On October 10, the Indian benchmark indices managed to bounce back from their losses in the previous session, closing nearly 1% higher. This recovery was driven by favorable global developments, particularly the reassuring statements made by US Federal Reserve officials, which alleviated concerns about interest rates. Despite ongoing worries related to the Israel-Hamas conflict, the markets regained strength as both the US Dollar and US Treasury yields saw declines due to increased expectations of a more dovish stance from the Federal Reserve.
NIFTY: The index opened 53 points higher at 19,565 and made a high of 19,717 before closing at 19,689. Nifty has formed a bullish Opening Marubozu pattern on the daily scale, which indicates bulls' hold over Dalal Street. Its immediate resistance level is now placed at 19,780 while immediate support is at 19,600.
BANK NIFTY: The index opened 141 points higher at 44,027 and closed at 44,360. Bank Nifty has formed a long bullish candlestick with minor upper shadow on the daily scale. Its immediate resistance level is now placed at 44,500 while support is at 44,100.
Stocks in Spotlight
▪ Coal India Ltd: Stock rose 5% as Nuvama increased the target price of the stock to Rs 389, saying it offered the triple benefits of volume growth, improved e-auction prices, and possible all-time high dividend in H2FY24.
▪ Prakash Industries: Stock rallied over 9% to a 52-week high as renowned investors Mukul Agrawal and Dolly Khanna picked up over a percent stake each in the company.
▪ JSW Steel Ltd: Stock traded 2% higher after the company reported a 13% YoY growth in consolidated crude steel production at 6.41 MT for the September quarter.
▪ Stoxx 600 index was up 1.6% in early afternoon trade. Reversing the pattern seen on Monday, sectors were all sharply higher but lagged by oil and gas stocks, which were up 0.35% as crude prices retreated.
▪ Asia-Pacific markets were mixed as investors assessed the market impact of the attack on Israel by Palestinian militant group Hamas.
▪ Gold prices continued to rise on Tuesday, a day after posting sharp gains on increased market uncertainty due to conflict in the Middle East, as dovish remarks from top US Federal Reserve officials weighed on the dollar and bond yields.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.