POST-MARKET SUMMARY 6th November 2024
On November 6, the Indian equity market rallied in response to Donald Trump's victory in the US presidential election, extending its winning streak for the second consecutive session. The Nifty surged above 24,500, driven by sector-wide buying, particularly in IT, realty, oil & gas, and power stocks. Investors are also hopeful for another rate cut by the Federal Reserve at its meeting on November 7. All sectoral indices closed in the green, with the IT index rising 4%, while oil & gas, power, capital goods, and realty each gained 2%.
NIFTY: The index opened 95 points higher at 24,308 and made a high of 24,537 before closing at 24,484. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,600 while immediate support is at 24,380.
BANK NIFTY: The index opened 233 points higher at 52,440 and closed at 52,317. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,600 while major support is at 52,000.
Stocks in Spotlight
▪ Hindustan Zinc: Stock plummeted 8% as the government announced offloading a 2.5% stake in the company through an offer-for-sale.
▪ RVNL: Stock surged over 4% after the company, in partnership with Rithwik Projects Pvt Ltd (RPPL), emerged as the lowest bidder for a major contract with Rail Infrastructure Development Company (Karnataka) Ltd.
▪ Mazagon Dock Shipbuilders: Stock rose 2% after the state-run company reported strong September quarter results.
Global News
▪ European stocks reversed earlier gains Wednesday afternoon as investors digested Donald Trump’s defeat of his Democrat rival Kamala Harris in the U.S. presidential election.
▪ Asia-Pacific markets were mixed Wednesday after Wall Street surged overnight ahead of the U.S. presidential election results.
▪ The Dow Jones Industrial Average surged 1,300 points to a record high as Donald Trump won the 2024 presidential election.
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.