ЁЯУК Tentative Share Market Report: 24th October 2024 ЁЯУК As the Indian stock market prepares for the expiry of October futures and options contracts, volatility is expected to be a key factor in shaping the day’s trading. Investors will likely focus on sector-specific movements and key corporate earnings announcements.
Tentative Share Market Report
Market Sentiment and Expectations
The market is anticipated to open on a cautious note, with the Nifty 50 and Sensex trading range-bound in early sessions due to mixed global cues and upcoming key economic data releases from the U.S. and Europe. Analysts predict that Nifty 50 could oscillate between 24,200 and 24,600, while Sensex is expected to hover around the 79,500 to 80,500 range.
Sectoral Outlook
Technology Sector (Nifty IT): After a stellar performance on 23rd October, the IT sector is expected to maintain its momentum, driven by positive earnings from major players like TCS and Infosys. Analysts project a potential upside of 1% to 1.5% in the Nifty IT index.
Banking Sector (Nifty PSU Bank): The banking sector might witness a mixed performance. While private banks like HDFC and ICICI Bank are likely to show resilience, public sector banks may face pressure due to profit-booking and concerns around asset quality. The Nifty PSU Bank index could fluctuate between 0.3% to 0.7% in either direction.
Pharma Sector (Nifty Pharma): Following the decline on 23rd October, pharma stocks may continue to face headwinds due to regulatory concerns and weak export demand. Experts predict a potential fall of 0.5% to 1.2% in the Nifty Pharma index unless there is a recovery in global markets. Tentative Share Market Report.
Top Stocks to Watch
Reliance Industries Ltd. (RIL): After a quiet session on 23rd October, RIL is expected to see increased trading activity as investors anticipate updates from its upcoming quarterly results. The stock could trade between тВ╣2,500 and тВ╣2,600, with a bias towards the upside.
Zomato: Following the platform fee hike announcement, Zomato shares could see further gains as investors continue to react to the companyтАЩs improved revenue potential. Analysts suggest that the stock may test the тВ╣110 level, up from its previous close.
Deepak Fertilisers & Petrochemicals: After a sharp rise on 23rd October, profit-booking may set in. Traders should watch out for тВ╣1,050 as a key support level, while resistance could emerge near тВ╣1,150.
Expected Volatility
India VIX, which measures market volatility, closed at 14.62 on 23rd October and is expected to remain elevated due to the monthly F&O expiry. Analysts foresee the VIX rising above 15, with a possible surge towards 16 if volatility spikes further, indicating nervousness among traders. Tentative Share Market Report.
Global Influences
U.S. Federal Reserve’s Upcoming Decision: With the Federal ReserveтАЩs next interest rate decision looming, global markets, including India, are likely to remain cautious. A hawkish stance could lead to a temporary sell-off in equities, while a dovish outlook may trigger a rally. Tentative Share Market Report.
Crude Oil Prices: Crude prices, which recently touched $90 per barrel, continue to play a pivotal role in driving Indian equities. A sustained rise could negatively impact sectors like FMCG and automobiles, while a dip may provide relief to these sectors.
Share Market Long term Investment
Tentative Closing Projections
Tentative Share Market Report, Considering current market sentiment and external factors, here are the projected closing levels for key indices on 24th October:
- Nifty 50: Expected to close between 24,350 to 24,600.
- Sensex: Likely to end the day around 79,800 to 80,200.
- Nifty Midcap 150: Could maintain its upward trajectory and close between 21,100 to 21,300.
- Nifty Smallcap 250: May continue its bullish trend, closing between 17,600 to 17,800.
Conclusion : Tentative Share Market Report
As traders brace for expiry-related volatility, 24th October promises to be an eventful day in the Indian stock market. Sector-specific movements and global economic factors will play a crucial role in determining the marketтАЩs direction. Investors should stay cautious, especially with higher volatility expected due to the monthly F&O expiry.
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