Nifty Fails to Mirror Positive Wall Street Cues; Rebound Attempts Stalled
- NIFTY: -73 points, 24,781
- Sensex: -73 points, 81,151
- Bank Nifty: -132 points, 51,963
Key Factors Impacting Today’s Market:
- FII Selling Pressure: Foreign Institutional Investors (FIIs) continue aggressive selling, withdrawing over ₹80,200 crore from Indian equities in October alone.
- Weak Q2 Earnings: Corporate India’s uninspiring second-quarter earnings added to market concerns.
- Upcoming Elections: Traders are cautious ahead of the Maharashtra Assembly polls (November 20) and Jharkhand polls (November 13 & 20).
Despite these challenges, HDFC Bank jumped 4% post-Q2 results as analysts raised its share price target, providing a silver lining for the day.
Buzzing Stocks Today:
Top Index Gainers:
- Bajaj Auto: +4.34%
- HDFC Bank: +2.57%
- Asian Paints: +1.70%
- M&M: +1.17%
- Eicher Motors: -0.68%
Top Index Losers:
- Tata Communications: -7.08%
- Kotak Bank: -4.73%
- Bajaj Finserv: -3.37%
- BPCL: -3.36%
- IndusInd Bank: -3.03%
Market Data at a Glance:
- Advance-Decline Ratio: 12—37
- India VIX: 13.76 (+5.56%)
- Nifty PCR (24th Oct Expiry): 0.5
- Nifty PCR (31st Oct Expiry): 0.92
- Nifty MidCap 50: -2.00%, 16,132
- Nifty SmallCap: -1.63%, 18,766
- Bank Nifty: -0.25%, 51,963
- Nifty IT: -1.48%, 41,485
- USD/INR: +0.01%, 84.09
Our View for Tuesday’s Trade:
Technical Outlook on Nifty:
Nifty closed at 24,781, and any weakness below the crucial support level of 24,567 could reawaken bearish sentiment. Strength will only be confirmed if Nifty breaches resistance at 25,071. Below 24,567, downside risks extend to 24,313 and then 23,900. The 200 DMA stands at 23,325, a critical long-term support.
Nifty Technical Levels:
- Support: 24,694 / 24,413
- Resistance: 25,000 / 25,301
- Range: 24,677 – 24,888
- 21 DMA: 25,345
- 50 DMA: 25,118
- 200 DMA: 23,325
- Trend: Neutral
Bullish Stocks for Short-Term:
- HDFC Bank
- MCX
- Asian Paints
Bullish Stocks for Long-Term:
- Polyplex
- Bombay Dyeing
- GMR Infra
Bearish Stocks to Watch:
- Tata Consumer
- Adani Enterprises
- IndiaMart
Stocks to Avoid for Now:
- Bajaj Finance
- Havells
- Dalmia Bharat
Disclaimer: This content is purely educational and informational. At Riddhi Siddhi Share Brokers, we share our insights, but these should not be construed as specific investment advice. The stock market involves inherent risks, and past performance is not indicative of future results. Consult a qualified financial advisor before making investment decisions.