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Below the Quote on Market Wrap and Market Macros by Shrikant Chouhan, Head Equity Research, Kotak Securities

Market Wrap:

Today, the market surpassed all significant levels, driven by positive sentiment across various asset classes worldwide. The potential verdict for Mr. Trump boosted US stock futures, leading to short covering in other markets. The Nifty and Sensex indices managed to cross 24400/80000 levels, which propelled the market towards 24500/80300.

From a technical perspective, if the market remains above 24400/80000, we may see levels of 24700-24800/80900-81200 in the near future. However, if the market fails to sustain above 24500/80300, it could correct and retest the previous resistance levels, which were at 24300-24200/79700-79400.

The recommended strategy is to buy if Nifty stays above 24500, with a stop loss at 24300. Otherwise, it's advisable not to make any purchases. Furthermore, the Bank-Nifty is currently in a trading range, and unless the 52600 levels are broken, we are likely to see range-bound activity.      

Market Macros:

Natural gas and oil markets are experiencing downward pressure as escalating geopolitical tensions and a strengthening U.S. dollar weigh on demand. U.S. crude inventories have also expanded more than anticipated, signalling softer demand conditions. In the United States, Donald Trump secured a historic victory in the 2024 Presidential Election. The ISM Services PMI exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. Meanwhile, India’s services PMI showed a positive rebound to 58.5 in October, driven by high output, an increase in new business, and job creation, all highlighting ongoing economic growth. Gold, traditionally viewed as a safe-haven asset, faced selling pressure as investor confidence associated with Trump’s win shifted interest toward riskier assets, thereby decreasing gold’s appeal.

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