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GIFT Nifty 🇮🇳: (-76, 25515)

Market Recap: In Thursday’s trade, the benchmark Nifty tumbled sharply, as the pessimism prevailed for 2nd straight day.

The negative takeaway? — “Nifty’s sentiment remained fragile — with Nifty trapped in a narrow range and lacking bullish conviction.”

The Road Ahead:

“The pessimism at Dalal Street is such that there is no place to run or hide for the bulls.”

The 2-Headwinds:

1) Pessimism revolves around Fed’s Goolsbee who too echoed a concern laid out by Fed Chairman Jerome Powell, saying that they are uneasy about rate cuts without inflation data, citing rising services inflation right before the shutdown.

2) In yesterday’s trade, FIIs turned out to be net sellers to the tune of Rupees 3263

The Positive Catalyst: Hopes of a favourable outcome from the ongoing U.S.–India trade negotiations.

Technically Speaking: Strength will be confirmed only above 25,903 levels. For Friday’s session, 25,777 will act as a major hurdle.

Bottom Line: Market sentiment remains fragile, and the battle for directional clarity is likely to continue.

Expect Nifty to remain range-bound with negative bias, absolutely without bullish conviction.

STOCKS IN SPOTLIGHT:

1) Redington (+14.75%) surged after its consolidated revenue for Q2 FY26 stood at Rs 29,118 crore, up 17% year-on-year, driven by robust demand across India, the Middle East, and Africa. Net profit jumped 32% YoY to Rs 388 crore, while EBITDA rose 23% YoY to Rs 632 crore.

2) Astral (+7.14%) zoomed higher after its revenue from operations rose 15.1% year-on-year to Rs 1,577.4 crore, up from Rs 1,370.4 crore in Q2 FY25, driven by sustained demand in both core segments.

3) Delhivery (-10%) slumped after the company reported a consolidated net loss of Rs 50.37 crore in Q2 FY26, compared with a net profit of Rs 10.20 crore in Q2 FY25.

4) Avanti Feeds (+3.63%) rallied after the company’s consolidated net profit jumped 34.87% to Rs 153.29 crore in Q2 FY26 as against Rs 113.65 crore in Q2 FY25.

Q2 corporate earnings to watch:

 Friday (November 6th): BAJAJ AUTO, HINDALCO, DIVIS LAB, TRENT, TORRENT PHARMA, NYKAA, KALYAN JEWELLERS, PETRONET LNG, NEULAND LAB.

Nifty Outlook: Bullish sentiment remains clouded by uncertainty, leaving markets adrift in choppy seas of indecision.

Now, before we get into detail of today’s trading session, here is the preferred trade on Nifty and Bank Nifty:

Nifty (25510): Sell at CMP. Stop 25827. Targets 25413/25303. Aggressive targets at 25011-25050 zone.

Bank Nifty (57827): Sell at CMP. Stop at 58751. Targets 56901/56600. Aggressive targets at 55600-55700 zone.

Our chart of the day is bearish on IRCTC, DLF and HAL on any early excessive intraday strength with an interweek/Intermonth perspective.

The 1 Stock to Sell Right Now: Sell IRCTC (CMP 703): Sell at CMP. Stop at 731. Targets 689/675. Aggressive targets at 656. (Interweek Strategy). Rationale: Signalling a massive breakdown from a lower consolidation zone on the daily charts. Key interweek support 656. Major hurdles only at 725 mark. 200-DMA at 742.

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