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While addressing a campaign rally in poll-bound Jharkhand’s Jamshedpur on Saturday, Congress leader Rahul Gandhi said that the country is currently witnessing a battle of ideologies. He noted that the INDI alliance is advocating for love, unity, and the protection of the Constitution, while the BJP-RSS seeks to divide the people."There is a battle of ideologies in the country. On one side is the INDIA bloc, and on the other is the BJP and RSS. On one side, there is love, unity, and brotherhood, on the other side, hatred, violence, anger, and arrogance. The INDIA Bloc stands for protecting the Constitution, while the BJP-RSS wants to destroy it," he said.Gandhi further urged the people of Jharkhand to restore the JMM-led alliance to power, asserting that Congress and its allies will continue to work for the protection of the Constitution.Highlighting the promises made by the INDIA bloc, Gandhi, who is the Leader of the Opposition in the Lok Sabha, also said that if the alliance is voted to government, they will transfer Rs 2,500 every month to the bank accounts of every woman in the country."The INDIA Bloc in Jharkhand has decided that the money currently given to billionaires by the BJP will instead be deposited into your bank accounts. Inflation affects women the most, they are the backbone of this nation. That's why we have created the biggest scheme in Jharkhand for women. Right after winning the election, the INDIA Bloc will transfer Rs 2,500 to every woman's account each month. You will receive this money in your bank account on the first of every month," he said.He also said the INDI alliance government would ensure that every person receives seven kg of ration each month, and gas cylinders at Rs 450. In addition, the 54-year-old leader guaranteed, “If anyone falls ill, we will introduce a new health insurance scheme. Any operation you need will be covered, with the Jharkhand government providing up to Rs 15 lakh for treatment right after taking office. This is our second promise. Farmers will receive Rs 3,200 per quintal for paddy.”Gandhi also stressed on the importance of putting money directly into the hands of citizens to stimulate economic growth.He also reiterated Congress' commitment to removing the 50 per cent cap on reservations if the party comes to power at the Centre and renewed his call for a national caste census.The 81-seat Jharkhand Assembly will hold elections in two phases on November 13 and 20, with the results scheduled to be counted on November 23.

The Nifty closed with a loss of 51 points (-0.2%) at 24,148 while the broader markets underperformed, with midcap and smallcap indices losing 1.3% and 1.7%, respectively, on Friday.The US Fed cut its benchmark lending rate by 25 bps to 4.5%, in line with expectations and in an attempt to support economic growth, China’s National People's Congress (NPC) approved $839 billion refinancing of local government debt. This would help reduce interest payments by 600 billion yuan over five years.FIIs have been selling equities for the last 29 consecutive days amounting to Rs 1.41 lakh crore, denting investor sentiments. Markets are currency trading on the back of mixed global factors and subdued quarterly results.Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ET Markets regarding the outlook on the markets. Following are the edited excerpts from his chat:Nifty seems to be near its support currently. Do you foresee some betterment in the macroeconomic factors that may help the index bounce back?This week, the benchmark index Nifty found support near its previous swing low zone of 23,800–23,900, sparking a rebound as traders reacted positively to Donald Trump’s presidential victory. However, despite the recovery, the index struggled to break above its 20-day EMA zone of 24,500-24,550, encountering renewed selling pressure on Thursday and Friday.This price action led to the formation of a high wave candle on the weekly chart, signalling clear indecisiveness among market participants and suggesting that traders are uncertain about the market's next direction. The momentum indicators also portray a similar picture. The daily RSI is oscillating in a narrow range for the last five trading sessions. Further, the trend strength indicator, ADX, has remained flat over the last four sessions. These technical factors suggest that the market is likely to experience consolidation over the next few trading sessions. Talking about the crucial levels, the zone of 23,850-23,800 will act as immediate support for the index. If the index slips below the level of 23,800, then the 200-day EMA will act as the next important support for the index, which is currently placed at the 23,532 level. While, on the upside, the zone of 24,500-24,550 will act as a crucial hurdle for the index. Any sustainable move above the level of 24,550 will lead to a sharp upside rally in the index up to the level of 24,900 in the short term. How do you see Trump’s victory impacting the Indian markets now?Trump's protectionist policies may accelerate China plus one strategy, resulting in gains for export-based sectors such as pharma, IT, and chemicals. Moreover, a strong US economy under Trump could reverse the heavy outflows from FIIs/FPIs as confidence returns to the market.What is your take on the future Fed rate cuts and its impact on the global as well as Indian markets?The Fed recently lowered rates in line with its commentary during its previous FOMC meet. The financial markets are expecting four additional cuts of 25 bps each through 2025. This could gradually be beneficial for the emerging equity markets in the medium term. Given a general downward trend in the market, which sector seems well-placed right now?We feel Nifty IT is witnessing an outperformance, and this could witness further strength in the coming few sessions. After marking a high of 43,645 on September 17, Nifty IT entered a throwback phase. During the period of throwback, the index has taken support near its 100-day EMA level and resumed its northward journey. Interestingly, on a weekly scale, it has formed a Bullish Engulfing candlestick pattern, which is a bullish sign. Most noteworthy, on a ratio chart of the index as compared to Nifty has given a consolidation breakout. This clearly indicates strong outperformance as compared to frontline indices. Further, it is also trading above its short and long-term moving averages. Hence, we believe the index is likely to continue its northward journey in the next couple of trading sessions. Talking about level, the zone of 41,200-41,100 will act as an immediate support for the index. While, on the upside, any sustainable move above the level of 42600 will lead to a sharp upside rally up to the level of 43,500, followed by 44,300 in the short term. Is it even a trader’s market right now? Or do you think one should wait and watch?Right now, it’s more of a stock-specific trader’s market than a broad-based rally. While the broader market is uncertain, selective opportunities in specific stocks remain. With the help of relative strength analysis, traders can navigate in this market. What are the key factors/ events that one should be cautious of?Upcoming State Elections and announcements by US President Trump on certain key policy matters will be keenly watched by market participants and have the potential to create market volatility in the near term. Any stocks that are technically well placed?Technically, Indian Hotel, Larsen & Toubro, Mahindra & Mahindra and Coforge look good.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)