The Week Ahead @ Riddhi Siddhi Share Brokers – October 20, 2024
At Riddhi Siddhi Share Brokers, we are excited to share key insights and updates for the upcoming week, starting with the highly anticipated listing of Hyundai Motors India on Tuesday, October 22nd, 2024. Last week, Hyundai’s IPO faced lukewarm market sentiment, with a grey market premium (GMP) of Rs. 1,903, reflecting a modest -3% over the issue price of Rs. 1,960. Investors will keenly watch how it performs this week.
RBI MPC Minutes – A Major Event
Another critical event this week is the release of the RBI MPC minutes on Wednesday, October 23rd, 2024. Earlier, the RBI signaled a neutral stance, suggesting potential rate cuts. However, recent inflation data has prompted RBI Governor Shaktikanta Das to caution against rate cuts, highlighting that a move could be “very premature” due to rising inflation. This could have a significant impact on banking stocks in the coming days.
Corporate Earnings Season Midway
The earnings season continues, with several top companies set to announce their results this week. Stay tuned for updates on market movers, including:
- Monday, October 21st: CGPOWER, ULTRACEMCO, UNIONBANK
- Tuesday, October 22nd: BAJFINANCE, PAYTM, ICICIPRULI, M&MFIN, and more
- Wednesday, October 23rd: ZOMATO, AUBANK, PIDILITEIND, and more
- Thursday, October 24th: ITC, LAURUSLABS, and others
- Friday, October 25th: JSWSTEEL, INDIGO, BANKBARODA, among others
- Saturday, October 26th: ICICIBANK, IDFCFIRSTB
At Riddhi Siddhi Share Brokers, we always keep a close eye on these developments to ensure our clients are well-informed and prepared for market movements.
Technical Outlook – Nifty & Bank Nifty
The Nifty 50 continues to remain under pressure, ending in the red for the 3rd consecutive week. Key support levels to watch are at 24,566, and resistance at 25,300. We anticipate range-bound trading between 24,695 and 25,275, with a breakout possible above 25,300.
For Bank Nifty, expect support at 50,450 and resistance at 53,000, with a likely trading range of 51,222 to 57,888.
Top Sectors to Watch:
- Bullish Sectors: Metals, Realty
- Bearish Sectors: FMCG, Media
Stock Picks for the Week:
- Bullish: DR REDDYS LAB, HINDALCO, AXIS BANK, ICICI BANK, BOMBAY DYEING
- Bearish: INFY, LTIM, SAIL, IGL
Buy Recommendation: Bombay Dyeing (CMP: Rs. 250)
At Riddhi Siddhi Share Brokers, we believe Bombay Dyeing offers promising opportunities. Its Polyester Division and real estate projects in Mumbai are driving growth, with technical indicators showing a bullish trend. We recommend buying on any corrective declines with targets at Rs. 289/371 and aggressive targets at Rs. 500 over a 12-15 month period.
Stay ahead of the market with Riddhi Siddhi Share Brokers! We provide expert insights and real-time updates to help you make informed investment decisions. As always, we suggest that all investors keep track of their portfolio and market risks. Contact Riddhi Siddhi Share Brokers for personalized trading strategies and portfolio management.
Disclaimer: Investments are subject to market risks. The information provided here is for educational purposes only and should not be construed as financial advice. Always do your own research before making any investment decisions.
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