the Dow, Nasdaq, and S&P 500, all set new record highs..

# The street suspects Trump’s presidency shall boost increased economic growth, through increased fiscal spending and tax cuts and to keep rates high to rein in inflation.

Bottom-line: Long Live The BULL

# The big question: Can Nifty too continue to run out of the gate?

# In early action, Gift Nifty is treading water as sentiments dented after FIIs continue to be on selling spree despite yesterday’s super-duper bullish session.

# In yesterday’s positive session, FIIs turned out to be net sellers to the tune of Rupees 4446 crores. Record Exodus: Foreign investors had pulled out ₹1.14 lakh crore from Indian stocks in October.

# Technically speaking, confirmation of strength only on any close above Nifty 24813.

# Meanwhile, aggressive Nifty traders are also likely to be on the sidelines ahead of the Federal Reserve meeting, which will conclude with a policy statement on Thursday, November 7th at 2 pm Eastern Time.

The street is betting on a quarter-point cut.

# Buzzing stocks:

1) Tata Steel swings to profit as it reported consolidated net profit of Rs 833.45 crore in the September 2024 quarter as against a loss of Rs 6,196.24 crore in the year-ago period.

2) Jindal Steel and Power’s profit slumped 38% on year in the September quarter due to a correction in steel prices and as the company sold less of the alloy as compared to the previous year.

# The Q2 earnings season is reaching its fag-end and key corporates to announce their results this Thursday, November 7th:

ABBOT INDIA
ABFRL
BAJAJ ELECTRIC
CUMMINS INDIA
ESCORTS
INDIAN HOTEL
ITD CEMENTATION
LINDE INDIA
LUPIN
M&M
NCC
PAGE INDIA.

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# Now, here is our preferred trade on Nifty and Bank Nifty:

Nifty (24484): Buy between 24300-24350 zone. Stop at 23771. Targets 24589/24813. Aggressive targets at 25100-25300 zone.

Bank Nifty (52317): Buy at CMP. Stop at 50773. Targets 52951/53300. Aggressive targets at 54467-55000 zone.

# Our chart of the day is bullish on CANARA BANK, BANK OF BARODA, HDFC AMC and NATIONAL ALUMINUM on any intraday weakness with an interweek perspective.

# The 1 Stock to Buy Right Now: Buy BANK OF BARODA (CMP 263): Buy between 255-259 zone. Stop at 237. Targets 269/281. Aggressive targets at 293. (Interweek Strategy). Rationale: Rebounding from oversold conditions on the daily charts. Momentum oscillators turning bullish. Key intraday support 248.

 

*Disclaimer/ Disclosure:* The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

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