02/11/2024
💫 Market Metrics: Weekly Roundup
⭐ Sensex: 79,724.12 ⬆️
⭐ Nifty 50: 24,304.35 ⬆️
⭐ Nifty Bank: 51,673.90 ⬆️
⭐ Nifty Smallcap 100: 18,794.90 ⬆️
⭐ Nifty Midcap 100: 56,496.05 ⬆️
✨ Market Performance Key Takeaways For The Week
🌟 The markets finished flat after finding some respite during the festive week as Nifty 50 largely traded within a range, ultimately closing the week with a minor loss of 0.10%, a tad above 24200.
🌟 The past week’s resistance zone of 24500-24600continues to remain in effect and a breach above this range is needed before considering aggressive positions. The support zone also remains the same as that for the past week, 24100-24000, and breach below could trigger further weakness.
🌟 The market participants are advised to keep a close eye on the banking sector for guidance as it has shown relative strength and will be crucial in determining the market’s next move. Also, a selective approach remains essential in the existing volatile environment
🌟 BANKNIFTY managed to close with modest gains of 1.5%, just above the 51500 mark. While traders are advised to refrain from reacting to short-term momentum on either side and adopt a "sell on rise, buy on dip" approach, a strong resistance is expected in the 52300-52500 band. The immediate support is anticipated in the 51300-51150 band, with a critical support zone at 50400-50300.
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✨ News Highlights For The Week
🌟 HDB Financial Services files draft papers for Rs 12,500 crore IPO
🌟IPO calendar next week: Swiggy, 2 others to open; Afcons Infra to list
🌟 Dabur to acquire Sesa Care at enterprise value of Rs 315-325 crore
🌟 Sebi wants fund managers to deploy NFO proceeds within 30 days
🌟 Bank of Baroda to open 600 branches, strengthen ‘RAM’ loan focus
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Disclaimer: https://bit.ly/3usSGoH
Sources: Angel One Research | BS| BS | FE | Mint | BL |
Date: October 31, 2024
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