In this episode of Indian Market in Minutes with Motilal Oswal, the host, Shivangi Sarda, provides a comprehensive analysis of the market’s current state and future potential.
Key segments cover technical insights, FII activity, index actionable, and sectors to watch, highlighting Nifty's potential highs, volatility impact, and strong stocks.
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[00:00:00] Welcome to Indian Market in Minutes from Motilal Oswal's research desk. We will be covering technical and derivatives, SII's activity, index, actionable, sectors and stocks to watch out. So stay tuned till the end.
[00:00:22] Hey, this is your host Shivandi Sarda and let's look at what happened globally.
[00:00:26] US investors are optimistic that the new administration will introduce lower taxes, reduce banking regulations and ease restrictions on businesses, which could boost US economic growth.
[00:00:38] However, global markets in Europe, Asia and the GIF Nifty have seen declines driven by concerns that the new US government might increase tariffs, potentially affecting local exports.
[00:00:50] Additionally, the US Federal Reserve is also set to announce his interest rate decision with expectation of a 25 basis point cut.
[00:00:58] The US 10-year bond has also reached a one-month high and the dollar index has hit a three-month high following Trump's win.
[00:01:07] To start with our first segment for Thursday, 7th November 2024, Nifty Index opened positive and the bulls lifted the spirits up in the entire session.
[00:01:17] It steadily moved up and closed with gains of around 270 points.
[00:01:22] It moved by 333 points and crossed 24,500 zones during the day.
[00:01:29] Lastly, it formed a bullish candle on the Danny frame and negated its lower highs formation of the last three trading sessions.
[00:01:36] India Wix was down by around 8% to 15 zones.
[00:01:41] Nifty put call ratio increased to 0.97.
[00:01:44] These two factors clearly converted the bulls to step in.
[00:01:48] Option data suggests a broader trading range in between 24,000 to 25,000 levels, while immediate range is in between 24,200 to 24,800.
[00:02:00] Moving on to the second segment in the equity cash market, FIIs were net sellers to the tune of 4,446 crores, while DIIs were buyers worth 4,889 crores.
[00:02:14] FIIs indexed long-shot ratio marginally decreased to 25.5%.
[00:02:21] Going ahead with the index actionable,
[00:02:23] Devittives data and price setup suggest,
[00:02:25] Nifty has to hold above 24,450 for the next up move towards 24,850 levels, while supports are placed at 24,000 zones.
[00:02:36] Bank Nifty has to hold above 52,250 for the next up move towards 53,000 levels, while support can be seen at 51,750.
[00:02:46] And finally, talking about the sectors and stocks to watch out, positive setup can be seen in some of the IT names which includes Dixon,
[00:02:56] OFSS, Persistence Systems, Wipro and Coforge.
[00:03:00] From the pharma space, we have TV Slab, Glenmark and Sinjin looking quite positive.
[00:03:05] From the financial space, HDFC AMC and SPI looks quite promising.
[00:03:10] While some weakness could be seen in Titan, Manapuram, Industrial Bank, AU Bank, Goldbar and ONGC.
[00:03:17] Wish you a super trading day ahead.
[00:03:20] Shivangi Sardas signing off.
[00:03:22] Follow this podcast for solid advice.
[00:03:37] Investment and securities market are subject to market risk.
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