A total of 27 Nifty 50 stocks ended today’s session in the red, with Trent emerging as the biggest loser. The stock extended its losing streak to the second consecutive day on Friday following weak Q2 results. It closed with a 3.2% decline at ₹6,298, bringing its two-day slide to 9.5%.
In fact, Trent has been on a downward trajectory since hitting its all-time high of ₹8,345 in mid-October, correcting by 24.52%. Other stocks such as Coal India, Asian Paints, Tata Steel, and 11 others ended Friday’s session with losses of over 1%.
Commenting on today’s market performance, Vinod Nair, Head of Research, Geojit Financial Services, “Consolidation continued in the market as investors stayed cautious due to disappointment in earnings and the flight of FIIs.”
“The US FED continued its rate-cutting cycle to stimulate the economy and is expecting a similar 25-bps rate cut in December policy meet amid moderation in inflation. While inflation in India is estimated to increase in October and the strengthening USD would reinforce RBI to hold the rate in the near-term,” he added.
A total of 27 Nifty 50 stocks ended today’s session in the red, with Trent emerging as the biggest loser. The stock extended its losing streak to the second consecutive day on Friday following weak Q2 results. It closed with a 3.2% decline at ₹6,298, bringing its two-day slide to 9.5%.
In fact, Trent has been on a downward trajectory since hitting its all-time high of ₹8,345 in mid-October, correcting by 24.52%. Other stocks such as Coal India, Asian Paints, Tata Steel, and 11 others ended Friday’s session with losses of over 1%.
Commenting on today’s market performance, Vinod Nair, Head of Research, Geojit Financial Services, “Consolidation continued in the market as investors stayed cautious due to disappointment in earnings and the flight of FIIs.”
“The US FED continued its rate-cutting cycle to stimulate the economy and is expecting a similar 25-bps rate cut in December policy meet amid moderation in inflation. While inflation in India is estimated to increase in October and the strengthening USD would reinforce RBI to hold the rate in the near-term,” he added.
Potential recovery toward 24,500 if support holds
Rupak De, Senior Technical Analyst, LKP Securities, said, “The 24,000 level is expected to serve as strong support for the index. If it holds above this level, Nifty bulls may still have an opportunity to regain momentum. However, a break below 24,000 could further weaken the market. The RSI indicator remains in a positive crossover, indicating that short-term momentum is likely to stay strong. In the near term, the index may recover toward 24,500, but a dip below 24,000 could lead to a market correction.”
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.