Nifty Index opened positive and while it moved up in the first couple of hours, it sank for the rest of the session. It took a breather at 24950 levels and managed to close near 25k marks. It formed a small-bodied bearish candle on the daily frame with a longer upper shadow, indicating selling pressure at higher zones.
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 25,500, then 26,000 strike, while the Maximum Put OI is at 24,000, then 24,500 strike. Call writing is seen at 25,500, then 25,200 strike while Put writing is seen at 24,400 then 24,800 strike. Option data suggests a broader trading range in between 24,600 to 25,500 zones while an immediate range between 24,800 to 25,300 levels.
The Bank Nifty Index opened on a positive note and a strong up move was seen post the RBI outcome and it headed towards 51,700 zones in the first half of the session. However, it failed to hold at higher zones and again drifted lower towards 50,900 zones in the latter part of the day.
It formed a small-bodied candle on daily scale with a long upper shadow as selling pressure is seen 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, a hurdle is seen at 51,500, then 51,750 zones.
The Fin Nifty Index opened on a flattish note but witnessed a sharp uptick in the opening hour of the trade and surged towards the 23,800 zone. However, it failed to sustain at higher levels and gave away most of its intraday gains to close near its opening levels.
It formed a small-bodied candle on the daily scale with a longer upper shadow, which is indicating selling pressure at higher levels.
The index took resistance at its 50 DEMA but is holding above the 100 DEMA. Now till it holds below 23,650 zones, some weakness could be seen towards 23,400, then 23,200 levels, while on the upside, a hurdle is seen at 23,650 then 23,750 zones.
Nifty futures closed negative with losses of 0.05 per cent at 25,119 levels. Positive setup in Divislab, Exideind, Ipcalab, Siemens, HDFC AMC, Oberoirlty, OFSS, Pageind, Glenmark, Lupin, MFSL, Cipla, Trent, Boschltd, ICICI Pru, Cholafin, Polycab, MCX, Naukri, Tech M and Dixon while weakness in ITC, Idea, Shreecem, JK Cement, CUB, Aarti Ind, Hindunilvr, Indusind Bank, Sail and M&M Fin
CIPLA - TECHNICAL CALL OF THE DAY
Price has broken out of a rectangle pattern on the daily time frame with higher-than-average buying volumes.
The RSI indicator has given a bullish crossover and is headed up which confirms the upward momentum.
Buy CIPLA CMP 1680 SL 1645 TGT 1755
Top 5 Stocks To Watch Out For October 10
GR Infra:
The company has received Letter of Acceptance dated 9th October 2024 from Maharashtra Metro Rail Corporation Limited (Nagpur Metro Rail Project) under EPC mode valued at Rs 903 crore. The timeline for construction of the said metro project is 30 months.
Rain Industries:
Northern Graphite Corporation and Rain Carbon Inc. announced a Joint Development Agreement (“JDA”) to develop and commercialize advanced battery anode material (“BAM”) used in lithium-Ion batteries for electric vehicles.
Under the terms of the JDA, Northern and RAIN will jointly develop and commercialize natural graphite BAM products designed to extend cycle life, enhance charging speed and reduce electrode swelling in lithium-ion battery cells.
This innovation addresses the stability gap between natural and synthetic graphite, enabling increased use of natural graphite in Electric Vehicle (“EV”) battery cells.
Orissa Minerals:
State Pollution Control Board (SPCB), Odisha issued Consent to Establish Order for Belkundi Iron & Manganese Ore mines of The Orissa Minerals Development Company Limited (OMDC). This proposal is for 5 years which means the proponent shall commence mining activities for the proposal within a period of 5 years.
PNC Infratech:
The company has been declared Ll (First Lowest) bidder in a EPC project on ltem rate percentage namely “Integrated Infrastructure Development of 20M & above wide Roads, Construction of Various Major & Minor Structures (Viz Flyover, Minor Bridges, VUPS, PUPS etc.) and Allied Electrical Works (Street Light) under NAINA Project” on valued at Rs 2,090.59 crore.
Britannia:
The company has invested a sum of Rs 87.50 lakh towards acquisition of 8.75 lakh Equity Shares of Rs. 10/- each, equivalent to 6.04 per cent stake in the Equity Share Capital of Suryaurja One Private Limited.
The acquisition would enable Britannia to procure renewable energy for its factory located at Bidadi, Karnataka and comply with the regulatory requirements for being a captive user under the Electricity laws.
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