# Technically speaking, any intraday rebound on Nifty could be a Dead Cat Bounce!

*Morning Action @ 7 AM – Friday, November 8th 2024*

# In early action, Gift Nifty is aiming to trade above the dotted lines after the Federal Open Market Committee opted for a quarter-point cut.

The positive takeaway was that the Fed Chair Jerome Powell was fairly dovish during his press conference, flaunting strength in the economy.

Also, Powell has stated that he would not step down if asked to by President-elect Donald Trump.

*7:00 AM GLOBAL UPDATE:*
# GIFT Nifty 🇮🇳: (+10, 24288)
# Dow Futures: (+53, 43782)
# Nasdaq 100 Futures (+21, 21122)

# Nikkei (+240, 39621)
# Hang Seng (+247, 21200)

# Dow Jones (-1, 43729)
# Nasdaq (+286, 19270)
# Bovespa (-659, 129682).

MARKET TRENDS:
# Global: Positive
# FII: Negative (-4888.77 Cr)
# DII: Positive (+1786.70 Cr)
# Sentiment: Risky
# Market Breadth: Neutral
# Technicals: Consolidation
# F&O: 23000 – 25000 zone.

# INDIA VIX 14.94 (+0.47%)
# Nifty PCR (28th Nov) 1.18
# Bank Nifty PCR (27th Nov) 1.04

# Nifty Outlook: Volatility is likely to be the hallmark.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

Nifty Technically:
Nifty (CMP: 24199)
SUPPORT: 24071/23811
RESISTANCE: 24537/25211
RANGE: 24050-24450
BIAS: Positive
21 DMA: 24550
50 DMA: 25033
200 DMA: 23496

Bank Nifty Technically:
BANK NIFTY (CMP 51917):
SUPPORT: 50865/50194
RESISTANCE: 52951/54467
RANGE: 51400-52400
BIAS: Neutral
21 DMA: 51647
50 DMA: 51936
200 DMA: 49610

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

# The Good News: As widely expected, the Federal Reserve lowered its benchmark interest rate by 25 basis points to 4.50%-4.75% in light of the progress on inflation and following a jumbo 50 basis point rate-cut in September 18th meeting.

# *The S&P 500 and the Nasdaq notch new record highs in Thursday’s trade. The Dow was mostly unchanged even after the Federal Reserve’s 25 bps interest rate cut.*

# COMEX Gold marched higher towards $2700 per ounce.

# WTI crude oil futures stays firm near $72.11 per barrel.

 

 

NEED TO KNOW:

# As widely expected, the Federal Reserve lowered its benchmark interest rate by 25 basis points to 4.50%-4.75%

The rate cut was in light of the progress on inflation and following a jumbo 50 basis point rate-cut in September 18th meeting.

# The Big Question: Can Nifty Bounce Sharply Higher?

# In early action, Gift Nifty is treading water as sentiments dented after FIIs continue to be on selling spree.

In yesterday’s plunging session, FIIs turned out to be net sellers to the tune of Rupees 4889 crores

# Technically speaking, any intraday rebound could be a Dead Cat Bounce!

Strictly speaking, ‘Dead Cat Bounce’ is a temporary price recovery following losses, that is followed by more losses.

Immediate downside risk on Nifty is placed at 23816 mark; aggressive downside targets are at Nifty’s 200 DMA at 23496 mark.

# Confirmation of strength only on any close above Nifty 24537.

# SBI is seen trading at its 3-month ahead of its financial results for the second quarter ended September 2024 (Q2FY25) this Friday, November 8th.

The other Q2 results to trickle in today:
AARTI INDUSTRIES
ASHOK LEYLAND
FORTIS
NAUKRI
TATA MOTORS.

# Buzzing stocks:

1) M&M Q2 results: Net profit rose 13.2% to ₹3,841 crore, revenue up 13% YoY. M&M said its automobile segment recorded the highest ever quarterly volumes at 2,31,038 units in the quarter ended September 2025, up 9% YoY.

2) Apollo hospitals scaled fresh all-time-high after its PAT zoomed a whopping 63% in the September quarter of the current fiscal year.

3) SBI is seen trading at its 3-month ahead of its financial results for the second quarter ended September 2024 (Q2FY25) this Friday, November 8th.

4) The other Q2 results to trickle in today: AARTI INDUSTRIES, ASHOK LEYLAND, FORTIS, NAUKRI, TATA MOTORS.

# Now, here is our preferred trade on Nifty and Bank Nifty:

Nifty (24199): Buy between 24000-24100 zone. Stop at 23771. Targets 24401/24539. Aggressive targets at 24850-25000 zone.

Bank Nifty (51917): Sell at CMP. Stop at 53039. Targets 51501/50865. Aggressive targets at 50193-50250 zone.

# Our chart of the day is bullish on CANARA BANK, BANK OF BARODA and HDFC AMC on any intraday weakness with an interweek perspective.

# The 1 Stock to Buy Right Now: Buy BANK OF BARODA (CMP 263): Buy between 253-257 zone. Stop at 237. Targets 269/281. Aggressive targets at 293. (Interweek Strategy). Rationale: Rebounding from oversold conditions on the daily charts. Momentum oscillators turning bullish. Key intraday support 248.

 

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