IEX is currently in a short-term downtrend, trading at Rs 198.97 after pulling back from higher levels. The stock has formed an inverted flag and pole pattern on the daily chart, indicating a potential breakdown and downside risk.
Hot Stocks: Brokerages on Trent, Nykaa, M&M, Tata Motors and Godrej Properties (08-10-2024)
Brokerages have varied ratings on key stocks. Morgan Stanley maintains an overweight call on Nykaa and Trent, citing strong beauty growth. CLSA upgraded M&M to outperform, expecting SUV market share gains and tractor segment resilience. UBS retains a sell on Tata Motors due to China market challenges, while BofA holds a neutral view on Godrej Properties, expecting solid Q2 metrics.
Jammu and Kashmir Election Winners List 2024: Check full list of winners (08-10-2024)
Jammu and Kashmir Election Winners List 2024: Early counting trends show a tight race in the Jammu and Kashmir Assembly elections between the NC-Congress alliance and the BJP. The NC-Congress alliance hopes to cross the 46-seat majority, while the BJP aims for 35 seats, relying on independents. Security is heightened at counting centers. This election is the first since Article 370’s abrogation.
ETMarkets Smart Talk: Sachin Shah on India’s role in ‘China +1’ and ‘Europe +1’ strategies in global supply chains (08-10-2024)
Global purchasing managers have been seeking to de-risk procurement from China for many years. They have been working on this, but post-COVID and due to recent geopolitical challenges, this trend has accelerated.
Hitesh portfolio (08-10-2024)
Markets are under severe pressure since last week and the weakness continues as of yesterday. Overall we have seen a lot of carnage in a lot of stocks and portfolios within a few days. That is the norm with sharp corrections.
Where this correction ends is anybody’s guess. Technical experts were expecting support at around 25300-25500, and below that 24700-800. We are close to the lower of the two levels, and still are not sure which way things will pan out.
Factors affecting sentiments are plenty, including the geopolitical situation, affecting oil and currencies, local factors (which seem temporary) in form of state election results, China resurgence ( with a theory that FIIs are fleeing India and shifting their bets to China) , so on and so forth. The good thing is markets often bottom out on bad news, so who knows we may have a chance.
As with all corrections, its prudent to remain stock specific and focus on companies we hold. If any switch is needed, it can be done if possible beccause in these type of corrections, everything corrects to varying degrees, so switching is easy if size of holding is not too big a problem.
We still do not have any signs of reversal from this correction, so would be prudent to be watchful and see how things pan out. If we are fully invested, there is nothing else to do but grin and bear the pain. And hope it eases soon. For those with cash, its a question of what to buy and how much to buy.
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