The Nifty Index opened the gap down below 25,500 by almost 350 points and cascaded from the second hour of the trade. It fell to 25,230 levels and closed with losses of around 550 points. It formed a bearish candle on the daily frame with a longer upper shadow, indicating pressure on the higher zones. It has been making lower highs lower lows from the last three sessions.
Now till it holds below 25,300 zones, more weakness could be seen towards 25,100, then 24,950 zones, whereas hurdles are placed at 25,350, then 25,500 zones.
On option front, Maximum Call OI is at 26,000 then 27,000 strike, while Maximum Put OI is at 25,000 then 24,000 strike. Call writing is seen at 26,000, then 25,500 strikes, while Put writing is seen at 24,000, then 25,000 strike. Option data suggests a broader trading range in between 24800 to 25,800 zones while an immediate range between 25,000 to 25,500 levels.
The Bank Nifty Index opened gap down by more than 600 points and remained under selling pressure throughout the session. It formed a bearish candle on daily scale and is forming lower highs – lower lows from the last four sessions.
Selling pressure was seen across the banking space as the index corrected by almost 2700 points in the last few days to close near its 50 DEMA. Now, till it holds below 52,222 zones, weakness could be seen towards 5,1500 then 51,250 levels, while on the upside hurdle is seen at 52,222 then 52,350 zones.
The Fin Nifty Index opened gap down and it kept drifting lower from the opening tick as the index tested 23,800 zone and lost over 600 points on an intraday basis. It formed a bearish candle on the daily scale and it closed below the 20 DEMA and is edging closer to its 50 DEMA. The index continued the lower highs – lower lows sequence of the last four trading sessions. Now till it holds below 24,000 zones some weakness could be seen towards 23,700 and then 23,550 levels, while on the upside, hurdle is seen at 24,000 and then 24,100 zones.
Nifty future closed negative with losses of 1.89 per cent at 25,478 levels. Positive setup in Petronet, MGL, Jswsteel, Jindalstel, Alkem, Marico, Colpal, Poly Cab, Divis Labs and Gail while weakness in Dabur, GMR Infra, PFC, IRCTC, LTTS, Aarti Ind, Bata India, Tata Motors, LT, Reliance, HAL, Mphasis, Asian Paint and Concor.
TATA CHEMICALS – TECHNICAL CALL OF THE DAY
Stock has given falling supply trend line breakout on daily chart; retested the same and inched higher. Buying is visible across Chemicals space which may support the ongoing up move.
The breadth indicator ADX has turned up which suggests up move has strength.
Buy TATA CHEMICALS CMP 1133 SL 1105 TGT 1185
The Fin Nifty Index opened gap down and it kept drifting lower from the opening tick as the index tested 23,800 zone and lost over 600 points on an intraday basis.
Top 5 Stocks To Watch Out For October 4
Allcargo Logistics:
Ecuhold N.V., a wholly owned subsidiary of Allcargo Logistics has acquired additional 25 per cent stake in ECU Worldwide (Japan) Limited for a consideration of USD 550,000 paid on 1st October 2024. With this, the company now holds a total of 90 per cent stake in ECU Worldwide (Japan) Limited. The objective behind this acquisition for expansion of FCL and LCL business which is an important market with a synergistic and capable partner.
Bank of Baroda:
The Bank has released its quarterly business update for Q2FY25, wherein the Bank mentioned that the Global Business grew by 10.23 per cent YoY to Rs 25.06 trillion. Further, the Global Advances of the bank grew by 11.60 per cent YoY to Rs 11.43 trillion while Global Deposits grew by 9.11 per cent YoY to Rs 13.63 trillion as of 30th Sep 2024.
CESC:
Company’s subsidiary unit Purvah Green Power Pvt Ltd (PGPPL), has entered into a binding term sheet with Bhojraj Renewables Energy Pvt Ltd (BREPT) and its Shareholders and contractor, for securing connectivity approval and land acquisition including relevant permits & approvals for 300 MW Wind Project and 150 MW Solar Project and acquisition of entire shareholding of BREPT from its Shareholders, on a fully diluted basis.
DMart:
The company has shared a business update for the quarter ended September 2024 where the standalone revenue stood at Rs 14,050.32 crore. If we compare the revenue for the same quarter last year, then it was around Rs 12,307.72 crore. Also, the total number of stores as of 30th September 2024 stood at 377.
Indian Oil:
Indian Oil Corporation and Nepal Oil Corporation (NOC) signed a Business to Business (B2B) Framework Agreement. This collaboration builds upon the success of the existing Motihari-Amlekhgunj pipeline and paves the way for seamless energy connectivity, enhancing energy security for both nations.
This is also crucial for optimizing the transportation of petroleum products, which will significantly reduce costs for Nepal Oil Corporation by minimizing reliance on tank trucks.
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