The Nifty Index opened flattish but bears were in full control right from the start of the session. The intensity of selling increased in the second half and the index broke 24,450 zones. It formed a bearish candle on the daily frame and closed below 24,500 zones with losses of around 310 points. Now that it holds below 24,500 zones, weakness could be seen towards 24,350 and then 24,200 zones, whereas hurdles are placed at 24,750 then 24,850 zones.
On option front, the Maximum Call OI is at 25,000, then 25,200 strike while Maximum Put OI is at 24,000, then 23,500 strike.
Call writing is seen at 24,600, then 24,700 strike while Put writing is seen at 24,400, then 24,300 strikes. Option data suggests a broader trading range in between 24,000 to 25,000 zones while an immediate range between 24,300 to 24,700 levels.
The Bank Nifty Index opened on a positive note and extended the momentum towards 52,250 zones in the initial hour of the session. However it failed to hold at higher zones and drifted lower towards 51,200 levels in the latter part of the day.
It formed a bearish candle on a daily scale as selling pressure was seen at higher zones and the index was corrected by almost 1,000 points from its intraday high.
Now, till it holds below 51,500 zones, weakness could be seen towards 51,000 then 50,750 levels, while on the upside hurdle is seen at 51,500 then 51,750 zones.
The Fin Nifty Index opened on a positive note and gained further in the opening trade as it scaled above 24,100 zones. However, it failed to sustain at higher levels and gradually drifted towards 23800. The selling intensified in the last hour of trade and it closed near its day’s low.
It formed a bearish candle on the daily scale and closed below its 50 DEMA. Now till it holds below 23,800 zones weakness could be seen towards 23,500 then 23,350 levels, while on the upside, hurdles are seen at 23,800 and then 23,900 zones.
Nifty future closed negative with losses of 1.06 per cent at 24,525 levels. Positive setup in CUB, ICICI Bank and Shreecem while weakness in PNB, LTF, Conbk, BHEl, Manappuram, bandhanbnk, Exideind, BankBaroda, RBLBank, Aartiind, Deepakntr, IEX, RECltd, SAIL, IDFCFirstb, AUBank, Jindalstel, Tatapower, Bsoft, Adanient, Biocon, CoalIndia and Lichsgfin.
ICICI PRU – TECHNICAL CALL OF THE DAY
Stock is a strong reversal candidate.
It is seen that the stock has been bouncing off deman zone, with volume pop-up visible within tight range breakout.
Buy ICICI PRU CMP 730.90 SL 717 TGT 773
The Bank Nifty Index opened on a positive note and extended the momentum towards 52,250 zones in the initial hour of the session. | File/ Representational Image
RITES:
The company has received orders worth Rs 453.99 crore from Karnataka Mining Environment Restoration Corporation for construction of Railway PFT’s at Dharmapura and Susheel Nagar in Ballari District under CEPMIZ for KMERC, which was earlier awarded on PMC basis has now been converted into turnkey basis.
Bharti Airtel:
The company has informed exchanges that India Competition Commission of India has approved an increase in the percentage shareholding of Bharti Airtel in Indus Tower post the Buy Back of shares by Indus Tower.
Reliance Infrastructure:
Reliance Infrastructure announced setting up of the largest Integrated project for Manufacturing of Explosives, Ammunition and Small Arms in Ratnagiri, Maharashtra. The company has been allotted 1000 acres of Land in Watad Industrial Area to develop Dhirubhai Ambani Defence City (DADC). DADC will be the largest GREENFIELD project in Defence Sector in India by any Private Sector company.
Reliance Infrastructure will invest over Rs 10,000 crore over the next 10 years. Reliance Infrastructure through its subsidiaries has exported defence equipment worth more than Rs 1,000 crore over a period of time.
Dhanlaxmi Bank:
The Board at its meeting held on 22nd October 2024 passed the resolution for fund raising for an amount not exceeding Rs 300 crore by way of issue of equity shares of the Bank (“Equity Shares”), on a rights basis (“Rights Issue”) to its existing eligible shareholders.
Firstsource Solutions:
Firstsource Solutions announced its investment in building its own domain-centric large language model (LLM) specific to the mortgage process. Developed under its Firstsource relAI suite, the investment leverages the company’s deep domain expertise to tailor-make sector specific AI-driven services and platform offerings.
The LLM significantly reduces the cycle time for pre-qualification and formal loan applications, creating a seamless digital end-to-end journey for loan application and fulfillment. This streamlined process balances the convenience of self- service with the personalized support of a dedicated loan officer, ensuring a comprehensive and efficient experience.
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