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*Fund Houses Recommendations* 

Bernstein on *PB Fintech:* Maintain Outperform on Company, target price at Rs 1720/Sh (Positive)

Bernstein on *REC:* Maintain Outperform on Company, target price at Rs 653/Sh (Positive)

Nomura on *FSL:* Maintain Buy on Company, target price at Rs 400/Sh (Positive)

Nomura on *Federal Bank:* Maintain Buy on Bank, target price at Rs 240/Sh (Positive)

Nuvama on *Federal Bank:* Maintain Buy on Bank, raise target price at Rs 235/Sh (Positive)

IIFL on *Federal Bank:* Upgrade to Buy on Bank, raise target price at Rs 180/Sh (Positive)

UBS on *Amber:* Maintains Neutral on Company, raise target price at Rs 6600/Sh (Positive)

Jefferies on *Sun Pharma:* Maintains Buy on Company, raise target price at Rs 2150/Sh (Positive)

Jefferies on *BEL:* Maintains Buy on Company, target price at Rs 370/Sh (Positive)

GS on *Ambuja:* Maintains Neutral on Company, raise target price at Rs 640/Sh (Positive)

Nomura on *BPCL:* Maintain Buy on Company, raise target price at Rs 380/Sh (Positive)

Nomura on *Macrotech:* Maintain Buy on Company, raise target price at Rs 1600/Sh (Positive)

JPMorgan on *Auto Sales:* Festive season retail growth for 2W/PV has rebounded to 8%/flat YoY after 25 days until 27 October compared to 5.5%/-3% YoY in the initial two weeks (Positive)

HSBC on *IT Sector:* Analyse past US elections and don’t see a significant correlation to tech spending and growth for Indian IT (Neutral)

GS on *Sun Pharma:* Maintains Sell on Company, raise target price at Rs 1600/Sh (Neutral)

UBS on *Bharti Airtel:* Maintains Neutral on Company, target price at Rs 1595/Sh (Neutral)

UBS on *BEL:* Maintains Neutral on Company, target price at Rs 320/Sh (Neutral)

GS on *Sapphire:* Maintains Buy on Company, cut target price at Rs 400/Sh (Neutral)

Citi on *Tata Tech:* Maintains Sell on Company, target price at Rs 900/Sh (Neutral)

*Market Outlook 29-Oct-2024*

*Good Morning*

The Nifty formed a bullish harami pattern with upper and lower shadows on the daily charts, indicating volatility in the index. On daily charts, RSI inched a smaller note hitting the oversold zone but is still showing a negative bias. Furthermore, the index continues to trade below the 20, 50, and 100-day EMAs which shows no signals for bottoming out. Any break above 24500 will add further bullishness for the index to further rally near 24800 levels.

The BankNifty has formed a triple bottom formation with a bullish inside bar. Any break above 51850 levels will add further bullishness for the index to rally near 52400 levels on the higher side. Immediate support is near 50200 levels.


*Global Market*

Asian equities climbed as traders prepared for the US election and key economic data that will set the stage for the next Federal Reserve decision. Wall Street closed higher on Monday ahead of a packed week of earnings from megacap companies and the final stretch before the Nov. 5 presidential election, while sentiment improved after energy supplies were not disrupted by weekend developments in the Middle East. Crude oil prices steadied after falling 6% in the previous session as the market focused on developments in the Middle East and upcoming US economic data.


*Long build-up*

EICHERMOTORS, MCX, LUPIN, LICHSGFIN, COROMANDEL , & LAURASLAB

*Short build-up*

FEDRALBANK, UBL, MARICO, ABB & SBICARDS


*Option Data*

Fii’s long-short ratio inched to 40% from 37%
NIFTY PCR inched to 0.96 from 0.87
BANKNIFTY PCR inched to 0.78 from 0.66
India’s VIX dipped 2% to 14.29

As per OI data, max CE writing was seen near 24800, 24600 & 24500 levels while on the PE side, max writing was seen near 24000, 24200 & 24300 levels.



*Securities in Ban For Trade Date 29-OCT-2024:*
1 DIXON
2 ESCORTS
3 IDFCFIRSTB
4 INDIAMART
5 LTF
6 MANAPPURAM
7 PNB
8 RBLBANK

NIFTY LEVELS

NIFTY SEEMS TO BE ON A FLAG PATTERN

A BRAKE DOWN CAN BE PLANED BELOW 24240

FOR THE LEVELS UP TO

24200/24100

UP SUDE PLANS CAN BE DONE ONLY ABOVE

24440

UNTILL SCALPING CAN BE DONE

BANK NIFTY LEVELS

BANK NIFTY SEEMS TO MAKE FLAG PATTERN

IF BRAKES OUT 51400

WE CAN SEE A LEVELS UP TO

51500/51600

FOR SAFE OLAN CAN PLAN ABOVE 51600 CLOSING BASIS

FOR LEVELS UP TO 52000

SAFE PLAN FOR DOWN SIDE WILL BE BELOW 50800

INDIGO MADE FLAG PATTERN 15 MIN

*News Headlines from Business News Agencies:*

*Business Standard*

📝 Dhanteras festivities spark Rs 60,000 cr sales; China faces Rs 1.25 tn loss
📝 BP profit slumps to $2.3 bn on weak refining margins, oil trading results
📝 JSW Energy emerges as top bidder for bankrupt KSK Mahanadi Power Company
📝 McDonald's global sales fall more than expected on muted demand: Report
📝 Zinc raises $25.5 million in seed funding from Nexus Venture Partners
📝 RBI's domestically-held gold reserves jump 510.46 MT by end-September
📝 Coal, Power ministries plan winter coordination to prevent power shortages
📝 Indonesia plans to import 1 million tonnes of rice from India in 2025
📝 NFRA likely to notify revised audit standards soon amid ICAI concerns
📝 Jio Financial Services launches SmartGold for digital gold purchase
📝 Swiggy raises primary issuance to Rs 4,499 cr, cuts OFS to 175.1 mn shares
📝 From Ayurveda to AIIMS, PM Modi launches Rs 12,850 cr healthcare projects
📝 China power demand growing faster than expected: Industry association

*Economic Times*

📝 TCS signs $245 million 15-year deal to transform Ireland’s pension system
📝 Robust prices, resilient domestic demand to drive performance of domestic base metal Cos in FY'25
📝 Transformers and Rectifiers (India) gets orders worth Rs 270 cr from Adani Energy, 3 others
📝 Finova Capital secures Rs 1,135 crore from Avataar Venture Partners, Sofina, Madison India others
📝 Amazon Pay India reports Rs 2,286 crore revenue for FY24, cuts losses by 39%
📝 Govt asks manufacturers to cut price of 3 anti-cancer drugs
📝 Trai extends deadline on traceability mandate to December 1
📝 Cashfree Payments receives prepaid payment instrument licence from RBI
📝 Realty developer Anant Raj to raise up to Rs 2,000 crore via QIP
📝 Lockton gets IRDAI nod to buy Arihant Insurance Broking
📝 Robust prices, resilient domestic demand to drive performance of domestic base metal Cos in FY'25
📝 Tata Power Renewable Energy, IndusInd Bank partner to provide finance for solar projects

*Mint*

📝 Maruti Suzuki Q2 Results: Net profit at ₹3,069 crore, revenue flat YoY
📝 Canara Bank Q2 result: Net profit rises 11% YoY to ₹4,014 crore; NPA improves
📝 Syrma SGS Technologies targets $1 billion revenue by FY27
📝 Govt to impose penalties on GE Electric over delay in delivery of fighter jet en
📝 HDFC, Kotak among banks facing surge in default from over-leveraged debtors
📝 NSE cash volumes sink to six-month low ahead of Sebi’s F&O curbs
📝 Coal India banks on upcoming power plants to accelerate growth
📝 Jio Financial Services get RBI nod for online payment aggregator business
📝 Apple's iPhone exports from India soar amid push to reduce dependence on China
📝 Small-business lender Finova Capital raises $135 mn to expand loan book
📝 JSW Steel ties up with South Korea's POSCO on steel plant, EV batteries and more
📝 Razorpay's payment gateway business clocks ₹2,068 crore in revenue for FY24