Friday’s Pick
NIFTY BANK1 OCT 54000CE RS.6,000/-( 10 Lot)
SENSEX SEP 85800CE RS.10,000/-( 10 Lot)
SENSEX SEP 85700PE Sell RS. 6,000/-( 10 Lot)
SENSEX SEP 85500CE Sell RS. 4,000/-( 10 Lot)
ADANIENT OCT 3200 CE RS. 6,900/-( 1 Lot)
RELIANCE OCT 3000 CE RS. 6,250/-( 1 Lot)
EXIDEIND LTD OCT FUTRS. 7,200/-( 1 Lot)
Nifty Technical view
The market ended its six-day winning streak due to profit booking, with the Nifty 50 dropping 37 points on September 27, marking the start of the October series. Despite this, the index continued its higher highs-higher lows pattern, and volatility hit a two-month low. If it holds above 26,000, a move toward 26,500 is possible after some consolidation, with key support at the 25,900-25,800 levels.
India Vix
Volatility decreased for the fourth straight session, reaching a new two-month low, which is reassuring for bullish investors. As long as it remains at these lower levels, the bulls are likely to stay in control. The India VIX, or fear index, fell by 0.33 percent to 11.96 on Friday, finishing the week down 6.47 percent.
Nifty PCR
The Nifty Put-Call ratio (PCR) dropped to 1.16 on September 27, down from 1.37 the previous session. An increasing PCR, above 0.7 or surpassing 1, suggests traders are selling more Put options than Call options, indicating bullish sentiment. Conversely, if the ratio falls below 0.7 or approaches 0.5, it shows higher selling in Calls than Puts, reflecting a bearish market mood.
FII And DII Data
Throughout the week, foreign institutional investors (FIIs) were notably active, selling off Rs 3,933 crore in the cash segment. In contrast, domestic institutional investors (DIIs) were net buyers, acquiring Rs 15,962 crore.
Stocks To Watch
BSE: BSE has revised the transaction fees for SENSEX and BANKEX options contracts in the equity derivatives segment to ₹3,250 per crore of premium turnover.
PNB: Punjab National Bank (PNB), the state-run lender, on Friday, September 28, said it has raised ₹5,000 crore through a qualified institutional placement (QIP). The bank allocated about 48.19 crore equity shares at an issue price of ₹103.75 per share, which was at a discount of 4.96% to the floor price of ₹109.16 per share, PNB said in a statement.
Zomato: Online food ordering and delivery platform Zomato on Friday said its co-founder and Chief People Officer Akriti Chopra has resigned to pursue other interests. Designated as senior management personnel, Chopra has tendered her resignation, with effect from September 27, 2024, Zomato said in a regulatory filing.
Nifty and Bank Nifty Support and Resistance level
NIFTY :-
Resistance 26,251, 26,280, and 26,328
Support based 26,154, 26,125, and 26,077
BankNifty :–
Resistance : 54,199, 54,334, and 54,554
Support based : 53,759, 53,623, and 53,403
Index Future levels
Nifty Futures Buy Around 26,200 The suggested targets for this are 26,300 and 25,450 with the stop loss set below 26,000
Bank Nifty Sell Around 53,850 index is expected to upside levels of 54,050 and 54,200 and level 53,650 will act as a stop loss.
Momentum Pick: APL APOLLO TUBES LTD
Buy above ₹ 1540| Target price: ₹ 1600/1640 |Stop Loss:₹ 1480
APL Apollo Tubes Limited (APL Apollo) is one of India’s leading branded steel products manufacturers. Headquartered at Delhi NCR, the Company runs 10 manufacturing facilities churning out over 1,500 varieties of MS Black Pipes, Galvanised Tubes, Pre-Galvanised Tubes, Structural ERW Steel Tubes and Hollow Sections to serve industry applications like urban infrastructures, housing, irrigation, solar plants, greenhouses and engineering.
In FY24, The company’s profit remained flat, while revenue saw a 9.4% increase compared to last year. EBITDA fell 2%, and margins experienced a decline. The company’s profit was ₹193.2 crore, compared to ₹193.6 crore in the same quarter last year. However, profit increased by 13% compared to the preceding quarter.
Happy Trading!
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