Nifty clings to gains, as bulls regain mojo on consensus that macros remain favorable.

*Review & Preview @4PM —— Monday, October 14th 2024*

NIFTY (+164, 25128)
Sensex (+592, 81973)
Bank Nifty (+645, 51817)

# Nifty clings to gains, as bulls regain mojo post last week’s short-term minor correction as macros remain favorable.

Nifty Reality, IT and Bank Nifty star outperformers, up around 1.4% each.

# Buzzing stocks:

1) Banking stocks were in action amidst bargain hunting and value buying with Federal Bank being star outperformer, up 5.4% at Rs 197.70, HDFC BANK (+2.29%), Kotak Bank (+1.62%) and INDUSIND BANK (+1.74%).

2) Wockhardt shares were locked in a 5% upper circuit, at Rs 1046.55 per share on reports that the Central Drugs Standard Control Organisation (CDSCO), India’s regulatory body for cosmetics, pharmaceuticals, and medical devices, has given a favourable recommendation to the company’s antibiotic drug Miqnaf, which is used in the treatment of community-acquired bacterial pneumonia (CABP) among adults.

# Sentimental Overview:

All eyes will be on the initial public offering (IPO) of Hyundai Motor India (HMIL) which is set to open for bidding on Tuesday, October 17.

The Rs. 27,856 crore issue shall be the largest primary offering of the Indian stock markets, which shall be sold in the range of Rs 1,865-1,960 per share, with a lot size of seven equity shares, until Thursday, October 17.

# Q2 Corporate India results to trickle in:
Monday, October 14th: HCL TECH, RELIANCE
Tuesday, October 15th: HDFC AMC, HDFC LIFE, PVR INOX, RALLIS.

# Technical Overview:

# The Good News:

1) The benchmark Nifty’s rebound still has fuel.
2) Nifty sticking to rebound gains clearly suggests ‘lack of bearish conviction’.

That said, confirmation of strength only above Nifty’s biggest hurdles at 25701 mark.

Nifty’s 200 DMA at 23246 mark.

# Outperforming Nifty Sectors:
Nifty REALITY (+1.57%)
Nifty IT (+1.49%)
Bank Nifty (+1.38%)

# Underperforming Nifty Sectors:
Nifty Media (-1%)
Nifty Metal (-0.37%)
Nifty Oil 7 Gas (-0.17%)

# Bulls of the day:
WIPRO (+4.24%)
TECHM (+2.88%)
HDFCLIFE (+2.40%)
HDFCBANK (+2.30%)
L&T (+2.02%)

# Bears of the day:
ONGC (-2.05%)
MARUTI (-1.77%)
TATASTEEL (-1.48%)
BAJFINANCE (-1.26%)
ADANIENT (-1.22%)
(Source NSSEINDIA.com)

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