Nifty bulls show signs of life ahead of Diwali.

*Review & Preview @4PM —— Monday, October 28th 2024*

NIFTY (+158, 24339)
Sensex (+603, 80005)
Bank Nifty (+472, 51259)

 

Nifty bulls show signs of life ahead of Diwali. The five-key positive catalysts:

• Short covering ahead of October expiry.
• Bargain Hunting after five days of drubbing.
• Middle East Tensions Ease.
• Oil prices tumble below $69 a barrel.
• ICICI Bank and Bandhan Bank’s Q2 boosts sentiments.

# Sentimental Overview:

# All eyes will now be on October jobs report which shall trickle in this Friday, November 1st and could have major implications for yields and equities.

# Anxiety actually prevails ahead of US elections where voters go to the polls on November 5th to elect their next president.

# The big question: Whether United States of America will get its first woman president or Donald Trump will get a second term?

As of writing, election risks are starting to affect global stock markets on backdrop of prospects of a Donald Trump presidential win.

Well, the trade policies of the new government can influence India’s exports and imports in some key sectors, which are closely linked to the U.S. economy, like IT services, pharmaceuticals, and textiles.

# Buzzing stocks:

1) ICICI Bank flared up around 3% after its Q2 net profit jumps 14% on-year to Rs 11,746 crore; beats Street estimate.

2) Bandhan Bank surged over 10% following a 30 percent profit rise in Q2FY25.

3) PNB reported net interest income at Rs 21,184.26 crore, up 14.7% YoY from Rs 18,464.29 crore in the year ago period. The company’s operating profit for the quarter stood at Rs 6,853.31 crore, up 10.2 per cent from Rs 6,216.43 in the year ago quarter.
The company’s provisions for NPA declined to Rs 198.86 crore during the quarter, from Rs 3,018.63 crore in the year ago quarter. Meanwhile, the company reported a net profit of Rs 4,303.46 crore, up 145.1 per cent YoY from Rs 1,756.13 crore in the year ago period.

# Technical Overview:

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

That said, if today’s short covering price action at Dalal Street is any indication then the short-term technical outlook for Nifty shall remain in favor of bulls.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 24639 mark.

Nifty’s biggest support to watch are placed at 24107 mark.

Nifty’s 200 DMA at 23394 mark.

# Outperforming Nifty Sectors:
Nifty PSU Banks +3.95%
Nifty METALS +2.59%
NIFTY MEDIA (+2.10%)
NIFTY PHARMA (+1.39%)
NIFTY REALITY (+1.32%)

# Bulls of the day:
SHRIRAMFIN (+5.35%)
ADANI ENTERPRISES (+4.07%)
ICICI BANK (+3.10%)
JSW STEEL (3%)
WIPRO (+2.90%)

# Bears of the day:
COAL INDIA (-3.76%)
BAJAJ AUTO (-2.07%)
AXIS BANK (-1.29%)
HEROMOTO CORP (-1.19%)
BEL (-0.92%)
(Source NSSEINDIA.com)

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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.