Nifty declines sharply, snaps its 6-day winning streak.
Blame it on: Massive profit booking amidst overbought technical conditions.
NIFTY (-96, 25795)
Sensex (-345, 84212)
Bank Nifty (-378, 57700)
The Big Question: Is Nifty’s Bullish Momentum Fading?
Well, Nifty has scaled higher close for 4th straight week. We still suspect, the ongoing rally may last.
Technically, the bullish momentum may well sustain as long as Nifty stays above 25451 mark.
So, remember Nifty’s make-break support at 24451 mark…
Immediate upside targets still seen at Nifty’s all-time-high at 26277.35 mark.
Long Story Short: Nifty’s massive bullish constructive stance only above 26277.35 mark. Until then caution should be the buzzword. Intraday downside support at 24901 mark.
Adv-Dec 17—33
INDIA VIX 11.59 (-1.19%)
NIFTY PCR (28th OCT) 0.65
USD/INR Futures (OCT) (-0.10%, 87.80)
SECTOR GAINERS:
NIFTY METAL (+1.03%)
NIFTY OIL & GAS (+0.20%)
NIFTY REALTY (+0.18%)
SECTORS LOSERS
NIFTY HEALTHCARE (-0.83%)
NIFTY FMCG (-0.75%)
TODAY’S MARKET RE-CAP:
1) Banking stocks ended flat as the Nifty Bank index slipped 0.65% with its new all-time-high still seen at 58577.50 mark.
2) Nifty (-0.37%) opened on a firm footing but did slip hard amidst profit booking and the negative takeaway was that the benchmark ended in red and on a jittery note.
That said, Nifty is still above its 21 DMA (25222), 50 DMA (25035) and its 100 DMA (25030).
Nifty’s 200 DMA at 24269 mark.
3) The market breadth (17:33) was in favour of the bears
4) Nifty Mid-cap (-0.17%) and Nifty Small-cap (-0.23%) indices ended with minor losses.
Bottom-line: A choppy, range-bound, an up-and-down session was the preferred theme for the day, though bullish undertones shall persist — with traders keeping a sharp focus on Nifty’s all-time high of 26,277.35, a level that may well be tested sooner rather than later.
STOCKS IN SPOTLIGHT:
1) Federal Bank (+0.13%) gained after board approves capital raise proposal worth Rs 6,196.51 crore. The bank’s board approved a proposal to grant 27.29 crore warrants at a price of Rs 227 apiece to Asia II Topco XIII, amounting to a total cash consideration of Rs 6,196.51 crore.
2) Cipla tumbled 3.61% after the company announced that it has entered into an agreement with Eli Lilly to distribute tirzepatide in India under the brand name Yurpeak. The drug, indicated for the treatment of type 2 diabetes and obesity, will be priced at par with Eli Lilly’s Mounjaro.
3) Hindustan Unilever Ltd (HUL) plunged 3.33% after the firm posted a 4% year-on-year rise in consolidated net profit for Q2 FY26 to Rs 2,694 crore, but aided by a one-off tax gain.
BULLS OF THE DAY:
HINDALCO (+4.11%)
ICICIBANK (+1.05%)
BHARTIARTL (+1.00%)
SHRIRAMFIN (+0.97%)
ONGC (+0.94%)
BEARS OF THE DAY:
CIPLA (-3.68%)
HUL (-3.33%)
MAXHEALTH (-2.25%)
ULTRACEMCO (-1.93%)
ADANIPORTS (-1.82%)
OUR VIEW FOR MONDAY’S TRADE
Technically, we suspect confirmation of strength above Nifty 26000 mark.
An up and down session likely amidst hostile global cues.
Bottom-line: Nifty needs to closed above 26000 mark to reaffirm strength.
ALL ABOUT NIFTY:
Nifty (CMP: 25795)
Support: 25675/25501
Resistance: 26000/26277
Range: 25682-25922
21 DMA: 25222
50 DMA: 25035
200 DMA: 24269
Trend: Neutral
BULLISH LOOKING STOCKS:
FEDERALBNK
NATIONALUM
SAMMAANCAP
BULLISH LOOKING STOCKS (LONG TERM):
BEL
L&T
THYROCARE
BEARISH LOOKING STOCKS:
ADANIPORTS
HUL
CIPLA
STOCKS TO AVOID:
IEX
CDSL
IOC
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