🔔 Latest Post-Market Update: October 28, 2024 | Riddhi Siddhi Share Brokers
Nifty Bulls Resurface Ahead of Diwali! 🎇📈
Today, the Indian stock market witnessed a strong rebound, breaking the five-day losing streak, powered by positive global cues and short covering ahead of the October expiry. Both Nifty and Sensex posted significant gains, with the Bank Nifty also delivering a stellar performance. The easing of Middle East tensions and a drop in oil prices provided the much-needed relief to markets.
- Nifty: +158 points, closing at 24,339
- Sensex: +603 points, closing at 80,005
- Bank Nifty: +472 points, closing at 51,259
🚀 Riddhi Siddhi Share Brokers’ Key Catalysts Driving the Market:
- Short covering ahead of October contract expiry.
- Bargain hunting after the recent market correction.
- Easing of Middle East tensions.
- Crude oil prices tumble below $69 a barrel.
- Strong Q2 results from ICICI Bank and Bandhan Bank, boosting sentiment.
🔥 Buzzing Stocks of the Day by Riddhi Siddhi Share Brokers:
Top Gainers:
- Shriram Finance: +5.35%
- Adani Enterprises: +4.07%
- ICICI Bank: +3.10%
- JSW Steel: +3.00%
- Wipro: +2.90%
Top Losers:
- Coal India: -3.76%
- Bajaj Auto: -2.07%
- Axis Bank: -1.29%
- Hero MotoCorp: -1.19%
- BEL: -0.92%
📊 Market Indicators by Riddhi Siddhi Share Brokers:
- Advance-Decline Ratio: 36–14 (favors gainers)
- India VIX: 14.29 (-2.32%) – volatility eased
- Nifty PCR (31st Oct): 0.87
- Nifty MidCap 50: +0.81%, closing at 15,545
- Nifty SmallCap 100: +1.20%, closing at 18,062
- Bank Nifty: +0.93%, closing at 51,259
- Nifty IT: +0.40%, closing at 42,205
- USD/INR: 84.08, down 0.01%
🔮 Riddhi Siddhi Share Brokers’ View for Tomorrow:
All eyes are now on the upcoming US October jobs report on Friday, November 1st. This could be a crucial trigger for both yields and equities. Additionally, anxiety is rising ahead of the US elections on November 5th, with the potential for major implications on global markets.
Pro tip: Investors should stay cautious as election outcomes in the US could influence India’s key sectors, such as IT, pharmaceuticals, and textiles, all of which are closely tied to the US economy.
📈 Key Levels to Watch on Nifty by Riddhi Siddhi Share Brokers:
- Current Market Price: 24,339
- Support: 24,180 / 23,921
- Resistance: 24,551 / 24,701
- Range: 24,211 – 24,445
- 21 DMA: 24,961
- 50 DMA: 25,124
- 200 DMA: 23,394
- Trend: Neutral
💡 Riddhi Siddhi Share Brokers’ Bullish Stocks for Tomorrow:
- ICICI Bank
- ITC
- IEX
Long-Term Bullish Stocks:
- Polyplex
- Tejas Networks
- Wipro
📉 Riddhi Siddhi Share Brokers’ Bearish Stocks to Watch:
- Coal India
- IndiGo
- ABB
🚫 Riddhi Siddhi Share Brokers’ Stocks to Avoid:
- IOC
- IGL
- GNFC
Disclaimer: This content is for educational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Consult your financial advisor before making any trading decisions.