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Global cues would dictate the trend

ICICIdirect Research 04 Oct 2024 DISCLAIMER

Nifty snapped three-week winning streak tracking intensified geopolitical worries and settled the week with a cut of 3% amid heavy sell off by FII's. However, metal space continued to shine tracking Chinese stimulus  

What to expect: In the upcoming eventful week, we expect index to hold key support of 24800 and stage a bounce amid oversold conditions. In the process, volatility to likely to higher given ongoing geopolitical concerns coupled with RBI Policy and start of Q2FY25 earning season which would drive stock specific actions

Price & Time wise maturity: In CY24, price wise index has not corrected for more than 5-6% while sustaining around 50 days EMA and time wise such corrections have been arrested within 6-7 sessions and subsequently stage a decent up move

In current scenario, with 4.5% correction, index has approached 50 days EMA amid oversold conditions. Thereby we expect Nifty to maintain the same rhythm and stage a strong rebound while holding key support of 24800
Sectorally, IT, Metal, Pharma are expected to relatively outperform while BFSI, capital goods, oil & gas offers bargain buy opportunity

Brent: Crude oil would be the key monitorable amid escalation of geopolitical worries. We expect it to face stiff resistance in the 80-82 zone

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