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Share Market Today | Gift Nifty Hints At Flat Market Open, Range-Bound Trend

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Synopsis:

Today’s share market features how Afcons Infra wins a ₹1,000 crore bid, Reliance Jio IPO set for 2025, Solar Industries secures a ₹399 crore defence order, Suzuki debuts e Vitara EV in Europe, FIIs net sell ₹4,329.79 cr, and DIIs net buy ₹2,936.08 cr.

Latest Market News

1. Afcons Infra emerges as lowest bidder for ₹1,000 crore project

2. ⁠RelianceJio IPO Likely In, 2025, Retail Unit Debut Much Later

3. ⁠Solar Ind bags export order worth Rs 399 cr for supply of defence pdts

4. ⁠Suzuki unveils its first battery EV, the e VITARA in Europe

5. ⁠FIIs net sell ₹4,329.79 cr while 

6. DIIs net buy ₹2,936.08 cr in equities yesterday

MARUTI SUZUKI INDIA LTD.

Trade

11170.1117.64 (1.06 %)

Updated - 05 November 2024
11275.00day high
DAY HIGH
11011.90day low
DAY LOW
321159
VOLUME (BSE)

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes closed lower Monday ahead of the presidential election, and the Federal Reserve's monetary policy decision was due later in the week.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average fell 0.6% to 41,794.6, while the S&P 500 and the Nasdaq Composite dropped 0.3% each to 5,712.7 and 18,180, respectively. Utilities saw the biggest drop among sectors, while energy paced the gainers.

  3. Economic Indicators:

  • The central bank's Federal Open Market Committee is slated to begin its two-day meeting Wednesday. Markets are widely expecting policymakers to lower their benchmark lending rate by 25 basis points.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield decreased 7.6 basis points to 4.29%, while the two-year rate lost 3.5 basis points to 4.17%.

  2. Currency:

    • The dollar index which tracks the greenback against six major currencies, was up 0.36% at 104.24.

  3. Commodities:

    • West Texas Intermediate crude oil increased 3.2% to $71.68 a barrel whereas Brent futures rose 2.7% to $75.08. Prices rose following a decision by OPEC and its allies to delay a planned hike in oil production by a month.

    • Gold fell 0.2% to $2,745.20 per troy ounce, while silver lost 0.3% to $32.59 per ounce.

Asian Markets

  1. General Trends:

    • Asian markets are showing a mixed opening as U.S. polls indicate no definitive front-runner.

  2. Specific Index Performance:

    • Japan's benchmark Nikkei opened up 0.58% at 38,274.22 while the broader Topix gained 0.45% at 2,656.14.

    • Australia's S&P/ASX 200 index fell as much as 0.4% at 8136. The Reserve Bank of Australia (RBA) is scheduled to meet later today for its rate decision.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian markets and is likely to consolidate in the broad range of 24,000 -24,700.

  2. Market in Previous Session:

    • The benchmark indices kicked off the week on a subdued note, with a strong bearish momentum leading to a decline of over a per cent.

    • The sell-off was fueled by multiple factors, including the U.S. presidential election on November 5 and the Federal Reserve’s upcoming monetary policy announcement on November 7.

    • Disappointing quarterly earnings and ongoing geopolitical uncertainties have further dampened investor sentiment.

    • At close, the Sensex was down 941.88 points or 1.18 per cent at 78,782.24, and the Nifty was down 314.00 points or 1.29 per cent at 23,990.30.

    • India's VIX also surged 5 per cent to levels close to 17. All indices, except for Nifty IT, ended with steep declines. Energy, infrastructure, metals, and real estate were the hardest hit, each plunging over 2%.

  3. Nifty Short-Term Outlook:

    • The index has been consolidating in a broad range between 24,000- 24,500 in a few trading sessions and  has shown signs of a consolidation breakdown as it tests 4-month lows.

    • With technical indicators deeply oversold, a pause in the sell-off could help lift overall market sentiment. However, caution is advised under current conditions, as it struggles to break through resistance with major global events lined up in this week. 

    • Nifty has near-term resistance at around 24,500 followed by 24,750 levels and has tested its short-term supports placed at 23,780-23800 levels. A breach of supports can lead to further correction towards 23,500 levels. However, a pullback relief rally is expected only above 24,100 but that should be used to lighten the long position. 

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,266 followed by 24,540 levels. Conversely, downside support is located at 23,900, followed by 23,780.

    • Bank Nifty: Intraday resistance is positioned at 51,639, followed by 52,051, while downside support is found at 50,941, followed by 50,655.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 25000 followed by the 24300 level, whereas the highest put OI is positioned at the 24000 level followed by 23500 level. 

    • We saw put writers shifting their base from 23700, 24200 & 24300 to 24000, 23900 & 23500 making 23500 a crucial support to watch for. On the other hand, call writers were active above 24000 indicating stiff resistance at higher levels. 

    • According to option chain analysis, the broader range for Nifty is 24000 and 24300. 

    • The Nifty put-call ratio is now positioned at 0.85

  2. Bank Nifty:

    • The highest call OI is positioned at 52000 followed by the 52500 level, whereas the highest put OI is positioned at 51000 followed by the 50200 level. 

    • We saw put writers shifting their base from 51500-51800 to 51000 & 50200 making 51000 a crucial support to watch for. On the other hand, call writers were active above 52000 indicating stiff resistance at higher levels. 

    • According to option chain analysis, the broader range for Bank Nifty is 51000 and 52000.

    • The Bank Nifty put-call ratio is now positioned at 0.71.

  3. Fin Nifty:

  • The highest call OI is been noted at the 24000 level which will serve as immediate resistance.

  • Whereas the immediate major put OI has been noted at the 23000 level followed by 23500 which will serve as a crucial zone.

  • Fin Nifty is likely to trade within the range of 23500 and 24000 levels.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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The stock market is a platform where investors buy and sell shares of publicly traded companies. It operates through stock exchanges, where supply and demand for securities determine prices.

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Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

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Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

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