The Nifty Index opened positive and recovered right from its opening low of 24,750 zones. It went on to cross 25,000 marks and closed above the same with gains of around 220 points. It formed a bullish candle and an inside Bar on the daily frame but is still making lower highs from the last six sessions. Recovery can be seen from lower levels but follow-up is required for this pullback move to sustain.
Now that it holds below 25,150 zones, weakness could be seen towards 24,850, then 24,750 zones, whereas hurdles are placed at 25,150, then 25,350 zones.
On option front, Maximum Call OI is at 26,000 then 27,000 strike while Maximum Put OI is at 24,000 then 25,000 strike. Call writing is seen at 25,000, then 25,200 strike while Put writing is seen at 25,000, then 24,000 strike. Option data suggests a broader trading range in between 24500 to 25,500 zones while an immediate range between 24,700 to 25,300 levels.
The Bank Nifty Index opened on a positive note and managed to hold its opening gains in the initial hour of the session. Later it remained consolidative with a positive bias near 51,000 zones and ended with gains of around 540 points.
However, it formed an inside bar on a daily scale and is still forming lower highs from the last six sessions as momentum is missing at higher zones. Now, till it holds below 51,250 zones, weakness could be seen towards 50,500 then 50,250 levels, while on the upside, hurdle is seen at 51,500 then 51,750 zones.
The Fin Nifty Index opened on a positive note and after a dip in the opening tick, the index witnessed a steady up move. It gradually tested 23,500 zones in the afternoon session, post which it remained consolidative. It formed an inside bar on the daily scale and is holding above its 100 DEMA of 23,200 zones.
Now till it holds below 23,550 zones, some weakness could be seen towards 23,300, then 23,100 levels, while on the upside hurdle is seen at 23,550, then 23,650 zones.
Nifty future closed positive with gains of 0.65 per cent at 25148 levels. Positive setup in Trent, Dixon, Siemens, ABB, HAL, BEL, Indhotel, MCX, Metropolis, Ipca Labs, Glenmark, TVS Motor, Naukri, Lal Path Labs, M&M, Motherson, Poly Cab, Divis Labs, Marico, Lupin, Bajaj Auto, Havells, Coforge, Alkem and INFY while weakness in NMDC, Tatasteel, SBI Life, Godrejcp, M&MFin and Dabur.
GLENMARK - TECHNICAL CALL OF THE DAY
Stock have given an inside bar breakout on daily scale and formed a strong bullish candle.
Buying is visible across Pharma stocks which may support the bullish momentum. The ADX line is headed up which confirms the strength.
Buy GLENMARK CMP 1734 SL 1675 TGT 1855
Top 5 Stocks To Watch Out For October 9
Torrent Power:
Torrent Power has received a letter of award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for long-term supply of 2,000 Megawatt (MW) Energy Storage Capacity from InSTS Connected Pumped Hydro Storage Plant.
This 2,000 MW capacity is inclusive of 1,500 MW Capacity for which Letter of Intent was already issued by MSEDCL on 17th September 2024. The Company has now received allotment of additional 500 MW capacity under the tender taking the total capacity allocated to 2,000 MW.
Vraj Iron & Steel:
The company has entered into a long term agreement (LTA) with NMDC Ltd on 7th October 2024 for the procurement of Iron Ore Lump for the period of three years.
Senco:
Retail growth was robust at 27 per cent in Q2FY25 and 19 per cent in H1FY25 on a YoY basis. The SSG growth substantially improved to 20 per cent in Q2FY25 as against 4 per cent in Q1FY25, yielding 12 per cent SSG growth in H1FY25. The Stud ratio substantially improved to 11.1 per cent in Q2FY25 as against 9.9 per cent in Q1, yielding 10.5 per cent in H1FY25.
In terms of the H2FY25 outlook, the company has given guidance for the launch of 18-20 jewellery showrooms, including 10-12 franchisee, out of which already launched 8 showrooms in H1FY25. They have a strong pipeline of own and franchisee showrooms to meet the yearly target.
They are also on course for 18-20 per cent YoY revenue growth for FY25 considering ensuing festive season of Dhanteras, Diwali and Durga Puja. Taking all strategic initiatives, launching new collections and taking all steps to improve the stud ratio to 12 per cent + level.
Bharti Airtel:
With respect to the news article titled “Bharti Airtel is reportedly in advanced negotiations with the Tata Group to acquire Tata Play, India’s largest direct- to-home (DTH) business” and “Bharti Airtel may buy another ‘loss-making’ Tata Group company, after 7 yrs”, the company has clarified no material event/information that requires disclosure, however, the company evaluates various opportunities for acquisition.
Dr.Reddy’s:
Aurigene Oncology Ltd., a wholly-owned subsidiary of Dr. Reddy’s Laboratories and a clinical-stage biotech committed to bringing in novel and effective therapeutics for the treatment of cancer, has announced the Phase 1 results for Ribrecabtagene autoleucel (DRL-1801) from the SWASTH study – India’s first trial for a novel autologous BCMA directed CAR-T cell therapy in patients with relapsed / refractory multiple myeloma.
After reviewing the Phase 1 data, the Indian Regulatory Agency i.e., Drugs Controller General of India (DCGI), has given the nod to commence Phase 2 part of the trial. These results of Phase 1 were presented at the 21st annual meeting of the International Myeloma Society at Rio De Janeiro, Brazil, held recently.
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