In this episode, 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 the Motilal Oswal Research Test
[00:00:04] Hey, this is your host Siwanhee Saarda and let's look at what happened globally.
[00:00:18] Market is expected to open on a weak note due to significant declines in global markets.
[00:00:24] Oil prices have surged to a two-month high above $80 per barrel, coupled with escalating geopolitical tensions in the Gulf region
[00:00:32] and a rise in the US 10-year bond yield, which has also reached a two-month high above 4%
[00:00:38] To start with our first segment for Tuesday, 8th October 2024, Nifty Index opened slightly positive
[00:00:45] and cascaded by 450 points during the day to breach its 50 daily exponential moving average.
[00:00:52] Eventually, bears took over. It took a breather near 24,700 but closed with losses of around 220 points.
[00:00:59] It formed a bearish candle on the daily frame and has been making lower highs, lower lows from the last five sessions.
[00:01:06] It yamx was up by another 6.5% to 15 levels. Nifty put-call ratio decreased to 0.67.
[00:01:15] Now, option data suggests a broader trading range in between 24,400 to 25,400,
[00:01:22] while immediate trade is in between 24,500 to 25,200.
[00:01:27] Moving on to the second segment in the equity cash market, FIIs continued their selling streak at a huge magnitude as well
[00:01:35] and sold to the tune of 8,293 crores, while DIIs for buyers were 13,245 crores.
[00:01:44] Thankfully, they had an offsetting position.
[00:01:46] FIIs' index long-shot ratio decreased to 46.8%.
[00:01:50] Going ahead with the index actionable, derivative data and price setup suggest,
[00:01:55] till Nifty holds below 24,950, some weakness could be seen towards 24,650 and then 24,500 marks,
[00:02:04] while hurdles are placed at 25,000 zones.
[00:02:07] Till a bank Nifty holds below 50,750, some weakness could be seen towards 50,000 then 49,500,
[00:02:15] while on the upside, hurdle can be seen at 51,000 marks.
[00:02:19] And finally, talking about the sectors and stocks to watch out,
[00:02:23] selling pressure was seen in all the sectors across both barring a few IT and retail names.
[00:02:29] Now, positive setup can be seen in very selective counters.
[00:02:33] From the IT space, we have Persistent, Infosys and Coforge.
[00:02:37] From the auto-pack, Everlym is still holding on to its higher zones.
[00:02:41] From the farmer, we have Glenmark, which is still looking positive.
[00:02:44] From the Stocks Looking Week, we have a host of stocks including Hindustan, Copper, PFC, GMR, Infra,
[00:02:51] JK Cement, Bhel, RBL Bank, Adani Ports, Canbank, Arthi Industry, PNB, ACC,
[00:02:57] Hint Petro, Madhapuram, Ambushar Cement, UPL, Canchand Homes, Indus Tower, TLF and Bharat Forge.
[00:03:04] Wish you a super trading day ahead.
[00:03:06] Shivangi Sardar signing off.
[00:03:08] Follow this podcast for solid advice.