The Nifty Index opened positive and cascaded by 450 points during the day and breached its 50 DEMA. It took a breather near 24700 zones and closed with losses of around 220 points. It formed a Bearish candle on the daily frame and has been making lower highs and lower lows from the last five sessions.
Now that it holds below 24,950 zones, weakness could be seen towards 24,650, then 24,500 zones, whereas hurdles are placed at 24,950, then 25,150 zones.
On option front, Maximum Call OI is at 27,000, then 26,000 strike while Maximum Put OI is at 24,000, then 24500 strike. Call writing is seen at 25,000, then 24,900 strike while Put writing is seen at 24,700, then 24,100 strikes. Option data suggests a broader trading range in between 24400 to 25,400 zones while an immediate range between 24,500 to 25,200 levels.
The Bank Nifty Index opened on a positive note but failed to hold at higher levels and drifted lower towards 50,200 zones in the latter part of the session. It corrected by almost 1,500 points from its opening levels and remained volatile in the last hour of the session.
It formed a Bearish candle on daily frame and structure of lower highs – lower lows is intact from the last five sessions. Now, till it holds below 50,750 zones weakness could be seen towards 50,000, then 49,500 levels, while on the upside hurdle is seen at 51,000, then 51,250 zones.
The Fin Nifty Index opened on a positive note but failed to sustain at higher level and drifted lower towards the 23,100 zone. It remained volatile in the last hour of trade, wherein it witnessed swings of 400 points on either sides, eventually closing lower. It formed a bearish candle on the daily scale and continued the lower highs – lower lows sequence of the last six trading session.
It tested the 100 DEMA (23203) but managed to close above the same. Now till it holds below 23,400 zones some weakness could be seen towards 23,000 and then 22850 levels, while on the upside hurdle is seen at 23,400 and then 23,500 zones.
Nifty futures closed negative with losses of 0.67 per cent at 25,005 levels. Positive setup in AU Bank, Persistent, ITC, Bhartiartl, Trent, M&M, Coforge, Infy and Glenmark while weakness in Hindcopper, PFC, GMR Infra, Lichsgfin, JK Cement, BHEL, RBL Bank, Adani Ports, Can Bank, Aarti Ind, PNB, ACC, BEL, CUB, Hindpetro, Manappuram, Ambuja Cement, UPL, Can Fin Homes, Indus Tower, DLF and Bharatforg.
INFOSYS – TECHNICAL CALL OF THE DAY
Stock is at the verge of range breakout on daily chart and trading near all-time high price.
The IT sector held gains in spite of broader market selling. The Stochastic indicator is headed up which may support the up move.
Buy INFOSYS CMP 1934 SL 1885 TGT 2035
The Fin Nifty Index opened on a positive note but failed to sustain at higher level and drifted lower towards the 23,100 zone.
Top 5 Stocks To Watch Out For October 8
MOIL:
With best ever September production of 1.46 lakh tonnes in September 2024, MOIL continued its growth momentum. It has achieved production of 8.70 lakh tonne during first six months of FY25, registering a growth of 7 per cent over FY24.
The Company has also achieved Best September sales of 1.59 lakh tonnes in September, 2024. Sales of 7.51 lakh tonnes during April-September 2024, is almost at the same level as that during corresponding period last year, despite challenging market conditions.
Force Motors:
Force Motors has entered into power delivery agreement for procurement of Solar Power from a specific Solar Plant, to be established by TP Surya Ltd (“TP Surya”), under Open Access Mode. TP Surya is a wholly owned subsidiary of Tata Power Renewable Energy Limited (“Tata Power”) and has been incorporated as a Special Purpose Vehicle (SPV), for setting up ground-mounted solar photovoltaic power projects in the state of Maharashtra.
In lieu of aforesaid power delivery agreement, the company had consented acquisition of 12.21 per cent shares constituting 26,87,421 Equity Shares of Rs 10/- each in TP Surya aggregating to Rs 2.68 crore.
Sobha:
In Q2FY25, Sobha sold new area of 0.93 mn sft with sales value of Rs 11.79 bn at an average price realisation of Rs 12,674 per sft. For H1FY25, the total sales value stands at Rs 30.52 bn vs Rs. 31.89 bn in H1FY24.
Bangalore achieved a sale value of Rs 6.09 bn in Q2FY25, contributing 51.8 per cent to overall sales in Q2FY25. Kerala region had a strong quarter, recording growth of 36.2 per cent in new sale area compared to previous quarter, contributing sale value of Rs 3.38 bn. Tamil Nadu region’s sale value has more than doubled compared to previous quarter, supported by new project launches in Q1FY25.
Tata Motors:
Retail sales of 1,03,108 units in Q2FY25, including the Chery Jaguar Land Rover China JV were down 3 per cent on a YoY basis. Retail sales for H1FY25 were 2,14,288 units, up 3 per cent YoY. Compared to the previous year, the retail sales in the quarter were up 29 per cent in the UK, up 9 per cent in North America, down 22 per cent in Europe, down 17 per cent in China and down 6 per cent Overseas. The company expects both production and wholesale volumes to pick up strongly in H2FY25 as the aluminium supply situation normalises.
Bharat Electronics:
Bharat Electronics has secured additional orders of more than Rs 500 crore since its last disclosure on 11th September 2024. The major orders received include EMI shelters, AMC for Integrated Air Command and Control system nodes, Upgrade / spares for gun systems, spares for radars, communication system etc. With these orders, the company has accumulated order totaling to Rs 7,689 crore in FY25 so far.
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