Yesterday’s Pick
BANKNIFTY 9 OCT 51500 PE RS. 12,000/- (10 Lot)
NIFTY 10 OCT 25100 PE RS. 7,500/- (10 Lot)
NIFTY 10 OCT 24900 PE RS. 6,250/- (10 Lot)
BANKNIFTY 9 OCT 50800 PE RS. 4,500/-( 10 Lot)
BANKNIFTY 9 OCT 50800 PE RS. 9,500/- (10 Lot)
NIFTY 10 OCT 24800 CE RS. 8,500/- (10 Lot)
SUN TV NETWROK FUTURES RS.21,000/-(1 Lot)
BANKNIFTY OCT FUTURE RS.5,400/-( 1 Lot)
Nifty’s Technical View
The sell-off shows no signs of slowing down as the market began the week on a sour note, with benchmark indices dropping nearly one percent on October 7. This marks the sixth consecutive session of decline, with bearish sentiment dominating. The Nifty 50 is nearing the September low, an important support level at 24,750, accompanied by higher-than-average trading volumes. If the index manages to maintain this level at the close, we could see a rebound towards the 25,000-25,100 range. However, a significant break below this support could lead to an initial decline towards 24,500.
India Vix
Volatility surged to a one-month high, surpassing the 15 mark and rising above all key moving averages, adding to the challenges for bullish investors. The India VIX, often referred to as the fear index, spiked 6.74 percent to 15.08, up from 14.13, marking its third consecutive session of significant gains.
Nifty PCR
On October 7, the Nifty Put-Call Ratio (PCR) dropped to 0.67, down from 0.69 in the previous session, signaling a shift in market sentiment. A rising PCR, particularly above 0.7 or 1, suggests that traders are selling more Put options than Call options, typically reflecting a bullish outlook. Conversely, a PCR falling below 0.7 or approaching 0.5 indicates a higher volume of Call selling compared to Put selling, pointing to a bearish sentiment in the market.
FII And DII Data
The stock market saw a mix of foreign and domestic investor activity on October 7th. Foreign institutional investors (FIIs) were net sellers, selling off Rs 8293crore in the cash segment. On the other hand, Domestic institutional investors (DIIs) were net buyers, acquiring Rs 13,245 crore.
Stocks To Watch
Ola Electric: Amid growing customer complaints against Ola Electric and poor conditions at its service centres across the country, the Central Consumer Protection Authority (CCPA) has issued a show-cause notice to Bhavish Aggarwal-run EV company, asking it to respond to the notice within 15 days of receipt.
HEG Ltd: HEG Ltd. on Monday said it has acquired an 8.23% stake in New York Exchange-listed GrafTech International for ₹248.62 crore. The graphite electrode manufacturer has filed the required information with the United States Securities and Exchange Commission under the Securities Exchange Act of 1934, it said.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 25,050, 25,150, and 25,350
Support based 24,700, 24,600, and 24,450
BankNifty :–
Resistance : 51,450, 51,800, and 52,450
Support based : 50,200, 49,850, and 49,250
Index Future levels
Sell Nifty Futures Below 24,800 The suggested targets for this are 24,600 and 24,400 with the stop loss set Above 25,200.
Bank Nifty Sell Below 50,200 index is expected to downside levels of 50,000 and 49,800 and level 50,700 will act as a stop loss.
Momentum Pick: BRIGADE ENTER. LTD
Buy above ₹1390 | Target price: ₹ 1450/1500 |Stop Loss:₹ 1350
Brigade Enterprises Ltd was established in 1986. It is a real estate developer in South India, based in Bengaluru, and expanding its area of operations in other parts of India. It has completed over 250 buildings aggregating to over 70 mn. sqft of developed space in residential, offices, retail, and hospitality sectors across Bengaluru and Mysuru, Chennai, Ahmedabad, Hyderabad, Kochi The company is among the top 10 listed developers in India, by market capitalisation. Since its inception, it has served 40,000+ customers and completed 280+ buildings, totaling 86+ Mn Sq ft.
As of FY24, the company has a total land area of 519 acres, worth Rs. 3,300 Cr. At Bengaluru: 66%, Chennai: 25% ,Other: 9%, The total developable area is 56 Mn sq ft with 55% in Bengaluru and ~34% in Chennai. The company is focusing on Bengaluru, Chennai, and Hyderabad for the acquisition of suitable land parcels. The company is expecting a 30% growth in sales booking in FY25.
Happy Trading!
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