Circling in the range 

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What happened yesterday?             

Indian Market

Indian indices erased the previous session's gains and settled lower on Thursday due to profit booking and foreign inflow concerns. The BSE Sensex and NSE Nifty 50 gave up Wednesday's gains fueled by Republican candidate Donald Trump's win in the US presidential election as investors used the rally to take profits.

Worries over possible weaker foreign inflows to India resulting from Trump's planned tariff hike on imports also weighed on market sentiment. At close, the Sensex dropped 836.34, or 1.0%, to 79,541.79, while the Nifty 50 fell 284.70 points, or 1.2%, to 24,199.35.

• Hindalco Industries HINDALCO emerged as Thursday's top loser, with shares sliding 8%, followed by Trent TRENT and Shriram Finance SHRIRAMFIN.

• Conversely, Apollo Hospitals Enterprise APOLLOHOSP, State Bank of India SBIN and HDFC Life Insurance HDFCLIFE were the top gainers.

• In corporate news, Paras Defence and Space Technologies PARAS has secured an order worth 614.3 million Indian rupees from the Instruments Research and Development Establishment (IRDE) of the Ministry of Defence, Government of India, according to a Thursday filing with the domestic stock exchanges.

• Meanwhile, Rushil Décor RRUSHIL has incorporated a wholly-owned subsidiary in Singapore, according to a Thursday filing with the Indian bourses.

FII net sold for  -4,888.77  crores

DII net bought for  +1,786.7  crores

US Market

The Nasdaq Composite and the S&P 500 stretched their record closing runs into Thursday as the Federal Reserve lowered interest rates by 25 basis points.

The technology-heavy Nasdaq jumped 1.5% to 19,269.5, while the S&P 500 rose 0.7% to 5,973.1. The Dow Jones Industrial Average was flat at 43,729.3, following a record close in the previous session. The three indexes rallied Wednesday after Donald Trump defeated Kamala Harris to win the 2024 US presidential election, marking his return to the White House.

The central bank's Federal Open Market Committee reduced its benchmark lending rate to a range of 4.50% to 4.75%, in line with a Bloomberg-compiled consensus and following a 50-basis-point cut in September.

"If the economy remains strong and inflation is not sustainably moving toward 2%, we can dial back policy restraint more slowly," Fed Chair Jerome Powell said Thursday at a press conference. "If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can move more quickly."

Powell said he would not resign if asked by President-Elect Trump, nor does he believe that the president has the power to dismiss or demote Fed officials.

• The US 10-year yield fell 10 basis points to 4.33%, while the two-year rate dropped 7.3 basis points to 4.2%.

• In company news, Warner Bros. Discovery WBD logged the strongest quarterly gain in subscribers for its Max streaming platform in the September period, alongside surprise net income. The media and entertainment giant's shares surged nearly 12%, among the top performers on the S&P 500 and the Nasdaq.

• Viatris VTRS saw the second-biggest jump on the S&P 500, up 14%, following a third-quarter beat.

• Match Group MTCH saw the steepest decline on the S&P 500, down 18%. Late Wednesday, the company issued a downbeat fourth-quarter revenue outlook following a third-quarter miss.

• MercadoLibre MELI shares slumped 16% Thursday, the worst performer on the Nasdaq, after the company's third-quarter earnings missed Wall Street's views late Wednesday.

• West Texas Intermediate crude rose 0.5% to $72.1 a barrel Thursday.

• In economic news, weekly applications for unemployment insurance in the US rose for the first time in four weeks, while continuing claims reached the highest level since November 2021, according to government data.

• Pending home sale gains in the US held steady ahead of Tuesday's presidential election despite rising mortgage rates, which are likely to move "even higher for the foreseeable future," Redfin RDFN said Thursday.

• Gold increased 1.5% to $2,715.30 per troy ounce, while silver gained 2.5% to $32.11 per ounce.

What to expect today?   

• Asian market trading in green where Japan in  +0.34% and Hong Kong -0.02%
  US Futures trading  at +0.01%

• GIFT NIFTY trading  at +0.13%, up by +31.00 points

• All the factors indicating a gap up opening in the market.

NIFTY Technicals

In NIFTY nearest high amount of call OI at 24,500 and put OI at 24,200, PCR at 0.61. NIFTY FUT indicating SHORT BUILD UP.

NIFTY (FUT) trading in a range from the past week onwards, it couldn't breakout or breakdown from the area. Todays plan is simple, if a 1Hr candle closes below 24,080 there can be downtrend continuation and if it makes a 1Hr candle above 24,570.40 there can be uptrend continuation.

INDIA VIX rose to 14.9400

 All the best for the day.