In this episode, the host, Shivangi Sarda, shares insights on U.S. equity indexes reflect mixed signals as election policies raise Fed rate concerns.
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 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.
[00:00:21] Hey, this is your host Shivangi Sardar and let's look at what happened globally.
[00:00:26] US equity indices were mixed last week amid concerns that the fiscal expansionary policies of presidential election candidates would likely force the Federal Reserve to keep interest rates higher for longer outweighed the impact of the quarterly earnings.
[00:00:43] Now to start with our first segment for Monday 28th of October 2024, Nifty Index opened negative and drifted throughout the day with some minor bounce back in the last hour.
[00:00:55] Index broke 24,100 solds and has lost around 900 points in this week alone.
[00:01:02] It formed a bearish candle on the daily frame and has been making lower highs from the last four trading sessions.
[00:01:09] It formed a bearish candle on the weekly basis as well and gave a breakdown.
[00:01:13] India mix was up by around 5% to 14.6 levels.
[00:01:19] Nifty put call ratio decreased to 87.
[00:01:23] All these factors attributed the comfort to the bears.
[00:01:26] Option data suggest a broader trading range in between 23,800 to 24,500 zones, while immediate range is in between 24,000 to 24,400.
[00:01:39] Moving on to the second segment in the Inquity Cash market, FIIs were net sellers to the tune of 3,037 crores, while DIIs were buyers worth 4,160 crores.
[00:01:53] FII's index long-shot ratio increased to 36.5%.
[00:01:58] Going ahead with the index actionable, damages data and price setup suggest, till Nifty holds below 24,250, weakness could be seen towards 23,850, while hurdles are placed at 24,350.
[00:02:14] Till the time Bank Nifty holds below 51,000, weakness could be seen towards 50,000 levels, while on the upside, hurdle can be seen at 51,500.
[00:02:26] And finally, talking about the sectors in stocks to watch out, positive stands were seen in Travel & Tourism, FMCG, and selective farmer counters.
[00:02:36] The positive setup can be seen in some of the farmer names, which includes Loras Labs, Ibka Lab, Alken, and Torrent Pharma.
[00:02:45] From the BFSI segment, we have ICICI Bank, CUB, and Access Bank holding on to the highest zones.
[00:02:52] From the IT pack, we have HCL Tech, which looks quite promising.
[00:02:56] While some weakness could be seen in selective banks at reality names, also oil and gas is looking quite weak.
[00:03:04] Wish you a super trading day ahead.
[00:03:07] Shivani Sardar signing off.
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