The Nifty Index opened positive and witnessed buying right from the start of the session. It witnessed some cooling off in the second half of the session and closed with gains of around 160 points. It formed a small bodied bullish candle on the daily frame and negated its lower highs formation of the last four sessions.
Market Recap
Now till it holds below 24,450 zones, weakness could be seen towards 24,150, then 24,000 zones, whereas hurdles are placed at 24,450, then 24,600 zones.
On option front, Maximum Call OI is at 25,000, then 24,500 strike while Maximum Put OI is at 24,000, then 23,500 strike. Call writing is seen at 24,800, then 24,500 strikes, while Put writing is seen at 24,000, then 24,300 strike.
Option data suggests a broader trading range in between 24000 to 24,800 zones while an immediate range between 24,100 to 24600 levels.
The Bank Nifty Index opened on a positive note post the outcome of the ICICI bank result and extended the momentum towards 51,600 zones in the first half of the session.
Later, it remained consolidative in a narrow range of 250 points in between 51,250 to 51,500 zones. It formed a small-bodied candle on a daily scale with a long upper shadow as momentum is missing at higher zones. Now till it holds below 51,500 zones, weakness could be seen towards 51,000, then 50,500 levels, while on the upside hurdle is seen at 51,500, then 51,750 levels.
The Fin Nifty Index opened on a positive note and extended the gains towards 24,000 zones in the opening hour, however, it gradually came off the morning highs and drifted towards 23,800 zones. It formed a Doji candle on the daily scale as the index is hovering near the 50 DEMA, as momentum is clearly missing at higher levels.
Now till it holds below 23,950 zones, weakness could be seen towards 23,650 and then 23,550 levels, while on the upside, hurdles is seen at 23,950 and then 24,050 zones.
Nifty future closed positive with gains of 0.71 per cent at 24,364 levels. Positive setup in DLF, Can Bank, Lauras Labs, NMDC, Bank Baroda, Balramchini, ICICI Bank, Glenmark, Wipro, Pel, Nationalum, Lupin, Sunpharma, Alkem, Oberoirlty, MCX, Divislab and Hcltech while weakness in Indigo, Cholafin, Coal India, SBI Card, Bharatforg, ABB, IGL, Havells, ICICIGI, Concor, Kotak Bank and Poly Cab.
BALRAMPUR CHINI - TECHNICAL CALL OF THE DAY
Stock has given a range breakout on the daily chart with strong bullish candle and noticeable volumes.
It has also taken support at its 50 DEMA and bounced up. The Stochastic indicator has exited its oversold zone confirming the bullish momentum.
Buy BALRAMCHIN CMP 628 SL 605 TGT 670
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Top 5 Stocks To Watch Out For October 29
Tata Technologies:
Tata Technologies announced its collaboration with Air India, a leading global airline, to transform its aircraft interiors for delivering an enhanced travel experience.
This collaboration aligns with Air India’s achievement of the Directorate General of Civil Aviation’s (DGCA) Design Organization Approval (DOA) under CAR 21 (Part 21), which allows the airline to make aircraft modifications in-house. The collaboration is a significant milestone in Air India’s journey toward operational excellence and self-reliance.
Prestige Estates:
Prestige Group announced its latest acquisition of approximately 17.45 acres of prime land in Whitefield, Bengaluru. The acquired land will be planned for Residential Development spanning approximately 2.68 Mn sq ft of developable area. The cost of acquisition is around Rs 462 crore.
Emcure Pharmaceuticals:
Emcure Pharmaceuticals is set to cater to a growing dermatology segment in India with the formation of a wholly-owned subsidiary, Emcutix Biopharmaceuticals Limited. As a part of this strategic initiative, Emcure’s existing dermatology business will also operate under Emcutix.
With a renewed focus and a dedicated team, the newly setup entity plans to significantly expand Emcure’s offerings. The focus will be on building a differentiated product portfolio including first-time launches designed to fulfil the unmet needs of the Indian dermatology market.
Supreme Industries:
The company has received approval to manufacture and market 265 Ltrs. Type-IV Composite CNG Cylinders from Petroleum and Explosive Safety Organization (PESO).
The Supreme Industries has set up a pilot plant to manufacture Type IV Composite CNG cylinders for supply of CNG through cascades with an annual installed capacity of 3600 cylinders with a revenue potential of about 60 crore per annum. The capacity will be further enhanced to address huge market for composite CNG cylinders.
DCX Systems:
DCX Systems wholly owned subsidiary M/s. Raneal Advanced Systems Pvt Ltd has received export orders from M/s. Lockheed Martin Global Inc, USA for USD 45,199,440.00 which is equivalent to about Rs 379.67 crore. The aforesaid orders are for supplying electronic assemblies and it is to be executed within 12 months.
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