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Share Market Today | Nifty Likely to Range Between 25,700 - 26,150 Today

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Synopsis:

Today’s share market features how FPIs made their largest 2024 investment in September, buying $6 billion in shares. Bank of Maharashtra announces a ₹3,500 crore QIP. Rates on small savings schemes stay unchanged. NTPC Green and Tata Power sign major MoUs with Rajasthan. FIIs sell, DIIs buy equities. India Glycols and Jindal Stainless announce expansions and collaborations.

Latest Market News

1. FPIs buy nearly $6 billion worth of shares in September, their biggest buying so far in 2024.

2. ⁠Issue size of Bank Of Maharashtra’s QIP is at ₹3,500 crore (base size of ₹1,750 crore & a green shoe option of ₹1,750 crore). Indicative price at ₹57.36/sh discount of 4.86% to CMP.

3. ⁠The government keeps interest rates on all small savings schemes unchanged for October-December.

4. ⁠NTPCGreen signs MoU with RajasthanGovt for development of 25 GW of renewable projects.

5. ⁠Tata Power signs MoU with Rajasthan Government for an investment plan of approx. ₹1.2 lakh crores in Power Distribution, Transmission and Renewables.

6. ⁠FIIs net sell ₹9,791.93 cr while DIIs net buy ₹6,645.80 cr in equities yesterday. 

7. ⁠India Glycols | The company has added a further capacity of 100 kilolitres per day (KLPD) to its existing grain-based distillery at Kashipur, Uttarakhand. It has also added a further 180 KLPD to the existing bio-fuel ethanol plant at Kashipur, Uttarakhand.

8. ⁠Jindal Stainless | The company has partnered with CJ Darcl Logistics Ltd (CJ Darcl) to develop lightweight and sustainable stainless steel containers. As part of the collaboration, the steel manufacturer has supplied 2.2 metric tonnes of JT stainless steel for each container, replacing traditional carbon steel in the sidewalls, end walls, and roof.

NTPC LTD

Trade

422.74.25 (1.01 %)

Updated - 10 October 2024
429.90day high
DAY HIGH
420.50day low
DAY LOW
15866037
VOLUME (BSE)

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • The Dow Jones Industrial Average and the S&P 500 closed at all-time highs Monday as traders evaluated remarks by Federal Reserve Chair Jerome Powell.

  2. Sector-Specific Movements:

    • The Dow ticked 0.04% higher to 42,330.2, while the S&P 500 rose 0.4% to 5,762.5. The Nasdaq Composite increased 0.4% to 18,189.2. Among sectors, energy and communication services posted the biggest gains. Only materials and consumer discretionary closed lower.

    • For the month of September, the Nasdaq jumped 2.7%, while the S&P 500 advanced 2%. The Dow rose 1.9%.

  3. Economic Indicators:

    • Powell mentioned that monetary policy is not on a "preset course," with any further adjustment in interest rates to be determined by incoming economic data on a meeting-by-meeting basis.

    • The odds that the FOMC will lower interest rates by 25 basis points in November jumped to 64% on Monday from 47% on Friday. 

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield rose eight basis points to 3.64% Monday, while the 10-year rate increased 3.6 basis points to 3.79%.

  2. Currency:

    • The dollar rose on Monday after Federal Reserve Chair Jerome Powell adopted a more hawkish tone on the economy. The dollar index was last up 0.42% at 100.86. 

  3. Commodities:

    • West Texas Intermediate crude oil rose 0.3% to $68.36 a barrel. Brent crude futures for December delivery increased 13 cents, or 0.18%, to $71.83 a barrel. 

    • Brent futures for the entire month of September was down by 9%.

    • Gold fell 0.5% to $2,654.70 per troy ounce, while silver lost 1.2% to $31.44 per ounce.

Asian Markets

  1. General Trends:

    • South Korea, Hong Kong, and mainland Chinese markets are closed for due to the Golden Week holiday.

    • Asia-Pacific markets are mixed on Tuesday after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the U.S. central bank should not be interpreted as a sign that future moves will be as aggressive.

  2. Specific Index Performance:

    • Traders will focus on the Bank of Japan's third-quarter Tankan survey, which measures the level of business optimism

    • Japan's Nikkei 225 rebounded 1.07%, after suffering a 4.8% fall on Monday, while the Topix was 0.88% higher.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat to positive opening for the Indian markets. Nifty spot after a flat opening is likely to consolidate in the broad range of 25,700 - 26,150.

  2. Market in Previous Session:

    • Indian benchmarks, Sensex and Nifty started the week on a negative note due to a combination of global and domestic factors which weighed on investor sentiment. 

    • After starting on a weak note, the market selloff intensified in the final hour of trading, with the Sensex plummeting over 1,200 points and the Nifty falling below the critical 26,000 mark, indicating increased investor caution. 

    • At close, Nifty was down by 1.41 per cent at 25,810.80 & Sensex was down by 1.49 per cent at 84,299.78.

    • Except for metals and media (up 1 per cent each), all other sectoral indices ended in the red with auto, bank, IT, telecom, pharma, and realty down 1-2 per cent. 

    • Mid and Small-caps also corrected but comparatively outperformed the Benchmark Index.

  3. Nifty Short-Term Outlook:

    • Index on the last day of the month formed a bearish candle indicating selling pressure at higher levels. Although the overall trend remains intact and in command of the bulls.

    • In the coming sessions, a move above Friday’s high (26,277) will open further upside towards 26,550 levels.

    • Key supports are placed around 25,750-25,800 being the confluence of the 10-day EMA. Failing to hold so we can see a move down towards 25,500.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 26,060 followed by 26,140 levels. Conversely, downside support is located at 25,720, followed by 25,800.

    • Bank Nifty: Intraday resistance is positioned at 53,400, followed by 54,950, while downside support is found at 52,580, followed by 52,200.

    • Fin Nifty: Intraday resistance is positioned at 24,680, followed by 24,800, while downside support is found at 24,300, followed by 24,140.

Derivative Market Analysis

  1. Nifty:

    • The highest Call OI addition has been observed at the 26,000 level, which will serve as an immediate resistance for Nifty.

    • On the other hand, the highest Put OI has also been observed at the 26,000 level. If the price holds below 26,000, we may witness a corrective move toward 25,500.

    • According to the option chain analysis, a dominance of Call writers is noticeable, while Put unwinding suggests a negative bias.

    • The Nifty Put-Call ratio has declined by 0.32 and is now positioned at 0.84.

  2. Bank Nifty:

    • An interesting point to note is that the highest Put OI is observed at the 52,000 level, while immediate Put OI is placed at 52,500, which will serve as support for the index.

    • Call writers are active across strikes above the 53,000 level, suggesting limited upside. The highest Call OI is noted at the 54,000 level.

    • According to option chain analysis, the immediate range for Bank Nifty for the weekly expiry is between 52,500 and 53,000, and it is likely to consolidate within this range.

    • The Bank Nifty Put-Call ratio has declined by 0.12 and is now placed at 0.62.

  3. Fin Nifty

  • There is a dominance of Call writers across strikes above the 24,500 level, while Put unwinding suggests a strong resistance.

  • On the flip side, the highest Put OI has been observed at the 24,000 level. Put writers shifting their positions to lower levels suggests caution regarding potential downside movement.

  • According to option chain analysis, the 24,000 to 24,500 range is the immediate range for weekly expiry, and Fin Nifty is likely to trade within this range.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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