Nifty turns cautious as bulls refrain from placing any fresh aggressive bullish bets ahead of the all-important US CPI report.

*Review & Preview @4PM —— Thursday, October 10th 2024*

NIFTY (+17, 24998)
Sensex (+144, 81611)
Bank Nifty (+524, 51531)

# After a higher open, Nifty turns cautious as bulls refrain from placing any fresh aggressive bullish bets ahead of the all-important US CPI report.

# All eyes are on TCS which officially sets afire the ceremonial starter’s pistol for corporate India’s Q2 earning season.

 

# Buzzing stocks:

1) Adani Enterprises zoomed higher on reports that the Adani Group is in advanced discussions with a Middle Eastern sovereign fund to raise up to $1 billion for its airports division.

These fundraising efforts coincide with Adani Enterprises’ launch of a qualified institutional placement (QIP) on Wednesday, aiming to secure up to Rs 4,200 crore ($500 million), which is lower than initially targeted due to global market fluctuations.

2) Defence-related stocks were in limelight after the government’s Cabinet Committee on Security cleared major deals for building two nuclear submarines indigenously, apart from buying 31 predator drones from the US.

Mazagon Dock Shipbuilder (+8.4%), Cochin Shipyard (+2.52%), Hindustan Aeronautics (+2.16%).

# Sentimental Overview:

# Hang Seng index resumed its rally on Thursday, up 2.98% on expectations that a briefing from finance officials this weekend would deliver anticipated fiscal stimulus.

# On the international front, the focus will be on:

1) The US CPI (retail inflation) on Thursday, October 10th
2) The US PPI (wholesale inflation) on Friday, October 11th

The US CPI, is expected to increase at an annual rate of 2.3% in September, down from the 2.5% rise reported in August.

 

# Technical Overview:

# After today’s volatility, technically, confirmation of strength only above Nifty’s biggest hurdles at 25300 mark.

Nifty’s biggest support is placed only at 24413 mark.

Nifty’s 200 DMA at 23208 mark.

Long story short: Nifty will be completely out of the woods only above 25300 mark.

# Outperforming Nifty Sectors:
BANK Nifty (+1%)
Nifty PSE (+0.81%)
Nifty METAL (+0.59%)

# Underperforming Nifty Sectors:
Nifty PHARMA (-1.84%)
Nifty IT (-1.28%)
Nifty REALITY (-0.39%)

# Bulls of the day:
KOTAKBANK (+3.84%)
JSWSTEEL (+1.85%)
HDFCBANK (+1.71%)
BEL (+1.59%)
INDUSINDBNK (+1.51%)

# Bears of the day:
CIPLA (-3.37%)
TECHM (-2.82%)
TRENT (-2.26%)
SUNPHARMA (-1.86%)
INFY (-1.80%)
(Source NSSEINDIA.com)

Trader Premium Services

Investor Premium Services

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.