Geopolitical tension in the Middle East continues to cast a cloud on Dalal Street.

*Morning Action @ 7 AM – Tuesday, October 8th 2024*

# Gift Nifty is indicating a negative start amidst jitters about further geopolitical tension in the Middle East which continues to cast a cloud on Dalal Street.

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (-82, 24866)
# Dow Futures: (-51, 41903)
# Nasdaq 100 Futures (-7, 19794)

# Nikkei (-297, 39036)
# Hang Seng (-251, 22849)

# Dow Jones (-399, 41954)
# Nasdaq (-214, 17924)
# Bovespa (+226, 132018).

MARKET TRENDS:
# Global: Negative
# FII: Negative (-8293.41 Cr)
# DII: Positive (+13245.12 Cr)
# Sentiment: Neutral
# Market Breadth: Neutral
# Technicals: Oversold conditions
# F&O: 24000 – 26000 zone.

# INDIA VIX 15.08 (+6.72%)
# Nifty PCR (31st Oct) 1.03
# Bank Nifty PCR (30th Oct) 0.85

# Nifty Outlook: Nifty is likely to trade choppy and waver.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 24796)
SUPPORT: 24413/23893
RESISTANCE: 25201/25701
RANGE: 24600-25100
BIAS: Neutral
21 DMA: 24694
50 DMA: 24796
200 DMA: 23153

Bank Nifty Technically:
BANK NIFTY (CMP 50479):
SUPPORT: 49654/49100
RESISTANCE: 51801/52900
RANGE: 50000-51100
BIAS: Neutral
21 DMA: 50194
50 DMA: 50479
200 DMA: 49160

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

# Wall Street slumps in Monday’s trade amidst rising tensions in the Middle East.

# Also, the hot September jobs report which were released on Friday has Wall Street rethinking the debate around inflation and growth. A hot labor market could rekindle fears about inflation.

# The CBOE Volatility Index was up to 22.64. Any reading above 20 signals heightened volatility.

# WTI crude oil futures have spiked towards $77 per barrel, the highest level in six weeks, amid worries about potential supply disruptions in the Middle East

# COMEX Gold steady at $2641 per ounce.

 

NEED TO KNOW:

# Well, Nifty is just witnessing one of the worst panics at Dalal Street as the sentiments are extremely sensitive and vulnerable to any news flow from the Middle East.

# Nifty has fallen sharply from its new record high at 26277.35 mark. Please note, Nifty’s 200 DMA is placed at 23238 mark.

# Also, blame the pessimism at Dalal Street to China’s widest stimulus in nearly a decade. Please note, FIIs have pulled out over Rs 37,000 crore from Indian equities in the last 6 trading sessions.

# Hero Motors withdraws DRHP documents for raising Rs 900 crore through IPO.

# Vodafone Idea shares dropped 6.5% in yesterday’s trade registering a low of Rs 8.91 per share. Vodafone Idea stock declined after the company missed the deadline to submit bank guarantees.

 

 

*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. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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