The Nifty Index opened negative and witnessed swings within a range in the first half of the session. It rallied up in the second half and jumped by almost 400 points from its intraday low. It managed to cross 24,200 zones and closed near the same with gains of around 220 points.
It formed a bullish candle on daily frame and broke its lower highs formation of the last three sessions. Now it has to hold above 24,150 zones, bounce could be seen towards 24,300 and 24,450 zones, whereas supports are placed at 24,000 then 23,850 zones.
On option front, Maximum Call OI is at 25,000, then 24,200 strike, while Maximum Put OI is at 23,000, then 23,500 strike. Call writing is seen at 25,000, then 24,250 strikes, while Put writing is seen at 23,500, then 23,700 strike.
Options data suggests a broader trading range in between 23,700 to 24,700 zones while an immediate range between 24,000 to 24,500 levels.
The Bank Nifty Index opened on a negative note and remained quite volatile in the first half of the session as it drifted towards 50,850 zones. However, a strong recovery was seen from lower zones as it wiped out its intraday losses and headed towards 52,289 marks in the last hour of the session.
It formed a strong bullish candle on the daily scale as buying was seen across the banking space and ended with gains of around 1,000 points.
Now it has to hold above 51,750 zones for a bounce towards 52,500, then 52,750 zones, while on the downside, support is seen at 51,750, then 51,500 levels.
Fin Nifty Index opened on a negative note and drifted lower in the first half and tested 23400 zones. However, in the post-noon session, it witnessed a sharp up move as it gained over 550 points and tested 24,200 zone. It formed a bullish candle on the daily scale and it took support from the 100 DEMA (23,420).
Now it has to hold above 23,950 zones for a bounce towards 24,250 then 24,400 zones, while on the downside support is seen at 23,950 then 23,850 levels.
Nifty future closed positive with gains of 1.16% at 24293 levels. Positive setup in Jsw steel, NMDC, Bharat Forge, HDFC Bank, Can Bank, SBIN, ICICI bank, Dixon, Federal Bank, CUB, National Aluminium, Apollo hospital & M&M while weakness in JK Cement, ABB, Berger Paint, Alkem Lab, AU Bank, Zydus life, Adani ports, ITC, Bharti Airtel, Exide Industries, MGL, Mphasis, Colpal, Cummins India and Marico.
NALCO - TECHNICAL CALL OF THE DAY
Stock has broken out from a pennant pattern on the daily chart near its all-time high levels suggesting continuation of the uptrend. It is respecting its 20 DEMA with slight dips being bought into.
The momentum indicator RSI is positively placed which may support the ongoing up move.
Buy NATIONAL ALUM CMP 235 SL 227 TGT 250
Top 5 Stocks To Watch Out For November 6
Hero MotoCorp:
Hero MotoCorp showcases its future mobility vision at EICMA 2024. The company unveils high-performance motorcycles and electric scooters for global markets. Hero MotoCorp also outlines expansion plans for Europe and the UK.
With the goal of expanding its commercial operations in Europe and UK from H2FY25, Hero MotoCorp will be entering the markets riding on a new electric scooter - the VIDA Z. Subsequently, the Company plans to expand its range to high capacity premium internal combustion engine (ICE) motorcycles.
Gensol Engineering:
Gensol Engineering announced that its solar EPC order book is Rs 5,424 crore. This substantial figure includes solar projects from both Public Sector Undertakings (PSUs) and private clients, to be executed within a timeline of 12 to 18 months. In addition to the above, Gensol has a strong bid pipeline that far surpasses the current orderbook.
Apart from the solar order book, Gensol has secured orders for Battery Energy Storage Systems (BESS) under the BOO model thereby boosting its revenue potential and reinforcing its commitment to advancing renewable energy, addressing intermittent nature of renewable energy (RE) sector which is close to Rs 5,000 crore.
Swan Energy:
The Board has approved formation of a SPV between the Swan Energy and Agneyastra Technion and consequent subscription of equity shares of the Special Purpose Vehicle company (“SPV”) to be incorporated for the purpose of the proposed business venture. The object of the incorporation is to engage in survey & imaging services related activities using the latest technology including but not limited to Remote sensing, GIS, LIDAR, Laser Scanning and Drone Photogrammetry.
Walchandnagar Industries:
The company has signed a Memorandum of Understanding (MOU) with IIT Ropar for fostering focused R&D and encouraging innovations and indigenization efforts towards finding solutions to address challenges in defence and aerospace. Both the parties shall jointly work to promote culture of innovation and research in futuristic military technologies.
Indian Energy Exchange:
Indian Energy Exchange achieved an electricity traded volume of 9,642 MU in Oct’24, marking a 4% YoY increase. During the month, IEX traded 4.44 lakh renewable energy certificates, recording a 105% YoY increase.
IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 872 MU volume during Oct’24 as compared to 188 MU in Oct’23, registering an increase of 364% YoY.
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