The Nifty Index opened positive but failed to hold its opening gains and cascaded lower. After the sharp selloff in the first hour, it gradually slipped lower but took some relief near 25k marks. It formed a bearish candle on the daily frame and managed to close above its 50 DEMA but with losses of 70 points.
Now it has to hold above 25,000 zones for an up move towards 25,250, then 25,350 zones, whereas supports are placed at 25,000, then 24,850 zones.
On option front, Maximum Call OI is at 25,200, then 25,100 strike while the Maximum Put OI is at 25,000, then 24,500 strike. Call writing is seen at 25,200, then 25,100 strikes, while Put writing is seen at 24,500, then 25,050 strikes. Option data suggests a broader trading range in between 24,500 to 25,500 zones while an immediate range between 24,700 to 25,200 levels.
The Bank Nifty Index opened on a positive note but failed to hold its opening gains and drifted lower towards 51,700 zones in the initial hour of the session. Later, some recovery was seen from lower zones but remained consolidated in a narrow range of 200 points in between 51,700 to 51,900 zones.
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It formed a small-bodied candle on a daily scale and is hovering near its 50 DEMA. Now it has to hold above 51,650 zones for a bounce towards 52,350, then 52,500 zones, while on the downside support is seen at 51,650, then 51,500 levels.
The Fin Nifty Index opened on a positive note but failed to sustain at higher levels and drifted towards 23,800 zones. Post the opening downtick it oscillated in a range of 80 points for the entire trading session. It formed a small bodied candle on the daily scale and closed above its 50 DEMA. Now it has to hold above 23,750 zones for a bounce towards 24,000 then 24,150 levels, while support is seen at 23,750, then 23650-zones.
Nifty futures closed negative with losses of 0.36 per cent at 25,130 levels. Positive setup in Hindpetro, Deepakntr, Godrejprop, BPCL, Balramchini, Oberoirlty, ICICI Bank, Siemens, HDFC AMC, HAL, DLF, Bhartiartl, Indhotel, Page Ind, Voltas, Ipca Labs, Dixon, Lupin and HCL Tech, while weakness in Bajaj Auto, Bandhan Bank, Bajfinance, Jindalstel, Reliance, Tatasteel, Cipla, IEX and Tatacomm.
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OBEROI REALTY – TECHNICAL CALL OF THE DAY
Stock has broken out of a rectangle pattern and is headed up with high-than-average buying volumes.
Buying was visible across the real estate space, which may support the rally. The RSI indicator has turned up, which confirms the bullish momentum.
Buy OBEROI REALTY CMP 2028 SL 1970 TGT 2150
Top 5 Stocks To Watch Out For October 16
Cochin Shipyard:
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The government has announced plans to divest a 5 per cent stake in Cochin Shipyard through an Offer for Sale (OFS), with a floor price set at Rs 1,540 per share. The Offer for Sale includes a base offer of 2.5 per cent, with an additional 2.5 per cent available as a green shoe option. The OFS will open on 16th October for non-retail investors and on 17th October for retail investors.
Railtel:
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RailTel Corporation has received the work order from Maharashtra Housing And Area Development Authority for Other Projects amounting to Rs 79.84 crore. The award includes selection of Service Provider (Cloud Hosting and Managed Service) to Setup, Migrate, and Manage Data Centre (DC) and Disaster Recovery (DR) site for MHADA on Cloud.
HFCL:
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The company announced the launch of two revolutionary unlicensed band radio (UBR) products at the Indian Mobile Congress 2024. Promising to address the surging data demands of today’s network environments and yet maintaining sustainability, HFCL’s new launches include: (a) 1 Gbps Small Form Factor 4G/5G backhauling Radio offering unprecedented spectral and power efficiency, and (b) Energy efficient 2 Gbps Point-to-Multipoint Rural connectivity UBR.
Prakash Pipes:
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According to the latest shareholding pattern, investor Dolly Khanna has increased stake by 0.88% during Q2FY25 and with this the investor shareholding stands at 3.79% in the company.
Sterlite Technologies:
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The company has informed exchanges regarding a significant investment of Rs 50 crore to establish a state-of-the-art fibre skilling training centre in Telangana. Spread in an area of ~10 acres, this centre will be pivotal in empowering local talent with cutting-edge and modern fibre network deployment technology and enabling them to bring high-speed internet connectivity under the Bharatnet programme.
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