Nifty Likely To Consolidate Until It Clears 26,000 Mark Decisively | Opening Bell Live
Indian benchmark indices Sensex and Nifty are likely to open higher on October 24, with cues coming from GIFT Nifty, which was trading higher above 26000. Market erased most of the intraday gains, ending marginally higher amid final hour profit booking. However, the winning run continued on sixth consecutive session on October 23 amid hopes over the US-India trade deal. At close, the Sensex was up 130.06 points or 0.15 percent at 84,556.40, and the Nifty was up 22.80 points or 0.09 percent at 25,891.40. BSE Midcap index down marginally, while smallcap index shed 0.4%. Cipla, DRL, Defense stocks will be among stocks to watch today. Catch Nandita Khemka in conversation with Raja Venkatraman, Co-Founder NeoTrader and Alok Agarwal, Head - Quant and Fund Manager, Alchemy Capital Management
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GIFT Nifty hints at muted start for markets; key levels to watch on October 24
Indian equity benchmarks may open flat on October 24, with GIFT Nifty futures trading near the flatline, though positive global cues could lend some early support.
First Tick: Top global cues to watch in today’s trade
The GIFT Nifty is trading higher at around 26,034.50, indicating a higher opening for the day
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Brent crude futures fell 17 cents, or 0.3%, to $65.82 by 0024 GMT. U.S. West Texas Intermediate crude futures were down 17 cents, or 0.3%, at $61.62
Closing Bell: Nifty at 25,800, Sensex down 345 points; metals shine
Cipla, HUL, Kotak Mahindra Bank, Max Healthcare, UltraTech Cement were among top losers on the Nifty, while gainers were Hindalco, Bharti Airtel, Shriram Finance, ICICI Bank. On the sectoral front, metal index up 1%, while FMCG, PSU Bank, pharma, private bank, IT, consumer durable down 0.5-1%. BSE Midcap and Smallcap indices are trading flat.
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Trading Plan: Can Nifty 50 sustain above 25,900, Bank Nifty hold 58,000 amid rangebound trading?
The Nifty 50 index is expected to remain rangebound in the upcoming sessions, with immediate support at 25,700, while closing and sustaining above 25,900 can take the index toward the 26,000–26,100 zone, experts said.
Trade Spotlight: How should you trade Kansai Nerolac, Brigade Enterprises, ONGC, Tube Investments, Vedanta, Ramco Cements, and others on October 24?
The market is expected to be rangebound with a positive bias. Below are some short-term trading ideas to consider.
Stocks to Watch Today: Kotak Mahindra Bank, Colgate Palmolive, Sagar Cements, Premier Energies, Syrma SGS, Midwest, Hero MotoCorp in focus on 24 October
Stocks to Watch, 24 October: Stocks like Colgate Palmolive, Sagar Cements, Kaynes Technology, Syrma SGS Technology, Premier Energies,Hero Motocorp, AGI Infra, Kotak Mahindra Bank, Hexaware Technologies, Highway Infrastructure, Shilchar Technologies, EPack Prefab Technologies, and Midwest will be in focus on October 24.
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Trade setup for October 24: Top 15 things to know before the opening bells
Experts note that as long as the Nifty 50 index defends the 25,700 zone support, the upmove toward the 26,000–26,100 hurdle cannot be ruled out, followed by the record high of 26,277 — the crucial resistance level beyond which the index would enter uncharted territory.
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Promoter remains seller for second straight day, offloads 0.87% stake in Shilchar Technologies
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FIIs net sell shares worth Rs 1,166 crore, DIIs net buy Rs 3,894 crore on October 23
For the year so far, FIIs have been net sellers of shares worth Rs 2.39 lakh crore, while DIIs have net bought shares worth Rs 6.09 lakh crore.
Technical View: Nifty could consolidate further till it clears 26,100 hurdle for next leg to record highs
Monthly options data suggested that the Nifty 50 is expected to remain within the 25,500–26,500 range in the short term.
Domestic flows to continue as FII outflow pressure easing: Buoyant Capital's Jigar Mistry
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Yes Bank sees ratings upgrades from SMBC stake buy, eyes double-digit loan growth this year, says CEO
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Jefferies says mature Indian investor supporting markets near record highs
On Thursday, equity benchmarks extended their rally for the sixth straight session amid optimism over a potential India-US trade deal.
Epack Prefab Technologies Q2 profit doubles to Rs 29.46 crore
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Taking Stock: Market extend gains; Nifty near 25,900, Sensex up 130 pts
More than 200 stocks touched their 52-week high on the BSE, including Bank of India, IDFC First Bank, City Union Bank, Shriram Finance, Axis Bank, Indian Bank, AU Small Finance Bank, Titan Company, Bajaj Finance, Hindalco Industries, L&T, SBI, HDFC Bank, Maruti Suzuki, PNB, Bajaj Finserv, Ceat, Federal Bank, Grasim Industries, among others.
