It remained range bound for most part of the day, with dent across the market breadth. It formed a bearish belt hold sort of candle on the daily frame and closed below 24,800 zones. Now till it holds below 24850 zones, weakness could be seen towards 24,650 and then 24,500 zones, whereas hurdles are placed at 24,850 and then 25,000 zones.
On option front, Maximum Call OI is at 25,000 then 25,500 strike, while Maximum Put OI is at 24,000 then 24,500 strike. Call writing is seen at 25,000, then 24,800 strike while Put writing is seen at 24,750, then 24,000 strike.
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Option data suggests a broader trading range in between 24,500 to 25,300 zones while an immediate range between 24,600 to 25,000 levels.
The Bank Nifty Index opened on a positive note and extended the momentum towards 52,577 marks in the initial tick of the session. However, it failed to hold at higher zones and drifted again towards 51900 zones in the latter part of the day.
It remained highly volatile throughout and formed a small bearish candle on a daily scale. Index is hovering above its 50 DEMA but momentum is missing at higher zones. Overall set up suggests Index is likely to swing in a wider range of 1500 points. Now it has to hold above 51,750 zones for a bounce towards 52,500, then 52,750 zones, while a hold below the same could see some weakness towards 51,500, then 51,250 levels.
Fin Nifty Index opened on a positive note but failed to sustain at higher levels and gradually drifted towards 23900 zones. It formed a small bodied bearish candle on the daily scale with a longer upper shadow, which is indicating selling coming in at higher levels while support-based buying continues.
Now it has to hold above 23800 zones for a bounce towards 24,150, then 24,250 zones, while a hold below the same could see some weakness towards 23,600, then 23,500 levels.
Nifty futures closed negative with losses of 0.77 per cent at 24757 levels. Positive setup in Oberoirlty, HDFC Bank, MCX, TVS Motor, M&M, Eichermot and ICICI Pruli, while weakness in Indiamart, RBL Bank, Tataconsum, LTF, Coforge, Kotak Bank, Manappuram, Banddhan Bank, BPCL, GMR Infra, IOC, Bajaj Finserv, Indusind Bank, Aarti Ind, SBI Card, Gujgas and Concor.
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HDFC BANK – TECHNICAL CALL OF THE DAY
Stock opened with a gap up and sustained its bullish strength which suggests strong bullish sentiment.
The momentum indicator RSI is positively placed which may support the ongoing up move.
Buy HDFC BANK CMP 1728 SL 1695 TGT 1820
Top 5 Stocks To Watch Out For October 22
Mas Financials:
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MAS Financial Services Limited (MAS Financial) has entered into a strategic co-lending partnership with UCO Bank for lending to micro, small and medium enterprises (MSME). The Co-Lending envisages offering loans to MSME borrowers under priority sector, in compliance with the applicable law(s).
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The co-lending partnership will help MAS Financial to broaden its client base and expand the credit flow to the vast unserved and the underserved markets. It will also further strengthen the liability management of the company.
Nazara Technologies:
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The company executed a Share Subscription Agreement with SBI Funds Management Limited, as asset management company of SBI Mutual Fund with respect to its scheme, namely SBI Innovative Opportunities Fund for the issuance and allotment of 23,05,427 Equity Shares at a price of Rs 954.27/- per Equity Share, aggregating to Rs. 219.99 crore to the Proposed Allottee, for cash, on a preferential basis.
Lemon Tree Hotels:
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Lemon Tree Hotels announced its latest signing – Lemon Tree Hotel, Kalaburagi, Karnataka. The property, which shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited, is expected to open in FY27.
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Lemon Tree Hotel, Kalaburagi, Karnataka will feature 72 well-appointed rooms, a restaurant, a bar, a banquet hall, a meeting room, a swimming pool, a fitness center, a spa and other public areas.
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Kalaburagi Airport is approx. 14 kms while the Kalaburagi Railway Station is 6 kms from the property. The hotel is also well-connected by road, making it accessible by both public and private transport.
Arkade Developers:
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Intending to elevate community living in the most under-tapped residential micro-market of Mumbai; Bhandup, Arkade Developers plans to invest Rs 570 crore approx. to develop 3 Acres to construct 7 towers of G+21 Storey for luxury project called Arkade Rare.
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The project will have 432 residential units along with 43 commercial units, featuring a mix of 2 BHK and 3 BHK apartments. The total construction area is approximately 7,25,000 sq. ft. which will be developed in a single phase with an estimated sales value of Rs 760 crore.
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Arkade Developers purchased this 3-acre land in September 2023 for Rs 103 crore.
Epack:
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In a groundbreaking move, set to transform the home appliances & Air conditioners market, Hisense, a global leader in consumer electronics and home appliances, has entered into a strategic manufacturing alliance with EPACK Durable one of India’s prominent contract manufacturers.
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Hisense has contracted EPACK Durable to setup advanced dedicated manufacturing facility in India to produce Hisense range of Air conditioners and Home Appliances using Hisense’s proprietary technology & designs.
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