Yesterday’s Pick
BANKNIFTY 10 OCT 51000 PE RS. 6,750/- (10 Lot)
NIFTY 10 OCT 25000 PE RS. 4,250/-( 10 Lot)
NIFTY 10 OCT 24900 CE RS. 5,000/- (10 Lot)
Nifty Technical View
The stock market ended its losing streak on October 8, gaining nearly 1%. It closed just above 25,000 after falling 5.6% from its highest point ever. The daily chart showed a positive sign for the market, but it still hasn’t reached a new high. The market is likely to stay the same for a while until it closes strongly above 25,500. If it does, the next important level to watch is 24,750-24,700. If the market stays above 25,000, it could rise to 25,200-25,300. But if it falls below 25,000, the next important level to watch is 24,800.
India Vix
Volatility decreased for the first time in four sessions but is still above the 14.5 threshold. As a result, bulls should exercise caution until volatility holds steady below the 13 mark. The India VIX, which measures market fear, fell by 3.27% to 14.59, down from 15.08, after having increased nearly 26% over the last three days.
Nifty PCR
The Nifty Put-Call Ratio (PCR) increased to 0.74 on October 8, up from 0.67 in the prior session. A rising PCR, particularly above 0.7 or 1, suggests traders are favoring Put options, signaling bullish sentiment. Conversely, a drop below 0.7 or towards 0.5 indicates higher selling of Call options, reflecting bearish sentiment.
FII And DII Data
On 9 October, Foreign Intuitional Investor ( FII’s ) were net sellers, selling off Rs 5,729.60crore in the cash segment. On the other hand, Domestic institutional investors (DII’s) were net buyers, acquiring Rs 7,000crore.
Stocks to Watch
Infosys: Infosys and Old National Bank, the sixth largest commercial bank headquartered in the Midwest, recently entered into a strategic expansion of their four-year collaboration. “This deepening of a highly successful relationship enables Old National to leverage Infosys services, solutions, and platforms for operations transformation and process digitization powered by automation and GenAI, and transformation of key business areas,” the company said in its regulatory filing.
Gensol Engineering: As per news reports, the company’s solar EPC order book crossed ₹4,097 crore, representing 1.5 gigawatts as of September 30, 2024.
Torrent Power: Torrent Power on Tuesday said it has secured a contract from the Maharashtra government to supply 2,000 megawatt energy storage capacity from its upcoming plant in the state.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,050, 25,150, and 25,350
Support based 24,850, 24,750, and 24,600
BankNifty :–
Resistance : 51,200, 51,350, and 51,600
Support based : 50,600, 50,450, and 50,200
Index Future levels
Sell Nifty Futures Below 24,850 The suggested targets for this are 24,600 and 24,400 with the stop loss set Above 25,200.
Bank Nifty Sell Below 50,850 index is expected to downside levels of 50,600 and 40,450 and level 51,150 will act as a stop loss.
Momentum Pick: GLENMARK PHARMACEUTICALS LTD
Buy above ₹1735 | Target price: ₹ 1800/1850 |Stop Loss:₹ 1650
Glenmark Pharmaceuticals Ltd is a global research-led pharmaceutical company with presence across generics, Specialty and OTC business with operations in over 80 countries.14th largest and fastest growing in the Indian market,15th largest generic company by prescriptions filled in the USA An 5th largest Indian generic co. in Europe. Company offers a wide range of pharma products in the form of oral solids, liquids, topical products, respiratory MDI/DPI and complex injectables & biologics. It is primarily focused on therapy areas of dermatology, respiratory and oncology.
In 9MFY24, company had a one-time impact on India business revenue as the Company implemented changes in its overall distribution model, through consolidation of stock points and rationalization of channel inventories.
Happy Trading!
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