Deepawali, the festival of lights illuminates Dalal Street with its brilliance and brightness as Nifty kicks off Samvat 2081 with a bang!

*Review & Preview @7PM —— Friday, November 1st 2024*

NIFTY (+99, 24304)
Sensex (+335, 79724)
Bank Nifty (+199, 51674)

Deepawali, the festival of lights illuminates Dalal Street with its brilliance and brightness as Nifty kicks off Samvat 2081 with a bang amidst broad-based buying; all sectoral indices end in green.

The sparkling auspicious session dazzles all investors with its joy on reports that GST mop-up saw six-month high in Oct with Rs 1.87 trillion, up 8.9% Y-o-Y.

# Sentimental Overview:

It panned out to be a green day for Nifty bulls.

In the near term, all eyes will be on:

1) The race for White House tightens as voters go to the polls on November 5th to elect their next president. Election results on Friday, November 8th.

# Buzzing stocks:

1) Larsen & Toubro maintained firm trend after its consolidated net profit rose 7% in the second quarter of the current financial year with a profit of Rs 4,113 crore in the July–September period.

2) Tata Power Company zoomed 1.06% to end at 444.70 after reporting a 5.8% year-on-year (YoY) increase in net profit at ₹926.5 crore for the second quarter that ended September 30, 2024. In the previous Q2, Tata Power Company posted a net profit of ₹875.5 crore.

# Technical Overview:

Well, despite a positive close, Nifty price action still suggests that the benchmark is not out of woods yet.

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

Nifty’s biggest support and downside risk seen at 23893 mark.

Nifty’s 200 DMA at 23447 mark.

# Outperforming Nifty Sectors:
NIFTY AUTO (+1.29%)
Nifty PSE (+1.03%)
NIFTY OIL & GAS (+0.99%)
NIFTY PSU BANKS (+0.75%)

# Bulls of the day:
M&M (+3.59%)
ONGC (+2.95%)
ADANI PORTS (+1.32%)
BEL (+1.30%)
TATA MOTORS (+1.09%)

# Bears of the day:
DR REDDYS LAB (-0.96%)
HCL TECH (-0.51%)
BRITANNIA (-0.49%)
TECH MAH (-0.33%)
ADANI ENTERPRISES (-0.21%)
(Source NSSEINDIA.com)

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