Market Analysis For September 30
The Nifty Index opened the gap down by more than 100 points and cascaded throughout the day and fell by 340 points during the day. It took a slight breather at 25,800 zones and managed to close above the same with losses of around 360 points. It formed a bearish candle on the daily frame and broke its higher high formation of the last seven sessions.
Now that it holds below 25,850 zones, some weakness could be seen towards 25,650 then 25500 zones, whereas hurdles are placed at 25,950 then 26,150 zones.
On option front, Maximum Call OI is at 26,000 then 27,000 strike, while Maximum Put OI is at 25000 then 26000 strike. Call writing is seen at 26,000, then 26,200 strike while Put writing is seen at 25,800, then 25,600 strike. Option data suggests a broader trading range in between 25,400 to 26,300 zones while an immediate range between 25,600 to 26,100 levels.
The Bank Nifty Index opened on a negative note and remained under selling pressure throughout the session. It formed a bearish candle on daily scale as banking heavyweights remained under pressure and ended with losses of around 860 points.
The index has seen a decent correction of 1500 points in the last two sessions and ended near its 20 DEMA. Now till it holds below 53,333 zones, some weakness could be seen towards 52,750 and then 52,500 levels, while on the upside hurdle is seen at 53,357 and then 53,500 zones.
The Fin Nifty Index opened a gap down and declined further in the first hour of the trade. It kept drifting lower in the afternoon session as the index tested 24,460 zones. It formed a bearish candle on the daily scale as the index has corrected 700 points from its all-time high of 25,201 in the last two trading sessions.
Now that it holds below 24,650 zones, some weakness could be seen towards 24,350 and and then 24,200 levels, while on the upside, hurdle is seen at 24,650 then 24,750 zones.
Nifty futures closed negative with losses of 1.35 per cent at 25990 levels. Positive setup in NMDC, Jswsteel, AU Bank, IGL, Gail, Syngene, Federal Bank, PEL, ACC, Tatasteel, Britannia, Hindalco, NTPC, Ipca Labs, Coforge and Asian Paint while weakness in Auropharma, Reliance, HDFC AMC, BEL, ICICIGI, Bandhan Bank, Mphasis, Techm, RBL Bank and Crompton.
JSW STEEL - TECHNICAL CALL OF THE DAY
Stock is in a strong uptrend and is headed up with the recent candle being a large-bodied bullish candle; buying was visible across the metal space, which may support the up move.
The ADX line is headed up which confirms the strength.
Buy JSW STEEL CMP 1030 SL 1005 TGT 1080
Top 5 Stocks To Watch Out For October
Tata Power:
Tata Power announced the signing of a landmark Memorandum of Understanding (MoU) with the Government of Rajasthan during the ongoing Rising Rajasthan Investor Meet in New Delhi with an investment plan of ~Rs 1.2 lakh crore.
This ambitious 10-year plan aims to support Rajasthan’s transformation into a power surplus state, providing 24/7 clean, affordable, and reliable power supply with investments in renewable energy projects and manufacturing, transmission, distribution, nuclear power, rooftop installations, and EV charging.
NTPC:
On the occasion of Rising Rajasthan Investor Meet at New Delhi, NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC, signed a Memorandum of Understanding (MoU) with Govt of Rajasthan on 30th September 2024 for development of 25 GW of Renewable Energy Projects in the State of Rajasthan.
Bank of Maharashtra:
The Board at its meeting held on 30th September 2024 approved floor price of Rs 60.37 per share for qualified institutional placement (QIP). The Bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the Issue. The Issue price will be determined by the Bank in consultation with the book running lead manager appointed for the Issue.
NHPC:
NHPC has signed a MoU with Govt. of Rajasthan on 30th September 2024 for “Development of Pumped Storage Projects, Renewable Energy (Solar/ Floating Solar/ Wind) Projects and Battery Energy Storage System in the State of Rajasthan, with proposed estimated investment of Rs 50,000 crore (approx.).
Piramal Pharma:
Piramal Pharma Solutions (PPS), a leading global Contract Development and Manufacturing Organization (CDMO) and part of Piramal Pharma has unveiled an $80M investment plan to expand its Lexington, Kentucky facility.
With this expansion, Piramal Pharma will strengthen its position as an efficient and reliable global partner for biologic manufacturing, leveraging deep scientific expertise and extensive experience managing complex technical projects.
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