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The Nifty Index was negative but witnessed some buying in the first half of the session. However, it failed to hold above 24,600 zones and saw selling pressure back in the index. It formed an inverted hammer or a high wave candle on daily frame, indicating upside remains capped. Now that it holds below 24,500 zones, weakness could be seen towards 24,350, then 24,200 zones, whereas hurdles are placed at 24,600, then 24,750 zones.
On option front, Maximum Call OI is at 25,000 then 24,800 strike, while Maximum Put OI is at 24,000 then 24,200 strike. Call writing is seen at 24,600, then 24,500 strike while Put writing is seen at 24,200 then 24,400 strike.
Option data suggests a broader trading range in between 24,000 to 24,800 zones while an immediate range between 24,200 to 24,600 levels.
The Bank Nifty Index opened on a negative note and drifted lower towards 51,100 zones in the initial hour of the session. However, some recovery was seen from lower zones but it failed to hold near 51,500 levels and remained consolidative in a narrow range of 200 points in between 51,150 to 51,350 zones in the latter part of the day.
It formed a small bodied candle on daily scale with long lower shadow as selling pressure is seen at higher zones. Now, till it holds below 51,555 zones, weakness could be seen towards 51,000 then 50,750 levels, while on the upside, hurdle is seen at 51,555 then 51,750 zones.
The Fin Nifty Index opened on a negative note but witnessed a sharp up-move as it surged towards the 23,900 zone in the opening tick. However, post the opening surge, it witnessed a consolidative move for the entire trading session. It formed a small bodied candle on the daily scale with longer upper shadow, which indicates selling pressure at higher levels.
It has continued the lower highs – lower lows sequence of the last two sessions. Now, till it holds below 23,850 zones, weakness could be seen towards 23,550 then 23,400 levels, while on the upside, hurdle are seen at 23,850 then 23,950 zones.
Nifty future closed negative with losses of 0.21 per cent at 24,487 levels. Positive setup in Coforge, Persistent, MFSL, Mphasis, BSoft, MCX, LTTS, Dixon, Techm, Nationalum, Hcltech and HDFC Bank while weakness in ABB, Siemens, BHEL, Alkem, Cumminsind, SAIL, Concor, Lupin, Idfc First Bank, Adani Ports, Powergrid, Cipla, LT and Auropharma.
MCX – TECHNICAL CALL OF THE DAY
The stock is in an overall uptrend and is holding gains at higher zones with slight dips being bought into.
It is perfectly respecting 20 DEMA and gave range breakout at life highs. The RSI Indicator has turned up to confirm the bullish momentum.
Buy MCX CMP 6686 SL 6485 TGT 7100
The Bank Nifty Index opened on a negative note and drifted lower towards 51,100 zones in the initial hour of the session. | File/ Representative image
Top 5 Stocks To Watch Out For October 24
NLC India:
NLC India has signed a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) on 23rd October 2024 for setting up of 3×125 MW Lignite based Thermal Power Station in the Rajasthan State and to develop the Mines to meet the fuel requirement of the Thermal Power Station.
The purpose of this agreement is to collaborate for setting up Lignite based Thermal Power Station in the Rajasthan State and to develop the mines to meet the fuel requirement of the Thermal Power Station.
M&M:
M&M officially opened its doors to the Passive safety lab and Battery & Cell Research Lab, for its engineers to test the safety of SUV products at various load cases & perform research on Cell Technologies with an investment of over Rs 300 crore. The facility can perform with Bharat New car assessment program (BNCAP) along with Australian & European New Car Assessment Program (A/ENCAP).
This Lab will mark a significant milestone for M&M in its journey towards clean mobility solutions. Further, destructive & Nondestructive cell related tests can be conducted inhouse.
Inox Wind:
As a part of business restructuring, Inox Wind has entered into share purchase agreement to sell the entire issued and paid-up equity share capital of Rs 1,00,000/-, comprising of 10,000 equity shares of Rs 10/- each of Waft Energy Private Limited, a wholly owned subsidiary, to Resco Global Wind Services Private Limited, a subsidiary of the Company, for cash consideration, at par.
Sona BLW:
Sona BLW Precision Forgings Ltd. (Sona Comstar), has entered into an agreement (Agreement) with Escorts Kubota Ltd. (EKL) to acquire the Railway Equipment Division of EKL (RED), as going concern, on slump sale basis, for an enterprise value of Rs 1,600 crore, subject to the terms of the Agreement.
RED is a leading supplier of critical components for Railways, such as brakes and suspension systems for various rolling stocks. RED reported revenue of approx. Rs 950 crore and approx. EBIT of Rs 179 crore in FY24. The proposed acquisition of RED is expected to be earnings accretive for Sona Comstar right from the first year and offers significant growth opportunities.
Signature Global:
Signature Global has executed a Sale Deed on 23rd October 2024 to sell its property situated in Haryana State Industrial Infrastructure Development Corporation Limited (HSIIDC) at Udhyog Vihar, Phase-V, Gurugram worth Rs 25.50 crore.
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