November 1, 2024

+91 99390 80808

November 1, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 31 October 2024 

Stock Market Trend : 31 October 2024 

Dear Trader…

Markets experienced volatility and ended down nearly half a percent amid mixed signals. Following an initial dip, the Nifty Future moved within a range, ultimately closing near the lower end. Most sectors, except FMCG, declined, with banking, pharma, and IT leading the losses. However, broader indices showed resilience, with the small-cap index gaining over a percent.

Nifty Future has struggled to surpass the 24,550 resistance level for the past three sessions due to mixed trends among heavyweights. We continue to recommend focusing on leading stocks in banking and IT for a decisive break above this level; otherwise, consolidation is likely to persist. In the meantime, traders should maintain a hedged approach and prioritize selective stock picking.

Nifty futures opened at 24427.95 points against the previous close of 24477.70 and opened at a low of 24314.95 points. Nifty Future closed with an average movement of 205.05 points and a decline of around 106.65 points and 24371.05 points…!!

On the NSE, the midcap 100 index will rise 0.16% and smallcap 100 index is closing rise 1.05%. Speaking of various sectoral indices, the NSE saw gains in only Media, FMCG, Metal and Auto stocks, while all other sectoral indices closed lower.

At the start of intra-day trading, October gold opened at Rs.79947, fell from a high of Rs.80282 points to a low of Rs.79850 with a rise of 179 points, a trend of around Rs.79877 and October Silver opened at Rs.98403, fell from a high of Rs.98935 points to a low of Rs.97924 with a decline of 596 points, a trend of around Rs.98134.

Meanwhile, According to market experts, the domestic market is trying to show some signs of a recovery from the recent lows as the Diwali festival approaches. A notable decline in crude oil prices is bolstering market sentiment, though it also indicates a potential slowdown in global demand.

Currently, stock-specific action related to ongoing Q2 earnings, which is largely weak, is expected to drive the market sentiment in the near term, the experts said, noting that PSU banks have rebounded from recent corrections, driven by positive initial earnings reports, while auto stocks declined due to disappointing results.

Technically, the important key resistances are placed in Nifty future are at 24404 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 24505 – 24575 levels. Immediate support is placed at 24272 – 24202 levels.

Past Performance is not an Indicator of Future Returns. The securities quoted are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read Disclaimer and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in

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