The Nifty Index opened flattish and fell in the first couple of hours to later take support at 24,150 zones. It witnessed a pullback move thereafter and went on near 24,500 levels. It formed a bullish candle on the daily frame and respected its previous day’s lower zones but failed to cross 24,500. Now it has to cross and hold above 24,500 zones for the next up move towards 24,600, then 24,750 zones, whereas supports can be seen at 24,350 then 24,150 zones.
On option front, Maximum Call OI is at 25,000, then 24,800 strike, while Maximum Put OI is at 24,000, then 24,400 strike.
Call writing is seen at 24,700, then 25,100 strikes, while Put writing is seen at 24,300, then 24,400 strike. Option data suggests a broader trading range in between 24,000 to 25,000 zones while an immediate range between 24,200 to 24,800 levels.
The Bank Nifty Index opened on a positive note and witnessed strong buying interest throughout the session as it extended the momentum towards 52,350 zones. It formed a strong bullish candle on a daily scale as strong buying was seen across banking space and ended with decent gains of around 1060 points near 52,300 zones.
It relatively outperformed the broader market and closed above its 50 DEMA. Now it has to continue to hold above 52,000 zones for a bounce towards 52,582 then 52,750 levels, while on the downside, support is seen at 52,000 then 51,750 zones.
The Fin Nifty Index opened on a flattish note and it traded in a narrow band of 100 points in the first half of the session; however, it gained momentum in the post-noon session as it tested the 24,380 zone to close near its day’s high level. It formed a bullish candle on the daily scale and traded the swing high of 24,213.
Now it has to continue to hold above 24,250 zones for a bounce towards 24,550 then 24,700 levels, while on the downside support is seen at 24,250 then 24,150 zones.
Nifty future closed positive with gains of 0.50 per cent at 24470 levels. Positive setup in Fedral bank, SBIN, Dixon, Pfc, REC, MCX, Eicher Motors, Hdfc Life, ICICI bank, CUB, National Aluminum, Bank of Baroda and Wipro while weakness in Maruti, Zydus, Tata Communications, Tata Motors, Idea, Dabur, Hero motocorp, Dr reddy, Astral, Jubilant Foodworks, Indusind Bank, Pvr Inox, Marico
MCX – TECHNICAL CALL OF THE DAY
Price is in a strong uptrend with slight dips being bought into. It has given a range breakout on the daily chart and gave the highest daily close ever.
It is perfectly respecting 20 DEMA and supports are gradually shifting higher. RSI indicator is on the verge of giving bullish crossover, which may take prices higher.
Buy MCX CMP 6824 SL 6620 TGT 7225
The Bank Nifty Index opened on a positive note and witnessed strong buying interest throughout the session as it extended the momentum towards 52,350 zones.
Top 5 Stocks To Watch Out For October 30
DCX Systems:
The company has received orders from Overseas Customers for USD 1,227,971.00 which is equivalent to about Rs 10.31 crore. The said order is for Purchase Order for supply of Cable & Wire Harness Assemblies for International Entities and the timeline to complete the same is within 12 months.
Lemon Tree Hotels:
Lemon Tree Hotels announced its latest signing – Keys Select by Lemon Tree Hotels, Amritsar.
The property, which shall be managed by its wholly-owned subsidiary Carnation Hotels Pvt Ltd, and is expected to open in FY27. Keys Select by Lemon Tree Hotels, Amritsar will feature 45 well-appointed rooms, a restaurant, a rooftop lounge, a meeting room, a swimming pool, a fitness center, and other public areas. Sri Guru Ram Dass Jee International Airport, Amritsar is approximately 13 kms while the Amritsar Railway Station is 2.4 kms from the property.
The hotel is also well-connected by road, making it accessible by both public and private transport.
Garden Reach Shipbuilders:
The company has signed a Contract for design, development, construction, integration of equipment, testing, certification, commissioning & supply of One Acoustic Research Ship (ARS) for Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi. The value of the said project is worth Rs 491 crore and is expected to be completed within 36 months from signing the contract.
Reliance Industries:
Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of the company which presently holds 92.01% stake in Faradion Ltd (Faradion) has on 28th October 2024 acquired the balance equity stake from the existing shareholders of Faradion. With this acquisition, Faradion has now become a wholly-owned subsidiary of RNEL.
Shriram Properties:
Shriram Properties Ltd (SPL), has signed a Joint Development Agreement for a 6-acres prime land, nestled in the upcoming micro markets of Undri in Pune. The company is embarking on mixed-use development, comprising 650+ apartments and some retail/commercial spaces with an aggregate saleable area of over 1.0 msf, to be developed over the next 4 years. The project has aggregate revenue potential of appox. Rs 700 – 750 crore. The company is targeting to launch this project during H2FY25.
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