{ }
Indian equities are currently experiencing a correction, with major indices like the Nifty 50 and BSE Sensex down 8-10% from their September peaks. This decline is attributed to slowing domestic economic growth, persistent inflation, and disappointing corporate earnings, particularly in Q2. Investors should brace for potential further corrections ahead.
The stock markets closed significantly lower on November 13, marking the fifth consecutive day of losses, driven by inflation concerns and a selloff in metal stocks. The Nifty has fallen 10% from its peak, while the Sensex has dropped 8,000 points, with mid- and small-cap indices declining even more. By 2:20 pm, the Sensex was down 707.72 points at 77,967.46, and the Nifty was down 244.90 points at 23,638.60, reflecting cautious investor sentiment.
Trump's victory in the US election has led to a surprising rally in India's IT stocks, as traders anticipate potential beneficiaries from the regime change, particularly in IT, chemicals, and pharma sectors. Despite this optimism, Nifty futures indicate a subdued start, with traders questioning whether the Nifty 50 can sustain Wednesday's gains, facing a critical resistance level just a few hundred points away.
The Nifty 50 rebounded 1.55% from its day's low, closing nearly 1% higher on November 5, after holding above the critical support level of 23,800. A decisive fall below this level could lead to a decline towards 23,500, while a sustained close above 24,500 is necessary to avoid further consolidation. The formation of a Bullish Piercing Line pattern may boost market sentiment.
On Muhurat day of Samvat 2081, the Nifty 50 continues its downtrend, closing below all short- to medium-term moving averages, raising concerns. A decisive break below the immediate support at 24,100 could lead to a decline toward 23,900, while 24,500 is seen as a significant resistance level.
The Nifty 50 has dropped over 7% from its record high amid concerns about corporate earnings as the reporting season unfolds. Volatility has increased significantly as traders anticipate the outcome of the closely contested US presidential election, with Kamala Harris and Donald Trump in a tight race. The unusual positioning in options trading, with similar strike prices for puts and calls, indicates uncertainty about market direction post-election.
The Nifty 50 index has been consolidating within the range of 24,100-24,500 for the past week, with a slight decline of half a percent noted on October 30. Experts suggest that a decisive move above 24,500 could initiate upward momentum, while a drop below 24,100 may trigger selling pressure, potentially leading to a decline towards the August low of 23,900.
The market continued its upward trend, gaining half a percent, but remained below the 100-day EMA at 24,475. A decisive close above 24,500 is needed for further gains, with immediate resistance at 24,600-24,700 and support in the 24,100-24,000 range.
Market sentiment has deteriorated, with the Nifty 50 breaking below the 100-day EMA and falling under 24,200, marking a nearly 1% loss. Experts predict a further decline towards the August low of 23,894 and the 200-day EMA at 23,455, advising a "sell on rally" strategy as any rebound towards 25,650 may encounter selling pressure.
Selling pressure on Dalal Street intensified, with benchmark indices dropping over 2% in the week ending October 25, reaching a four-month low amid geopolitical tensions and disappointing corporate earnings. As the Diwali week begins on October 28, market sentiment is expected to remain bearish, focusing on upcoming corporate earnings and key US economic data, while participants exercise caution ahead of the US presidential elections on November 5. The BSE Sensex closed at 79,402, down 2.24%, and the Nifty 50 fell 2.7% to 24,181, marking an 8% decline from its September peak.
Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

Machinary offers a groundbreaking, modular, and customizable solution that provides advanced financial news and statistical analysis. Our platform goes beyond traditional quantitative analysis, offering users a comprehensive understanding of real-time market dynamics, event detection, and risk analysis.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings

Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.