Market Savera - 5/11/2024

Stock Market Updates

U.S. stocks ended lower on Monday after a choppy session, as investors await the too-close-to-call presidential election on Tuesday. US stocks failed to gain traction and bonds climbed, with polls continuing to depict a tight race in the US presidential election ahead of the Federal Reserve rate decision.

The HSBC India Manufacturing Purchasing Managers’ Index rose from September's eight-month low of 56.5 to 57.5 in October, indicating a substantial and accelerated improvement in operating conditions.

China's services activity expanded at the fastest pace in three months in October, helped by early signs that Beijing's big stimulus push was helping improve business conditions, a private-sector survey showed on Tuesday. The Caixin (PMI) grew to 52.0 in October from 50.3 the previous month.

Asia-Pacific markets traded mostly higher on Tuesday as investors prepared for the U.S. presidential election and a possible interest rate cut from the Federal Reserve later this week.

In the stock specific news

Coal India Ltd (CIL) to prioritize increasing coal production and supply to curb imports.

Bandhan Financial Services acquires global IT company Genisys

JK Paper Q2FY25 -Overall numbers were lower than expectations

Nifty closed with a loss of 309 points or 1.27% at 23995 on Nov 04. Nifty broke below the previous swing low of 24073 and 23893, made on 25th October 2024 and 5th August 2024 respectively. Trend of the Nifty remains down as it is placed below 10,20,50 and 100 days EMA. Immediate support for Nifty is seen at 23816, below which it could further fall to 23502. On the higher side 24300 is expected to act as a stiff resistance.