A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect & news to watch out for the next trading session
1st November: 2 mins Nifty wrap up of the day by GEPL CAPITAL
NIFTY remains little changed, once again above the 8600 mark; even as stock specific movement is flavor of the day. 8680-8720 on the upside still elusive … The NIFTY opened @ 8653.15, marginally UP by around 10 points over the Muhurat day, Sunday. The first hour & half saw NIFTY drifting down to test the SUPPORTS @ 8600, though this time they respected it. The market moved UP in a steady recline till 2 PM as it targeted the 8680 mark (day HIGH 8669). However the boat failed to sail through as once again the NIFTY created day’s LOW around the 8615 mark, before shutting shop little changed @ 8626.25 UP by 0.55 points or 0.01%. The statistics that the market is providing is largely inconclusive. After having a take at the barrier of 8680-8720, the NIFTY has faltered and lost ground multiple number of times. That brings the SUPPORT of 8550-8500 on the anvil. Price-Wise, the momentum may once again shift in favor of the BEARS if the level of 8500 is breached in next few days. On the other hand, 8740 (an extension of the 8680-8720 mark) stands as a major hurdle in the short term. The medium term picture may DIP from current SIDEWAYS to BEARISH with a DROP below the 8420 mark. News Wrap of the day Sensex, Nifty off day’s high; Axis Bank, ICICI under pressure Equity benchmarks came off day’s high in last hour of trade following correction in European peers. Axis Bank fell more than 2 percent and ICICI Bank turned lower. Manufacturing activity growth at 22-month high. PMI rises to 54.4 in October from 52.1 in September, indicating robust improvement in manufacturing business conditions BGR Energy gets Rs 2,600-crore project for 800 Mw pant in TN. With this order, the company’s order book at present stands at around Rs 7,429 crore Maruti Suzuki sales decline marginally in October. Exports during the month declined by 23.7% to 10,029 units as compared to 13,146 units in October last year S Ramadorai resigns from NSDA, likely to head Tata Sons: Report. Ramadorai is also the Chairman of Tata Institute of Social Sciences, AirAsia India and BSE
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