Muhurat Action – Friday, November 1st, 2024: Market Analysis & Strategies by Riddhi Siddhi Share Brokers
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Global Cues & Market Sentiment Update by Riddhi Siddhi Share Brokers
Today, global stock markets and the GIFT Nifty are signaling caution. Investors worldwide are eagerly awaiting the October nonfarm payrolls report at 6 PM IST, which could influence U.S. Federal Reserve policies and impact equity markets globally.
4:00 PM GLOBAL UPDATE by Riddhi Siddhi Share Brokers:
- GIFT Nifty 🇮🇳: -3, 24,391
- Dow Futures: +72, 41,835
- Nasdaq 100 Futures: +72, 19,962
- Nikkei: -793, 38,288
- Hang Seng: +189, 20,506
- Dow Jones: -378, 41,763
- Nasdaq: -513, 18,095
- Bovespa: -926, 129,713
Key Market Events to Watch:
- U.S. October Jobs Report: This report will be critical in shaping investor sentiment, potentially impacting stock and bond markets worldwide.
- Federal Reserve Outlook: Rising U.S. bond yields (10-year Treasury at 4.33%) and the upcoming Federal Open Market Committee (FOMC) meeting on November 7 keep market participants on edge. A rate cut is anticipated, though election uncertainties may influence final decisions.
- U.S. Elections: Election risks loom large ahead of November 5, with markets preparing for potential impacts based on election outcomes.
Wall Street Overnight Recap by Riddhi Siddhi Share Brokers
In Thursday’s trade, Wall Street witnessed a sharp sell-off:
- S&P 500: Dropped by 1.9% to 5,705.
- Dow Jones: Declined by 0.9%, closing at 41,763.
- Nasdaq Composite: Tumbled by 2.8%, ending at 18,095.
These declines are in part due to rising bond yields and market uncertainty surrounding next week’s FOMC meeting. The current 90% probability of a rate cut may change depending on the October jobs data and upcoming U.S. election results. Investors remain vigilant, as these factors could fuel further volatility in equity markets.
Commodities Update by Riddhi Siddhi Share Brokers
- COMEX Gold is consolidating at $2,746 per ounce, as demand for safe-haven assets continues amid global uncertainties.
- WTI Crude Oil prices have dropped to $70.77 per barrel, indicating cautious demand in the energy sector.
Indian Market Trends & Strategy by Riddhi Siddhi Share Brokers (4:30 PM IST)
Market Trends by Riddhi Siddhi Share Brokers:
- Global Sentiment: Negative
- FII Activity: Negative, with outflows of -₹5,813.30 Cr
- DII Activity: Positive, with inflows of +₹3,514.59 Cr
- Sentiment: Risky
- Market Breadth: Neutral
- Technicals: Indicate oversold conditions
- F&O Support and Resistance Zone: 23,500 – 25,000
Volatility Indicators:
- India VIX: At 15.55, up by 0.35%, indicating moderate volatility.
- Nifty Put-Call Ratio (PCR): 1.31 (for November 28), suggesting a balanced outlook.
- Bank Nifty PCR: 0.98 (for November 27), indicating cautious sentiment.
Nifty & Bank Nifty Technicals by Riddhi Siddhi Share Brokers
Nifty Analysis:
- Current Market Price (CMP): 24,205
- Support Levels: 24,001 / 23,893
- Resistance Levels: 24,498 / 24,637
- Trading Range: 24,100 – 24,500
- Bias: Neutral
- Moving Averages:
- 21-Day Moving Average (DMA): 24,733
- 50-Day Moving Average (DMA): 25,103
- 200-Day Moving Average (DMA): 23,435
Bank Nifty Analysis:
- Current Market Price (CMP): 51,475
- Support Levels: 50,381 / 50,193
- Resistance Levels: 52,355 / 52,578
- Trading Range: 51,200 – 51,900
- Bias: Neutral
- Moving Averages:
- 21-Day Moving Average (DMA): 51,479
- 50-Day Moving Average (DMA): 51,859
- 200-Day Moving Average (DMA): 49,492
Strategic Insights:
For the Nifty, adopting a “buy on dips” strategy may be beneficial, especially with current oversold technicals and a neutral bias. The Bank Nifty remains in a similar neutral zone, with well-defined support and resistance levels guiding short-term trades.
Disclaimer/Disclosure by Riddhi Siddhi Share Brokers
The insights and strategies provided by Riddhi Siddhi Share Brokers in this report are for informational purposes only. Stock market investments carry inherent risks, and it’s crucial for investors to consult a certified financial advisor before making any investment decisions. Riddhi Siddhi Share Brokers does not guarantee returns or assurance of investment performance. Tailor your investment strategy based on your financial objectives and position after consulting with registered market intermediaries.