08/11/2024
Masters Of Stock Market
Market Update – 8th Nov 2024
NIFTY extended their downward movement for a second consecutive session, reversing gains achieved after the US election results. Despite the US Federal Reserve's 25-basis-point rate cut and dovish comments, the impact on domestic equity markets was minimal, largely due to weak quarterly earnings, ongoing selling by foreign institutional investors (FIIs), and concerns over a potential US tariff hike. Consequently, the Nifty declined by 51 points (0.2%) to close at 24,148, while the Sensex decreased by 55 points (0.1%) to end at 79,486.
Globally, US markets surged by 1.5%, reaching a record high following the Fed's rate cut and the expectation of additional cuts later in the year. Asian and European markets showed mixed results.
Technical Outlook: The Nifty Index opened positively, showing a spike in the first hour, reaching a high of 24,274 and a low of 24,067. It then entered a period of consolidation for the remainder of the day, closing near the 24,150 zone. A small-bodied bearish candle formed on both the daily and weekly charts. Moving forward, the Nifty must stay above 24,150 for a potential bounce towards the 24,350 and 24,500 levels, with support seen at 24,050 and then 23,900.
05/11/2024
Masters Of Stock Market
Market Update – 5th Nov 2024
The equity benchmarks, Sensex and Nifty, saw a strong recovery, with Sensex rebounding by over 1,200 points from its intraday low, and Nifty closing above the 24,200 level, boosted by gains in metal and financial stocks. Sensex added 694 points (0.90%) to close at 79,476, while Nifty rose by 217 points (0.90%) to end at 24,213.
Technical Outlook:
The Nifty Index opened on a negative note and fluctuated within a range during the first half of the session. For continued upward momentum, Nifty needs to hold above the 24,150 level, with potential resistance targets at 24,300 and 24,450. Support levels are positioned at 24,000 and subsequently at 23,850.
04/11/2024
Masters Of Stock Market
Market Update – 4th Nov 2024
The equity benchmarks, Sensex and Nifty, saw a significant decline of over 1%, hitting a three-month low. The Sensex dropped nearly 1,000 points, and the Nifty closed below the 24,000 mark. Specifically, the Sensex fell by 941 points (1.4%) to end at 78,782, while the Nifty lost 309 points (1.4%) to close at 23,995, after reaching intraday lows of 23,816 for Nifty and 78,232 for Sensex.
In October, foreign investors pulled out over Rs 1.1 lakh crore from the Indian stock market, marking the largest monthly outflow due to concerns over high valuations of domestic equities. As a result, the USDINR climbed to a record high above 84.
Technical Outlook: The Nifty Index formed a bearish candle on the daily chart and has been making lower highs for the last three sessions. As long as it remains below the 24,000 level, weakness could extend toward 23,800 and then 23,650, with resistance levels positioned at 24,200 and 24,350.
25/10/2024
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24/10/2024
Masters Of Stock Market
Market Update – 23rd Oct 2024
NIFTY ended the day slightly lower after a volatile trading session, while IT, mid-cap, and small-cap stocks saw a strong rebound. Overall, it was a relatively subdued day. The Nifty index closed down 0.15%, or 36 points, at 24,435, after hitting an intra-day high of 24,604. Market sentiment remained cautious due to global market volatility and concerns over selling by foreign institutional investors (FIIs).
Technical Outlook:
NIFTY remains below the 24,500 level, with potential weakness extending towards 24,350 and 24,200 zones. Resistance is seen at 24,600 and then 24,750 zones.
18/10/2024
Masters Of Stock Market
Market Update – 18th Oct 2024
After three consecutive days of losses, the equity benchmarks Sensex and Nifty bounced back, boosted by strong buying in the banking and metal sectors, along with favorable global market trends. Mid-cap and small-cap stocks also posted solid gains, while realty and defense stocks stood out as major performers.
The Sensex rebounded from early declines, gaining 218 points (0.30%) to close at 81,224, after hitting an intraday high of 81,391, an increase of 384 points (0.50%). The Nifty closed 104 points (0.42%) higher at 24,854.
Technical Outlook:
NIFTY needs to stay above the 24,850 level for an upward move toward 25,000, and subsequently 25,250 zones, with support levels at 24,750 and 24,600.
18/10/2024
18/10/2024