Market Recap
The Nifty Index opened flattish and dropped right from the initial hour of the day and cracked towards 24200 zones. It failed to cross 24400 marks and remained rather dull for the session, with some consolidation towards the end to close with losses of around 135 points.
It formed a bearish candle on the daily frame and broke its higher low formation of the last three sessions. Now it has to cross and hold above 24,250 zones; for some bounce back, move towards 24,350, then 24,500 zones, whereas supports can be seen at 24,150, then 24,000 zones.
On option front, Maximum Call OI is at 24,300, then 24,500 strike, while Maximum Put OI is at 23,000, then 24,000 strike. Call writing is seen at 24,300, then 24,700 strikes, while Put writing is seen at 23,000, then 24,200 strike. Option data suggests a broader trading range in between 23,800 to 24,600 zones while an immediate range between 24,000 to 24,400 levels.
The Bank Nifty Index opened on a negative note but recovered quickly from lower levels and headed towards 52,000 marks in the initial hour of the session. However, it failed to hold its intraday gains and again drifted lower towards 51,300 levels in the latter part of the day.
It formed a small bearish candle on a daily scale and negated the formation of higher lows after three sessions. Now till it holds below 51,750 zones, some weakness could be seen towards 51,250, then 51,000 levels, while on the upside, hurdle is seen at 51,750, then 52,000 zones.
The Fin Nifty Index opened on a negative note and it continued its southbound journey from the opening tick as it tested the 23,800 zone. However, it witnessed some pullback in last hour of trade. On the daily scale, it formed a small bodied bearish candle and negated the higher lows formation of the last two trading sessions.
Now till it holds below 24,000 zones, weakness could be seen towards 23,800, then 23,600 levels, while on the upside, it is seen at 24,000, then 24,100 zones.
Nifty futures closed negative with losses of 0.69 per cent at 24204 levels. Positive setup in LT, Eicher Motors, Tata Power, MCX, Chambal Fertilizers, Max Financial, Atul, Oberoi Realty, Glenmark, Ipca lab, Tata Chem, Coromandel while weakness in Infy, Manappuram, IRCTC, Tata Consumer, Gail, Berger Paints, Gujrat Gas, GMR Infra, Bajaj Auto, Marico, Colpal, Bharat Forge, Ashokley and Bajaj Finance.
LAURUS LABS - TECHNICAL CALL OF THE DAY
Price has broken out of a double bottom pattern with massive buying visible on the daily scale.
Buying was visible across the pharma space, which may support the move. The ADX line has turned up, which suggests the bullish move has strength.
Buy LAURUSLABS CMP 491 SL 478 TGT 518
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Top 5 Stocks To Watch Out For November 1
Marine Electricals:
M/s. Marine Electricals (India) Limited has received an order amounting to Rs 5.13 crore from M/s. Controller Procurement Material Organisation (Karwar), for Supply of Navigational Radar and COTS Radar I-Band. The Delivery shall be over a period of 4-5 Months.
Mahindra & Mahindra:
According to Media sources, Mahindra & Mahindra is set to launch two new electric vehicle (EV) models on 26th November 2024. Sources say that this launch will mark the introduction of Mahindra’s first ground-up electric vehicle as the company aims to strengthen its position in the competitive EV market.
Electronics Mart:
Electronics Mart India Limited commenced the commercial operations of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ on 31st October 2024. This new store is located in Andhra Pradesh having 5,400 Square feet.
Brigade Enterprises:
Brigade Enterprises hospitality arm, Brigade Hotel Ventures Ltd. has filed its draft red herring prospectus with the SEBI, aiming to raise Rs 900 crore through a fresh issue of equity shares. The offer will consist entirely of new shares with a face value of Rs 10 each, aggregating to Rs 900 crore. As confirmed in the regulatory filing, there will be no offer for sale. Prior to this issue, Brigade Hotel Venture’s outstanding equity comprised 28.14 crore shares with a face value of Rs 10 each.
HFCL:
The company in their earnings call mentioned that they are targeting a significant increase in export revenue from their optic fibre segment, aiming for up to 70 per cent of revenue to come from international markets in the next three years. Additionally, they plan for 40-50 per cent of telecom segment revenue to be export-driven within the next three years.
BharatNet presents a significant opportunity for HFCL. BSNL has already floated a tender of approx. Rs 65,000 crore for capital expenditure over the next three years, followed by an expected additional Rs 40,000 crore for operations and maintenance over 10 years.
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