Weekend Investing Daily Byte – 10 April 2024

3 min read

Market Outlook

April 10 unfolded as a day marked by anticipation, characterized by an ‘inside day’ following the previous session’s momentum. With Thursday earmarked for Eid, the markets displayed a reluctance to commit to substantial positions, perhaps in anticipation of a long weekend and the events beyond.

Nifty embarked on the day with vigor, breaching the 22,750 mark, only to retract its steps and end slightly below its preceding close. This oscillation from an initial surge to a more reflective close underscores a market at a crossroads, possibly weighing its next directional move amidst signs of accumulating strength.

Nifty Heatmap

The Nifty heat map mirrored the day’s diverse undertones, presenting a tableau of gains and retractions. Banks, especially State Bank of India and Kotak Bank, found their stride, reflecting a buoyant segment. Energy stalwarts like Coal India and BPCL carved out gains, while Reliance notched up a notable advance. However, the shadows of retracement loomed over sectors like IT and automotive, painting a picture of rotational shifts in market focus.

Sectoral Overview

A spotlight on FMCG marked a significant pivot, as this previously lagging sector embraced the rally, hinting at an evolving market rotation poised for the electoral spotlight. Metals and PSU banks continued their ascent, anchoring the day’s broader narrative of diversified market strength.

Mid & Small Cap Performance

Mid-caps and small-caps, after their momentary introspection, vaulted to new heights, encapsulating the market’s enduring momentum.

Nifty Bank Overview

The banking index, in synchrony, ascended to unprecedented levels, amplifying a bullish undertone across the financial sector.

Nifty Next 50

Nifty Next 50 also made a new high and the closing was near all time highs

Nifty Oil & Gas

Nifty oil and gas also was a great move today. First hour itself a new high and then it just was on the side. So very good progress towards the election period tonight.

Nifty PSE Index

public sector enterprise stocks index is already at the new high.

Nifty PSU Banks

PSU banks, as you can see, has been making a flag and now is ready to fly again, actually.public sector enterprise stocks index is already at the new high.

Nifty FMCG

Nifty. FMCG, as you can see, has been hobbing around here since February, but now it’s a very good move today. Let’s see if it able to cross 55,000. That will be a very big change in this sector. And that may be that some new leadership may emerge from FMCG or it which is required.

So all looking good. No issues. In fact, it is boring. Good people are getting tired of market going up every day. So that’s good. Good tiredness actually. Nothing wrong in it. Don’t do anything silly. That’s the only sort of mantra in this market. If you don’t do anything stupid, you’ll still make a lot of money in the markets. So don’t get bored and do some crazy stuff, some over leveraging or something, something to bring excitement in your daily market journey.

Disclaimers and disclosures : https://tinyurl.com/2763eyaz

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    Weekend Investing Daily Byte – 10 April 2024