Markets succumbed to selling pressure with no major trigger seen from global markets as Nifty declined more than 1% to finally settle below the crucial support of 25,880. The implication of close below 25,880 implies that the upthrust has been confirmed in the widely followed NIFTY Benchmark ETF which opens the door for a further decline of 11-12% in a quick span of time. We expect selling pressure to accelerate further in the coming days as more broad-based selling is expected as Nifty drifts below 25,500 in the near term. The reversal in NIFTY ETF implies that the Pension funds and Hedge Funds may be forced to alter their core portfolio by reducing their long positions after recent reversal pattern. The downside target for Nifty in the immediate term is seen in the range of 22,700-23,500.
Nifty50 Chart
Stocks to watch
Positive Read through
- Tata Power – Sings MoU with Rajasthan government for an investment of Rs 1200 bn in power distribution, transmission & renewables.
- M&M – Total September sale up 16 pct YoY at 87,839 units.
- NTPC – Signs MoU with government of Rajasthan for development of 25 GW of RE projects.
- IREDA – Loans sanctioned grew 303 pct from last year to Rs. 178.60 bn vs Rs. 44.37 bn (YoY).
- PB Fintech – Will invest in an independent health maintenance organization.
- Blue Dart – To implement general price increase with effective from January 1, 2025.
- Kalpataru Projects – Company bags order worth Rs 12.41 bn from Indian and overseas market.
- R Systems- Launches Chaos Engineering integrated DR Model to enhance business continuity and resilience.
- Jindal Stainless – Partners with CJ Darcl to manufacture lightweight containers.
- Zen Techn – Secures annual maintenance contract worth Rs. 460 mn from Ministry of Defence.
- RITES – Received LOA for supply, commissioning &
- 1-year onsite warranty of overhauled in-service Cape Gauge 3100 HP, diesel electric locomotive.
- Airlines – ATF price cut by 6 pct, It’s now at a 6month low.
- India Glycols – Adds further capacity for distillery, ethanol & Chemical Units.
- NHPC – Mou with Rajasthan government with estimated investment envisaged at Rs. 500 bn.
Negative Read through
- Gold Financing Stocks – RBI finds several irregularities in practice of loans against gold ornaments and jewellery.
Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
